Data: The total trading volume of stablecoins in 2025 exceeds 35 trillion USD, with illegal activities accounting for less than 0.5%

According to CoinDesk, a recent report from blockchain intelligence company TRM Labs indicates that the total transaction volume of stablecoins is expected to reach at least $35 trillion by 2025 (an increase of nearly 20% from $27.5 trillion in 2024), with the proportion of illegal activities remaining below 0.5% (approximately 0.4%).

The report points out that illegal entities received about $141 billion through stablecoins (the highest in five years), but this is primarily highly concentrated in sanctions evasion and large-scale money laundering networks. Sanction-related activities account for 86% of all illegal crypto flows, with the Russia-linked ruble-pegged stablecoin A7A5 processing $72 billion in illegal inflows (dominant). Despite the absolute illegal amount rising, the declining proportion reflects explosive growth in legitimate uses (such as payments and settlements): monthly transaction volumes exceeding $1 trillion multiple times in 2025. TRM emphasizes that stablecoins have become core infrastructure, while illegal activities are highly concentrated in specific networks (such as the A7A5 ecosystem), with mainstream stablecoins (like USDT and USDC) having a very low proportion of illegal use.