TRM Labs stories stablecoin volumes topping trillions in 2025, with illicit exercise confined to a small group of high-risk networks.
Stablecoin use in world crypto markets expanded additional in 2025, and new information from TRM
Labs present that almost all exercise stays concentrated in authorized funds and settlement methods.
The analysis additionally reveals that illicit flows, whereas current, are clustered in a small variety of entities and networks fairly than unfold all through the broader ecosystem.
Stablecoin Exercise Continues to Develop
Stablecoins reached a number of months with a couple of trillion USD in transaction quantity throughout 2025.
This sample displays their rising position as cost and settlement instruments, and it reveals that they’re now used far past speculative buying and selling.
TRM stories that stablecoins accounted for round 60% of all crypto transaction quantity throughout the yr.
Stablecoins now account for ~60% of all #crypto transaction quantity. However illicit publicity is very concentrated.
Our newest TRM evaluation discovered:
🔺 Tens of trillions of USD in annual #stablecoin switch quantity
🔺 A considerable share of illicit exercise includes stablecoins
— TRM Labs (@trmlabs) February 20, 2026
The analysis notes that tens of trillions of {dollars} moved by way of stablecoins over twelve months.
Analysts say this sustained quantity reveals rising demand from each retail and institutional customers.
Transfers additionally expanded throughout areas as extra platforms supported stablecoin funds for routine transactions.
TRM states that this progress got here as extra corporations adopted stablecoins for operational wants.
Market observers say this utilization sample is completely different from earlier cycles, when most stablecoin transfers occurred throughout buying and selling exercise.
The shift towards funds has continued as corporations search sooner settlement.
Illicit Flows Are Concentrated in a Small Group
TRM discovered that illicit entities obtained round 141 billion USD in stablecoin-linked transfers throughout 2025.
A lot of this quantity got here from sanctions evasion and enormous laundering networks.
These actions accounted for many illicit stablecoin flows and infrequently relied on coordinated motion between recognized high-risk wallets.
The report reveals that sanctions-related exercise represented 86% of illicit crypto flows in 2025.
TRM states that this exercise concentrated round sanctioned exchanges, cost providers, and networked platforms that rely closely on stablecoins.
These networks used stablecoins for pace and world attain. Stablecoin use diversified throughout crime classes.
Illicit items and providers networks used stablecoins extensively, whereas scams, fraud, and ransomware relied on them much less typically.
TRM notes that skilled intermediaries, together with front-company exchanges and assure providers, dealt with a lot of the stablecoin-linked illicit transfers.
A few of these networks processed practically all exercise in stablecoins.
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Danger Stays Slender and Focused Responses Are Potential
TRM concludes that illicit publicity just isn’t evenly unfold throughout the stablecoin market.
As a substitute, most threat clusters in a small variety of entities and arranged networks. This sample provides alternatives for focused disruption fairly than broad restrictions.
The report states that intelligence-led actions might scale back illicit exercise with out limiting lawful stablecoin use.
Many high-risk networks function by way of predictable buildings, and their exercise is seen on public blockchains. TRM says this visibility can help extra centered interventions.
The analysis additionally notes that almost all stablecoin customers stay exterior high-risk channels.
Stablecoins proceed to help routine funds and settlement processes, and the broader ecosystem reveals regular progress.
TRM states that continued monitoring will assist maintain threat concentrated and manageable.