$649B in Stablecoins Linked to High-Risk Activity in 2024, Bitrace Reports

Stablecoins worth $649 billion flowed through blockchain addresses flagged as high-risk this year, according to an April 29 report from crypto compliance firm Bitrace. The figure represents 5.14% of total stablecoin transfers—a slight decline from 2022’s 5.94% but still nearly double 2021 levels.

These wallets, often tied to illicit actors, show elevated risk scores indicating probable involvement in scams, money laundering, or other covert operations. Bitrace’s proprietary algorithms assign higher scores to addresses exhibiting patterns consistent with criminal activity.

While the percentage dipped year-over-year, the absolute volume underscores stablecoins’ persistent appeal for questionable transactions. The trend mirrors broader cryptocurrency adoption curves—as legitimate use grows, so too does exploitation by bad actors.