Chainalysis: Peptide suppliers in the grey market are increasingly using Bitcoin and stablecoins

Odaily reported that Chainalysis released a report stating that as the demand for grey-market peptide products (such as weight-loss drugs like semaglutide) grows rapidly, relevant suppliers and buyers are increasingly using cryptocurrency for transactions, with major suppliers mainly relying on Bitcoin and stablecoins.

The report shows that in the first quarter of 2026, crypto funds flowing into this sector reached 32 million US dollars, representing a 159% increase from the previous quarter’s 12 million US dollars. The annualized volume has already exceeded 100 million US dollars.

Chainalysis pointed out that demand for peptide products is driven by cosmetic medicine, health and wellness trends, and the popularity of GLP-1 drugs. However, as these products often involve prescription-grade compounds or unregulated substances, traditional banks and credit card processors typically restrict such transactions, prompting the market to shift to crypto payments.

The organization also noted that some leading suppliers have adopted more professional on-chain fund management methods. Especially among suppliers with an average transaction deposit over 1,000 US dollars, the share of stablecoins has increased significantly, which may be to reduce the risk of large supply chain orders being affected by crypto market volatility.