How a cryptocurrency helps criminals launder money and evade sanctions

Through layers of intermediaries, stablecoins can be moved, swapped and mixed into pools of other funds in ways that are difficult to trace, experts say. — Jeremy Leung/The New York Times

Smugglers, money launderers and people facing sanctions once relied on diamonds, gold and artwork to store illicit fortunes. The luxury goods could help hide wealth but were cumbersome to move and hard to spend.

Now, criminals have a far more practical alternative: stablecoins, a cryptocurrency tied to the US dollar that exists largely beyond traditional financial oversight.