Stablecoin Surpasses $35T: Illicit Activity at 0.5%-A Miracle?

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Finance

What to know:

  • It is reported that less than half a percent of stablecoin transactions in the year 2025 were entangled with illicit endeavors, even as the aggregate volume of these transactions surged by nearly twenty percent, reaching a staggering $35 trillion. One might wonder if the very nature of stability in these digital assets has rendered them impervious to the usual taint of human greed, or if the architects of such systems have merely perfected the art of plausible deniability.
  • Illicit entities, it seems, received a mere $141 billion in stablecoins in 2025, a sum that pales in comparison to the grandeur of the total volume. The ruble-pegged A7A5 token, whose executives, with a mix of indignation and bravado, dispute the notion of illegality, accounted for over half of this sum. A curious paradox: a token so deeply rooted in sanctioned networks that its very existence defies the logic of conventional finance.
  • Stablecoins, it appears, have ascended to the throne of illicit crypto flows, dominating 86% of such activities. The A7 ecosystem, once a mere shadow in the periphery of financial discourse, has grown into a behemoth, its operations echoing the grandeur of centralized financial systems. One might say the line between compliance and defiance has been blurred into a mere whisper.

In the annals of financial history, 2025 marks a milestone: stablecoins, those paragons of digital stability, surpassed $1 trillion in monthly transaction volume, a feat achieved not through fleeting speculation but through sustained, methodical growth. How quaint, that the most “legitimate” of assets should be so thoroughly entangled with the shadows of illicit activity.

Illicit flows, though minuscule in proportion, nonetheless accounted for a mere 0.4% of overall activity, a statistic that might inspire a sense of relief-or, perhaps, a deeper suspicion. After all, what is the measure of legitimacy if not the absence of scandal? Yet here we are, gazing upon a world where even the most “clean” transactions are tainted by the faintest brush of moral ambiguity.

2025 witnessed the first year when stablecoin activity exceeded $1 trillion in monthly transactions, a testament to their resilience and ubiquity. Unlike the volatile whims of speculative assets, stablecoins have carved out a niche of reliability, though one cannot help but wonder if their stability is merely a veneer, concealing the chaos beneath.

As the year 2024 unfolded, stablecoin transactions experienced a meteoric rise, surging past $27.5 trillion. By 2025, this figure had grown by nearly 20%, a testament to the relentless march of digital finance. Yet, even as the numbers swell, the specter of illicit activity lingers, a reminder that the pursuit of wealth is as old as civilization itself.

Illicit entities, in their quiet way, received $141 billion in stablecoins in 2025, the highest level in five years. Of this sum, $72 billion was funneled through the A7A5 token, a ruble-pegged stablecoin that operates within the murky waters of sanctions-linked networks. One can only imagine the convoluted pathways these funds must traverse, a labyrinth of compliance and defiance.

Oleg Ogienko, the director of A7A5, took to the pages of CoinDesk to dismiss the allegations of illegality, asserting that TRM Labs’ claims are nothing more than a convenient narrative. “They seek to label all Russian external trade as illicit,” he remarked, his tone a blend of irritation and conviction. A curious defense, one that seems to conflate the actions of a single entity with the broader tapestry of global finance.

During an interview at Consensus Hong Kong 2026, Ogienko’s rhetoric grew bolder, his defiance palpable. “We are fully compliant with Kyrgyzstan’s regulations,” he declared, as if the mere mention of a distant nation could absolve him of all wrongdoing. One might question whether such declarations are more akin to incantations than legal justifications.

Yet, the entities behind A7A5-Old Vector LLC, A7 LLC, and Promsvyazbank-are not merely figments of imagination. They are sanctioned by the U.S. Department of the Treasury, their names etched into the annals of financial prohibition. A paradoxical existence, where compliance is a mere facade, and the true nature of operations remains shrouded in secrecy.

TRM Labs’ report paints a stark picture: stablecoins account for 86% of all illicit crypto flows in 2025, a statistic that underscores their dominance in the high-risk ecosystems of the digital age. The A7 ecosystem, with its $83 billion in direct volume, has evolved into a parallel financial system, a shadow of the traditional world, yet no less formidable.

Comparatively, 2024 was a year of scaling, a period when laundering infrastructure expanded rapidly, peaking at $17 billion per quarter. Yet, the institutionalization and centralization of 2025, particularly through A7 and its affiliated exchanges, have reached a scale that defies previous comprehension. A testament, perhaps, to the enduring allure of financial innovation-and its darker counterparts.

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2026-02-19 16:06