Illicit Stablecoin Volume Hit $141 Billion in 2025
Illicit entities received $141 billion in stablecoins during 2025, marking the highest level in five years, according to a report published by blockchain intelligence firm TRM Labs. This figure, however, accounted for less than 0.5% of the total stablecoin market, which saw transaction volumes exceed $35 trillion for the year. The data underscores the vast scale of legitimate stablecoin adoption while identifying concentrated pockets of high-risk activity.
Sanctioned Networks Drove 86% of Illicit Activity
The report identifies sanctions evasion as the dominant form of illicit finance, constituting 86% of all illicit crypto flows in 2025. Stablecoins have become the preferred vehicle for these operations. A single ruble-pegged stablecoin, A7A5, was linked to $72 billion of this activity, more than half of the total illicit volume. The U.S. Department of the Treasury has sanctioned A7A5's issuing entities, Old Vector LLC and A7 LLC, and its reserve-holding bank, Promsvyazbank (PSB), effectively barring them from the U.S. financial system.
A7A5's Director for Regulatory and Overseas Affairs, Oleg Ogienko, disputed the characterization of the firm's business as illegal, claiming compliance with local regulations.
We are fully compliant with the regulations of Kyrgyzstan. We do not do illegal things. We have KYC procedures, and we have AML mechanisms embedded into our infrastructure.
— Oleg Ogienko, Director for Regulatory and Overseas Affairs, A7A5.
Edgen Crypto·Feb 19 2026, 13:58