Crypto Crime Hit All-Time High in 2025, With Russian Stablecoin Playing Key Role: TRM Labs
Illicit crypto transaction volume reached $158 billion last year, a 145% spike from 2024, largely due to the rise of a Russia-linked stablecoin, A7A5. Pegged to the Russian ruble, A7A5 became the main tool for sanctions evasion and illicit economic activity, accounting for 77% ($72 billion) of global illicit stablecoin flows in 2025. Stablecoins enabled 95% of inflows to sanctioned entities, marking a shift away from dollar-pegged coins like Tether (USDT) in Russia. The trend highlights how sanctions pressure leads to specialized crypto solutions, as sanctioned nations move away from mainstream, dollar-based payment rails. On exchanges lacking KYC protocols, stablecoin flows to sanctioned jurisdictions rose over 200%, while such flows decreased by nearly 30% on KYC-compliant platforms. In other sanctioned countries, Tether remains prevalent: it dominates illicit crypto activity in Venezuela and Iran, especially on the Tron blockchain, while A7A5’s use is mainly confined to Russia.
