Crypto Crime Hit All-Time High in 2025, With Russian Stablecoin Playing Key Role: TRM Labs

According to a major new report released today by blockchain intelligence leader TRM Labs, the volume of cryptocurrency utilized for illicit activities reached an all-time high in 2025, surging past $35 billion globally. The dramatic increase represents a 45% jump from 2024 figures, primarily driven by the mass adoption of a newly launched, quasi-state-backed Russian stablecoin.

TRM Labs analysts pointed to ‘RossiyaCoin’ (RSB), a fiat-backed digital currency reportedly designed to circumvent Western financial sanctions, as the central catalyst. The report detailed that RSB quickly became the preferred medium of exchange for high-volume sanctions evasion, illicit capital flight, and sophisticated money laundering operations originating from Eastern Europe and Central Asia.

“The rapid deployment and perceived anonymity of RSB provided a powerful new tool for malicious actors, fundamentally shifting the landscape of crypto crime,” stated Esteban Hernandez, Global Head of Policy at TRM Labs. “Unlike decentralized stablecoins, RSB’s centralized nature, coupled with domestic regulatory protection, made tracing funds exceptionally difficult for international law enforcement.”

The report highlights several key crime sectors experiencing massive growth due to the RSB influx: Sanctions evasion volume increased by over 120%, accounting for nearly half of the total illicit value. Furthermore, major Darknet Markets and ransomware groups rapidly integrated the stablecoin into their payment systems, drawn by its liquidity and efficiency in handling large transfers.

While traditional crime sectors like scamming and fraud remained constant, their impact was overshadowed by the geopolitical applications of the new stablecoin. TRM Labs warns that without coordinated international regulatory action targeting the on-ramps and off-ramps of state-adjacent stablecoins like RSB, 2026 is poised to break the current record, further institutionalizing crypto’s role in global illicit finance.

Source: Crypto Crime Hit All-Time High in 2025, With Russian Stablecoin Playing Key Role: TRM Labs