$33T in 2025 stablecoin volume turns blockchain analytics into payment-network risk infrastructure, not some compliance SaaS side quest. Elliptic claims 1B+ transactions screened weekly and two-thirds of global crypto volume touching exchanges that use it, so Deutsche/Nasdaq are buying exposure to the choke point every tokenized deposit, RWA desk and stablecoin issuer has to pass through. April’s $600M+ exploit month just makes the tax more obvious: as bridges, perp DEXs and issuers scale, AML and forensics rails get paid whether the trade is risk-on or post-hack cleanup.

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