According to new research from TRM Labs, illegal companies acquired $141 billion in stablecoins in 2025, the most in five years. According to the report, there were multiple occasions last year when the total amount of stablecoin activity surpassed $1 trillion every month.
According to the analysis, 86% of illicit cryptocurrency transfers were tied to sanctions, with bad actors mostly using stablecoin platforms.
The A7A5 token, a Ruble-pegged stablecoin that operates within networks connected to sanctions, was associated with $72 billion of that $141 billion.
“TRM Labs tries to call all Russian external trade illicit or illegal,” A7A5’s director for Regulatory and Overseas Affairs, Oleg Ogienko, told CoinDesk. However, this is obviously incorrect.
Even more belligerent, Ogienko stated in separate remarks made during an interview at Consensus Hong Kong 2026 that he was willing to challenge anyone who accused him of violating any compliance regulations through his stablecoin business.
Our adherence to Kyrgyz regulations is complete. We don’t engage in unlawful activity,” he declared. “Our infrastructure is equipped with AML mechanisms and KYC protocols. We adhere to all of the Financial Action Task Force’s guidelines.
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.
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