Bitrace Report 2024: Trends and Risks in Stablecoin Trading
In 2024, according to Bitrace's report, $649 billion worth of stablecoins circulated through blockchain addresses identified as high-risk. These addresses are often associated with illegal entities. This accounts for approximately 5.14% of the total stablecoin transaction volume for the year, a slight decrease from 5.94% the previous year but still higher than the 2.8% in 2022 and 1.63% in 2021.
On the Tron network, USDT dominates high-risk transactions, accounting for over 70% of the total volume. Ethereum-based USDT and USDC make up the rest. This can be explained by USDT's large market capitalization and its widespread acceptance. USDT on Tron accounts for 47.4% of the supply, surpassing Ethereum at 45.44%.
The online gambling industry has also seen an increase in the use of stablecoins, reaching $217.8 billion in 2024, up 17.5% from the previous year. USDT still dominates this sector; however, USDC is gaining market share, reaching 13.36% in 2024.
In this context, gambling platforms generated over $81 billion in revenue, although regulators in key regions continue to block access to these platforms. This increase shows the strong development of the cryptocurrency gambling industry, despite many regulatory and security challenges.
The report provides insights into the complex development of the cryptocurrency market, particularly in the stablecoin sector and the online gambling industry.
Source: https://tintucbitcoin.com/report-649-billion-usd-stablecoin-related-to-illegal-activities-2024/
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