$649B stablecoin transfers linked to illicit activity in 2024: Report
In 2024, $649 billion worth of stablecoins flowed through high-risk addresses, representing 5.14% of total stablecoin transaction volume, a decrease from 5.94% in 2023 but an increase from 2.8% in 2022. Tron-based USDt (USDT) accounted for over 70% of high-risk transactions, with Ethereum-based USDt and a small amount of USDC making up the rest. USDT's dominance is attributed to its larger market capitalization of over $148 billion compared to USDC's $62 billion. Despite Ethereum having a higher total stablecoin circulation, Tron holds a slightly larger share of USDT supply. Online gambling platforms processed $217.8 billion in stablecoins, a 17.5% increase from the previous year, with USDT leading and USDC's market share rising to 13.36%. Crypto casinos generated over $81 billion in revenue in 2024 amid regulatory challenges.
