USDT emerges as a key instrument in China's shadow crypto economy, according to a report from Elliptic.

USDT emerges as a key instrument in China's shadow crypto economy, according to a report from Elliptic.

Experts from the analytics firm Elliptic reported that the USDT stablecoin has become the primary payment instrument for Chinese criminal networks operating through Telegram. According to the study, the messaging app is used as a full-fledged infrastructure for managing illicit financial flows, trading services, and money laundering.

Analysts note that USDT's popularity among criminal groups is explained by its high liquidity, stable peg to the dollar, and the convenience of quick transfers between participants in these schemes. Transaction volumes on these platforms already exceed those of traditional darknet marketplaces.

From 2021 to 2025, the largest Telegram platforms associated with the shadow economy processed transactions worth tens of billions of dollars. Currently, most activity is concentrated on a few large marketplaces, whose combined monthly turnover is estimated at billions of dollars.

Experts emphasize that the level of oversight over such operations remains limited, and international cooperation in the fight against cryptocrime requires reconsideration. Elliptic believes that countering such networks should be carried out at the level of intergovernmental cooperation, comparable to measures taken to combat global threats.