A recent report by The New York Times on stablecoins sparked a strong reaction in the cryptocurrency industry. Jake Chervinsky, Chief Legal Officer at Variant Fund, criticized the report, describing it as a "complete hit piece" and arguing that it deliberately exaggerates the role of stablecoins in global illegal financial activities while ignoring the context of the data and regulatory progress in the sector.

The report stated that stablecoins have become "the tool of choice" for money launderers and sanctioned entities, citing data from Chainalysis indicating that more than $25 billion in illicit funds flowed through stablecoins in 2024. The New York Times also warned that with individuals linked to Russia and terrorist organizations using cryptocurrencies, tokens pegged to the US dollar could weaken the United States' ability to leverage its dollar-based sanctions system.