TRM Labs said the number is notable, as the stablecoin market represents over 60% of all cryptocurrency transaction volume.
TRM Labs, a crypto analysis company, revealed this Tuesday in the ‘Cryptocurrency Crimes Report 2025’ that 99% of stablecoin activity in 2024 was legitimate. According to the report, the number is particularly notable, as the stablecoin market currently represents over 60% of all cryptocurrency transaction volume.
According to the report, the volume of cryptocurrencies used in illicit activities in 2024 fell by 24%. However, ransomware payments reached record levels, and terrorism financing involving crypto also expanded.
“One of its defining characteristics is traceability: as stablecoins operate on public blockchains, they tend to be more transparent than cash when combined with advanced blockchain analytics. In addition to traceability, stablecoin issuers maintain the ability to freeze or burn illicit resources,” the report says.
In the case of scams and fraud, the numbers are still concerning, posing a significant threat. To close the bad news, cyber attacks linked to North Korea continued, with nearly $800 million in cryptocurrencies stolen in 2024.
TRM Labs is not the only company reporting the increasingly legitimate use of stablecoins. The research company Artimas also recently found that business-to-business (B2B) transfers – financial transactions between two or more companies – now represent the largest and fastest-growing percentage of transaction volume, surpassing P2P payments, The Block reported.
Regulation of stablecoins in the U.S.
The news comes at a time when the GENIUS Act bill, one of the most comprehensive legislations on stablecoins to date in the U.S., heads to the Senate on Tuesday, where it is expected to be approved, according to Fortune.
Large banks and corporations are now signaling interest in integrating or launching stablecoins, which offer them programmability and global liquidity. According to recent rumors, JP Morgan and Meta, for example, may be working on cryptocurrencies of this kind.
TRM states that the GENIUS Act “marks a clear turnaround in the U.S. digital asset policy,” which was previously dominated by a “fragmented” application and unclear rules. “Congress is now laying the groundwork for a proactive legislative approach to oversight.”