While Tether (USDT), the world’s leading stablecoin, has been pivotal in facilitating transactions across the blockchain space, a recent analysis by blockchain analytics firm TRM Labs sheds light on a less desirable aspect of USDT’s ubiquity: its significant use within illicit crypto flows during the past year.
This development unfolds against declining overall volumes of illegal transactions in the crypto sector, a trend attributed to heightened sanctions and regulatory actions against various entities within the ecosystem.
At the Heart Of Illicit Crypto Transactions?
According to TRM Labs’ review, Tether accounted for $19.3 billion of the illicit transaction volume in 2023, marking a decrease from $24.7 billion in the preceding year. Despite this reduction, USDT remained the most utilized stablecoin for criminal purposes, including a notable dominance in terrorist financing activities.
TRM’s findings specifically highlight the use of USDT on the Tron blockchain,
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