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20 Jan 2024

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Amount of Crypto Crime Enabled by Stablecoins Since 2022

Stablecoins, cryptocurrencies tied to stable assets like the US dollar, have outpaced Bitcoin in transaction value since 2022 due to their reduced volatility. Despite their legitimate popularity, Chainalysis reports a surge [in their use for illicit activities](https://www.wired.com/story/stablecoin-sanctions-violations-crypto-crime/), with stablecoins accounting for 70% of scam transactions and over 80% for payments to sanctioned entities in Iran, Russia, and specific individuals in 2023. This misuse overshadows their 59% share in all legitimate crypto transactions for the same year.