Source: Cointelegraph
Original: “Report: Stablecoin Transfers Related to Illegal Activities Reach $649 Billion in 2024”
According to a report released on April 29, cryptocurrency compliance company Bitrace found that approximately $649 billion in stablecoins will flow through addresses classified as high-risk in 2024.
Bitrace defines high-risk blockchain addresses as those used by illegal entities to receive, transfer, or store stablecoins.
Cryptocurrency compliance companies typically score wallet addresses based on the likelihood of involvement in illegal activities. The higher the risk, the greater the likelihood of malicious behavior, and the less likely compliant crypto businesses are to accept these assets.
According to the report, this amount accounts for about 5.14% of all stablecoin transaction volume in 2024. In comparison, this is a decrease of 0.8% from the previous year's 5.94%, but significantly higher than 2.8% in 2022 and 1.63% in 2021.
The USDT stablecoin based on Tron dominates high-risk stablecoin transactions, with Bitrace's data indicating that over 70% of the transaction volume flows on this network. The remaining high-risk stablecoin transactions are primarily based on Ethereum's USDT and a small amount of USDC.
The widespread use of USDT may be attributed to its market capitalization and adoption rate being higher compared to other stablecoins. As of now, CoinMarketCap shows USDT's market capitalization exceeding $148 billion, while USDC's market capitalization exceeds $62 billion.
However, the popularity of Tron is not easily explained. Ethereum remains the more popular choice for most stablecoin users, with DefiLlama data showing that the stablecoins circulating on the network are close to $124.3 billion, while Tron ranks second at about $71 billion, nearly 43% less than Ethereum.
When only comparing USDT balances, Tron's holdings are slightly higher than Ethereum's: 47.4% of the USDT supply is on Tron, while Ethereum holds 45.44%.
Bitrace reports that in 2024, the total amount of stablecoins processed by online gambling platforms will reach $217.8 billion, a 17.5% increase from last year.
In this activity, USDT again takes the lead. However, USDC's market share is rapidly rising, reaching 13.36% in 2024.
These figures align with a recent report indicating that despite regulatory authorities in key regions continuing to block access to these platforms, crypto casinos will generate over $81 billion in revenue in 2024.
Related: Abu Dhabi Institutional Giants Join Forces to Launch Dirham Stablecoin
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