Are stablecoins causing crime?

The largest single category of that stablecoin-enabled crime was sanctions evasion. In fact, across all cryptocurrencies, sanctions evasion accounted for more than half of the $24.2 billion in criminal transactions Chainalysis observed in 2023, with stablecoins representing the vast majority of those transactions.

Are stablecoins a threat to cryptocurrencies?

Moreover, stablecoins were implicated in 84% of crypto payments to specifically sanctioned individuals and companies. Chainalysis estimated a whopping $40 billion in illicit stablecoin transactions over the combined years of 2022 and 2023.

Are stablecoins a scam?

It turns out, however, that as stablecoins have become popular among legitimate users over the past two years, they were even more popular among a different kind of user: those exploiting them for billions of dollars of international sanctions evasion and scams.