The United Nations Office on Drugs and Crime (UNODC) has released a report estimating that scam networks across Southeast Asia caused losses of up to $114.1 billion in 2025. The figure covers a range of fraud operations, from pig-butchering schemes to romance scams and illegal gambling platforms. According to the report, the stablecoin USDT played a central role in moving the illicit proceeds.
The scale of the losses
The $114.1 billion figure is the UNODC's upper estimate for losses tied to Southeast Asian scam networks last year. The report does not break down the total by country or scam type, but it describes the region as a global hub for organized cyber fraud. Criminal groups have built industrial-scale operations, often using forced labor to run call centers and trading platforms. The losses represent a significant portion of the region's illicit financial flows.
USDT as the laundering tool
The UNODC report specifically names USDT, the stablecoin issued by Tether, as a key instrument in the money laundering process. Scammers convert victims' funds into USDT, then move the tokens through a series of wallets and exchanges to obscure the trail. The stablecoin's peg to the U.S. dollar makes it attractive for criminals who want to preserve value while moving money across borders quickly. The report notes that USDT is widely used on the Tron blockchain, which offers low fees and fast transactions.
What the UNODC report says
The report is the first comprehensive UN assessment of how digital assets are fueling organized crime in Southeast Asia. It draws on data from law enforcement, financial intelligence units, and blockchain analysis firms. The UNODC warns that the scale of the problem is likely underreported, as many victims do not come forward. The report also highlights the role of unregulated cryptocurrency exchanges and peer-to-peer platforms in enabling the laundering.
Next steps for regulators
The UNODC's findings add pressure on governments in the region and beyond to tighten oversight of stablecoins. Several countries have already begun cracking down on unlicensed crypto exchanges and requiring stricter know-your-customer checks. But the report does not offer specific policy recommendations. It leaves open the question of how authorities can effectively police a decentralized financial system where tokens like USDT can move across jurisdictions in seconds. The UNODC says it will continue to monitor the situation and work with member states to develop responses.
