Sanctioned entities drove $104B crypto surge in 2025

Sanctioned entities moved $104B in crypto in 2025, driving illicit on-chain volume to a record $154B. Russia, Iran, and North Korea led the surge, with the A7A5 stablecoin playing a central role.

Sanctioned entities moved approximately $104 billion through cryptocurrency in 2025, representing a nearly eightfold increase from the previous year. This surge pushed total illicit on-chain volume to a record $154 billion, according to multiple reports citing Chainalysis. The growth was largely driven by state actors from Russia, Iran, and North Korea. These countries have increasingly adopted digital assets to circumvent traditional banking systems and international sanctions. A key player was the ruble-pegged stablecoin A7A5, registered in Kyrgyzstan, which processed over $93 billion in transactions and became a primary settlement rail for sanctioned Russian businesses. Exchanges associated with A7A5, such as Grinex and Meer, handled billions before facing sanctions themselves. The reports indicate that sanctions evasion now accounts for the largest share of illicit crypto activity, with about two-thirds of the $154 billion total linked to sanctioned entities. Despite these record figures, illicit crypto activity remains a small fraction of overall transaction volume.