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$40 billion worth of crypto crime enabled by stablecoins since 2022
Stablecoins like Tether also used for scams and sanctions evasion.
Stablecoins, cryptocurrencies pegged to a stable value like the US dollar, were created with the promise of bringing the frictionless, border-crossing fluidity of bitcoin to a form of digital money with far less volatility. As part of its annual crime report, cryptocurrency-tracing firm Chainalysis today released new numbers on the disproportionate use of stablecoins for both of those massive categories of illicit crypto transactions over the last year. “Whether it's an individual located in Iran or a bad guy trying to launder money—either way, there's a benefit to the stability of the US dollar that people are looking to obtain,” Fierman says.
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