TL;DR

• The value received by sanctioned entities surged 694% in 2025, driving total illicit transaction volume to a record $154 billion as nation-state actors integrated crypto into their national financial infrastructure and strategic policy objectives.
• Iranian crypto activity is increasingly dominated by the state, with the Islamic Revolutionary Guard Corps (IRGC) and its proxy networks accounting for over 50% of value received in Q4 2025, for a total of over $3 billion in transfers throughout the year.
• The ruble-backed A7A5 stablecoin processed $93.3 billion in less than a year, acting as a critical bridge for Russian businesses to access global markets despite sanctions. Grinex and Meer, two exchanges created around the same…