You could replicate USDC with a website where you log in with a password and move money between numbered accounts and they don’t run any AML/KYC checks on you. If you did that it would be super illegal. In fact someone did exactly this, it was called Liberty Reserve and everyone went to prison.
But because it’s got the magic of the blockchain laws don’t apply.
What is your source for stablecoins being "for crime"? I've seen many individuals from countries all over the world utilize stablecoins in ways legal for their jurisdiction.
https://blockchain.bakermckenzie.com/2025/07/01/the-225-mill...
It’s slower, riskier, with less protection and usually more expensive than a classical financial transaction. So it self selects for criminals.
Also notice there's no option to automatically transfer received money into your real checking account. They are banking on you forgetting your money is there and they are earning the interest but not passing it to you.
For this reason I prefer receiving money via Zelle but pay with Venmo.
The “solution” for decentralisation - proof of work - makes the system a lot more expensive (think: higher fees) than a centralised database.
