Cryptocurrency compliance firm Bitrace reported that in 2024, $649 billion worth of stablecoins were involved in high-risk transactions, as per an April 29 report. Bitrace defines high-risk blockchain addresses as those utilized by illicit entities for receiving, transferring, or storing stablecoins. This data is crucial for crypto compliance firms to assess the likelihood of involvement in illegal activities. The report revealed that these high-risk transactions represented approximately 5.14% of all stablecoin transaction volume in 2024, showing a decrease from the previous year but a significant rise compared to 2022 and 2021. Tron-based USDt (USDT) emerged as the leading player in high-risk stablecoin transactions, accounting for over 70% of the volume, followed by Ethereum-based USDt and a minor portion of USDC. The dominance of USDT can be attributed to its larger market capitalization and adoption compared to other stablecoins. Moreover, Tron’s significant presence in high-risk transactions raised eyebrows, given Ethereum’s more widespread usage in the stablecoin ecosystem. Notably, online gambling platforms processed $217.8 billion worth of stablecoins in 2024, marking a substantial increase from the previous year. USDT continued to lead in this sector, although USDC’s market share showed a notable rise. These findings come amidst reports of crypto casinos generating over $81 billion in revenue in 2024, despite regulatory challenges in certain jurisdictions. The rise in illicit activities and the dominance of specific stablecoins in risky transactions underscore the importance of robust compliance measures in the crypto space.