Chainalysis: Stablecoins Account for Over 50% of On-Chain Volume; Illicit Flows Reach $154 Billion

Stablecoins accounted for over 50% of global on-chain transaction volume in 2025, with regulatory focus intensifying on the sector, Chainalysis reported on Jan. 12. Bitcoin continues to represent roughly half of the crypto market capitalization, while illicit cryptocurrency flows reached $154 billion in 2025, up 162% year-over-year, though such activity remains below 1% of total transactions.