TL;DR
- 99% of stablecoin transactions in 2024 were legal, in a market where they already account for over 60% of total crypto volume.
- The GENIUS Act is moving forward in the U.S. Senate with clear rules for issuers, licenses, audits, and anti-money laundering controls.
- Business-to-business transfers have overtaken peer-to-peer transactions and now make up the fastest-growing segment in stablecoin activity.
Stablecoin use continues to surge, and the latest data from TRM Labs confirms a shift in their public perception.
According to its most recent report, 99% of stablecoin operations in 2024 were legal. This figure matters, considering these assets already represent over 60% of the total transaction volume in the crypto market. The data challenges the usual narrative linking the crypto industry and digital assets to criminal activity.
Better Regulations and Enhanced Security
Traceability is one of the key factors behind this shift. Operating on public blockchains allows stablecoins to offer continuous tracking of funds, something impossible with cash. Issuers also have mechanisms to freeze or burn funds tied to criminal activity. This level of control, combined with advances in blockchain analytics, has steadily reduced the volume of illicit transactions.
The regulatory environment in the United States is also evolving. On Tuesday, the GENIUS Act heads to the Senate—a bill that could establish new rules for stablecoins. The proposal mandates licensing for issuers, reserve requirements, regular audits, and anti-money laundering protocols. It has bipartisan support and backing from President Donald Trump, who aims to sign it into law this summer.
Businesses Dominate Stablecoin Transfers
Other analytics firms have also identified changes in how stablecoins are used. A recent report from Artimas showed that business-to-business transfers now surpass peer-to-peer transactions in volume, consolidating as the fastest-growing segment in this space. The finding reinforces the idea that these assets have moved beyond being a niche tool and are now widely adopted by companies and financial services.
Despite this new legitimacy, stablecoins still account for 60% of illicit transaction volume within the crypto ecosystem. However, that amount represents just 0.4% of all transactions after falling 24% year-over-year in 2024. TRM attributes the drop to stricter industry controls and law enforcement operations. The sector is undergoing a rapid transformation, with stable assets taking a central role in upcoming regulatory frameworks and institutional adoption
