According to Chainalysis data, stablecoins accounted for 84% of the $154 billion in illicit cryptocurrency transactions in 2025, signaling a move away from Bitcoin. This shift reflects stablecoins' increasing dominance due to their stability and utility in decentralized finance (DeFi). The trend indicates a modernization of financial crime, with criminal enterprises leveraging dollar-pegged assets for cross-border transfers outside the reach of regulators. Nation-states are also utilizing stablecoins to evade sanctions, with countries like Russia launching digital assets to bypass traditional banking systems. This "dollarization" of crime allows for settling payments without exposure to the volatility of cryptocurrencies like Bitcoin.

According to Chainalysis data, stablecoins accounted for 84% of the $154 billion in illicit cryptocurrency transactions in 2025, signaling a move away from Bitcoin. This shift reflects stablecoins' increasing dominance due to their stability and utility in decentralized finance (DeFi). The trend indicates a modernization of financial crime, with criminal enterprises leveraging dollar-pegged assets for cross-border transfers outside the reach of regulators. Nation-states are also utilizing stablecoins to evade sanctions, with countries like Russia launching digital assets to bypass traditional banking systems. This "dollarization" of crime allows for settling payments without exposure to the volatility of cryptocurrencies like Bitcoin.