On-chain illegal transactions surpass $154 billion: stablecoins become the main tool, record-breaking expected in 2025

【Blockchain Rhythm】On-chain data tracking organization Chainalysis recently released a report that provides some signals the market should take seriously. Starting in 2025, the scale of illegal cryptocurrency transactions has already reached $154 billion, more than doubling compared to last year—an increase of 162% year-over-year. What is the most striking change? The amount of funds received by sanctioned entities has surged by 694%, indicating that crypto channels in cross-border payments are being more widely utilized.

Even more noteworthy is that stablecoins are becoming the primary tool for illegal transactions. According to data, stablecoins now account for 84% of all illegal transaction volume, almost becoming the dominant force. The report also mentions that illegal organizations have now established mature on-chain infrastructure systems to assist transnational crime networks in acquiring goods and laundering illegal proceeds, making the entire ecosystem increasingly professionalized.

Interestingly, even though this surge mainly stems from the increase in funds related to sanctioned entities, even if this figure returns to normal levels, illegal crypto transaction data in 2025 will still break records, because activity in most other crime categories is also rising. In other words, this is not just an anomaly in a specific area but an overall trend of expansion.