FATF warns of sanctions evasion risks through stablecoins

Key points:

• FATF identified peer-to-peer stablecoin transfers through personal wallets as a vulnerability for financial oversight.
• In 2025, stablecoins accounted for 84% of illicit crypto transactions.
• Regulators are urged to strengthen AML controls within the stablecoin ecosystem.

FATF has released a targeted report on stablecoins and transactions conducted through self-custody wallets. The document notes that such transfers can occur without the involvement of regulated intermediaries such as crypto platforms or financial institutions.

According to the organization, this creates a vulnerability for anti-money laundering systems. When transfers occur directly between users, transactions may fall outside the monitoring frameworks of entities required to track suspicious activity.

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Why regulators are focusing on stablecoins

FATF notes that the stablecoin market is expanding rapidly. By mid-2025, more than 250 such assets were in circulation, with their combined market capitalization exceeding $300 billion.

According to Chainalysis, stablecoins accounted for 84% of illicit virtual asset transactions in 2025. At the same time, the overall share of criminal activity remains relatively small — less than 1% of all cryptocurrency transactions.

FATF notes that price stability, high liquidity, and ease of transfers make stablecoins attractive not only for legitimate uses but also for illicit activities. These include money laundering, terrorist financing, and operations conducted by cybercriminal groups.

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What measures FATF proposes

The organization calls on countries to consider the specific features of stablecoins when designing regulatory frameworks and to implement measures aimed at reducing associated risks.

Among the recommendations are stronger requirements for stablecoin issuers and intermediaries, the introduction of technical risk management mechanisms, and the development of blockchain analytics tools for law enforcement.

FATF also recommends expanding cooperation between public authorities and the crypto industry to more quickly identify suspicious activity and prevent the illicit use of stablecoins.