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

In brief

• Illicit crypto activity hit a record $158 billion in 2025, up 145% year over year, according to a new TRM Labs report.
• The surge was driven largely by A7A5, a ruble-pegged stablecoin tied to Russia.
• TRM says the rise of A7A5 shows how sanctioned states are moving away from dollar-based rails toward specialized crypto tools.