According to a report by blockchain analysis company TRM Labs, Tether's stablecoin USDT was the most commonly used stablecoin in cryptocurrency criminal activities last year. As more and more digital asset institutions face sanctions, the total amount of illegal transactions in the industry has decreased. Data shows that in 2023, USDT was involved in $19.3 billion of illegal transactions, lower than the previous year's $24.7 billion. According to the TRM report, USDT dominated terrorism financing last year. USDT on Tron "consolidated its position as the preferred currency for terrorist financing entities" in 2023. TRM said that the number of terrorist financing-related addresses receiving USDT on the Tron blockchain increased by 125% in 2023.