A stablecoin is a cryptocurrency that is pegged to stable fiat money, specifically the dollar. It is a popular means of payment because this digital currency has less volatility compared to Bitcoin.
But the popularity of stablecoins among ordinary users also has a downside: the asset is used by scammers to bypass blocks and various legal restrictions.
“By analyzing blockchains, Chainaliz found that 70% of cryptocurrency fraud transactions in 2023, 83% of cryptocurrency payments to sanctioned countries, and 84% of cryptocurrency payments to specifically sanctioned individuals and companies These figures far outpace the increasing overall use of stablecoins, including for legitimate purposes, which accounted for 59% of all cryptocurrency transaction volume in 2023, Ars Technica said.
At the same time, the most “productive” year was 2022: During this period, approximately 40 billion dollars were transferred for fraudulent purposes.
Source: Ferra
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