Bitrace Report Flags $649B in Risky Stablecoin Flows

A new report from the Bitrace Blockchain Compliance Company revealed that $ 649 billion in Stablecoin transactions had gone through high -risk addresses in 2024.

The figure represents a little more than 5% of all the activity of the stablescoin for this year, which, although slightly decrease compared to the numbers of 2023, remains alarming higher than the levels observed in 2021 and 2022.

The domination of the USDT and the rise of the USDC in the illicit activity

At the heart of Bitrace's results is a detailed break in illegal activity on platforms based on Ethereum and Tron, where stablecoins such as the USDT de Tether and the USDC de Circle are dominant.

According to the reportUSDT SUR TRON maintained its grip as the main vehicle for risky transfers, stablecoins based on Ethereum also seeing increased activity. A large part of the alleged abuse is from the online games of chance industry, which treated $ 217.8 billion in stable admissions in 2024. It was an increase of 17.5% compared to the previous year.

Fraud entries also exploded at $ 52.5 billion, exceeding the cumulative total of previous years, which amounted to $ 2.13 billion in 2021, $ 4.28 billion in 2022 and 12.88 billion dollars in 2023.

Meanwhile, money laundering has represented $ 86.3 billion, a decrease of $ 31 billion compared to its $ 2023 level of $ 118.02 billion, but equally with $ 84.96 billion in 2022. The report suggests that the decline was probably due to an increasing regulatory examination and measures to apply in the past two years. Centralized exchanges such as OKX have also experienced a drop in their share of washing entries, perhaps indicating a tightening of their conformity protocols.

Interestingly, despite its publication by a company regulated by the United States, the share of the USDC in these flows also more than doubled, going from 5.22% in 2023 to 13.36% in 2024. However, on their credit, Tether and Circle would have frozen more than $ 1.3 billion in illicit floors last year, twice the amount they had managed between 2021 and 2023.

Stablecoins are going to current

The publication of the Bitrace report occurs at a time when stablecoins make the titles for completely different reasons. Most recently, Mastercard has unveiled its new “end-to-end Stablecoin payment system”, promising transparent global transactions via integrations with major platforms like OKX, Crypto.com and Circle.

The initiative will allow users to spend stables likes like the USDC at more than 150 million merchants around the world, highlighting the level at which digital currencies are integrated into traditional and crypto-native economies.

The legislative wheels also run, the stable law adopted through the US Chamber of Financial Services Committee earlier in the month.

The bill is designed to more rigorously regulate Stablecoin issuers by demanding more strict banking charters and supervision. If it becomes of the law, it would establish a regulatory framework desired for a long time for an industry which has often operated in a legal gray area.