TRM Labs: $1.07 Billion in Crypto Hit Sihanoukville Casinos

Blockchain analytics firm TRM Labs reports that casinos in Sihanoukville, Cambodia, received about US$1.07 billion in cryptocurrency between 1 January and 7 September 2026, and that USDT on the TRON network made up 99.9% of it. The findings, relayed by Finwire on 1 November 2026, are a useful reference point for anyone reading about stablecoin gambling, and they sit alongside our crypto casino guide.

The numbers as reported

Per the Finwire summary of the TRM data, 34 in-person casinos received the funds. About US$687 million, or 64%, went to casinos linked to networks designated by the US Treasury’s Office of Foreign Assets Control (OFAC). Average monthly inflows were about US$148 million from January to May and about US$95 million in July and August. Inflows to designated-linked casinos reportedly fell from roughly US$100 million to about US$48 million a month.

The report also says flows to some designated-linked entities continued after sanctions, including entities named in the report as receiving US$184 million and US$129 million from 23 April to 7 September, and US$9 million to one casino after the October 2025 designation of the Prince Group. We repeat these as TRM’s reported findings, not as our own verification.

Why USDT on TRON

TRM attributes the dominance of USDT on TRON to low fees, deep liquidity and wide adoption in Southeast Asia. That mix is the same reason stablecoins are common in offshore online casinos aimed at Asian players, as seen in our report on the Thai police probe linked to Shuffle.com.

Caveats

As reported, TRM cautions that the decline in inflows may not show the full picture, because operators often change wallet addresses and some funds may pass through wallets analysts have not yet identified. Finwire did not link the original TRM report, so the figures here come from secondary coverage. Cambodia’s licence revocations, covered in our separate report, are the enforcement backdrop.

Blockchain analytics shows where funds moved, not who is legally responsible. A wallet link to a casino is not a finding of wrongdoing by a player or an operator.

Takeaway for crypto casino players

Using USDT does not make a gambling site lawful or safe. Check whether the operator is licensed where you live, avoid sites that dodge identity checks, and keep in mind that stablecoin transfers are usually irreversible.

Do you use USDT on TRON for online transfers, and does this data change how you view it? Tell us in the comments.

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