Chainalysis: Grey market peptide drug trading shifts towards encrypted payments

According to a report by Chainalysis, gray market peptide drug suppliers have turned to using Bitcoin and stablecoins due to traditional payment restrictions. In the first quarter of 2026, the inflow of related cryptocurrency funds reached $320 million, an increase of 159% from the previous quarter's $120 million, with an annualized scale exceeding $100 million. The report states that the demand for peptide products is driven by trends in medical aesthetics and health, and some top suppliers have adopted more professional on chain fund management. The proportion of stablecoins has significantly increased in large transactions to reduce market volatility risks.