Stablecoin transfers exceeded $35 trillion in 2025, with illicit flows totaling $141 billion—over half linked to ruble-pegged A7A5 tokens—yet legitimate use overwhelmingly dominated the sector.
TRM Labs reported that stablecoin transfer volume grew nearly 20% in 2025, reaching at least $35 trillion, with less than 0.5% tied to illicit activity. Illicit entities received $141 billion in stablecoins, more than half associated with ruble-pegged A7A5 tokens within sanctions-related networks. Stablecoins accounted for 86% of all illicit crypto flows, with the A7 ecosystem tied to $83 billion in direct volume. The year marked the first time monthly stablecoin transaction volumes exceeded $1 trillion multiple times. A7A5 executives denied illegality, citing compliance with Kyrgyzstan regulations, KYC and AML standards, and adherence to FATF principles, despite affiliated entities and reserve bank Promsvyazbank facing U.S. sanctions.