Latest Stablecoin volume reached $35 trillion in 2025 as illicit share stays below 0.5% in

Cryptocurrency news Sanctions-related activity accounted for 86% of illicit crypto flows last year, with most of those flows routed through stablecoin platforms, according to TRM Labs. Updated Feb 19, 2026, 1:08 p.m. Published Feb 19, 2026, 12:25 p.m. In 2025, illicit entities received $141 billion in stablecoins, the highest level observed in five years, according to a new report from TRM Labs.

The report noted that overall stablecoin activity exceeded $1 tillion per month on several occasions last year. Sanctions-related activity accounted for 86% of illicit crypto flows, the report said, with bad actors mostly relying on stablecoin platforms. Of that $141 billion, $72 billion was linked to the A7A5 token, a ruble-pegged stablecoin operating within sanctions-linked networks. Oleg Ogienko, A7A5’s director for Regulatory and Overseas Affairs, told CoinDesk that “TRM Labs tries to call all Russian external trade illicit or illegal. But this is of course a wrong statement.” In separate comments during an interview at Consensus Hong Kong 2026, Ogienko was even more defiant, saying he was looking to debate anyone who accuses him of breaking any compliance laws through his stablecoin company. “We are fully compliant with the regulations of Kyrgyzstan.

We do not do illegal things,” he said. “We have KYC procedures, and we have AML mechanisms embedded into our infrastructure. We do not violate any Financial Action Task Force principles.” However, Old Vector LLC and A7 LLC, A7A5’s issuing and affiliated entities, and Promsvyazbank (PSB), the bank that holds the reserves, are sanctioned by the U.S. Department of the Treasury, barring the U.S. dollar-denominated financial world from interacting with them. More For You Susquehanna-backed Blockfills up for sale after $75 million lending loss The Chicago-based company said it was temporarily suspending client deposits and withdrawals last week due to recent market and financial conditions.

What to know: Blockfills is said to be looking for a buyer after recording at least $75 million in lending losses. The firm suspended deposits and withdrawals last amid renewed market weakness, with bitcoin below $70,000 and ether under $2,000. The firm transacted over $60 billion in trading volume in 2025. Read full story  » …

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