Chainalysis: Gray market peptide suppliers are increasingly using Bitcoin and stablecoins
Odaily Odaily reports that as demand for gray market peptide products (such as weight loss drugs like semaglutide) grows rapidly, related suppliers and buyers are increasingly using cryptocurrencies for transactions, with top suppliers primarily relying on Bitcoin and stablecoins.
The report shows that crypto funds flowing into this sector reached $32 million in Q1 2026, a 159% increase from $12 million in the previous quarter, with the annualized scale already exceeding $100 million.
Chainalysis points out that demand for peptide products is driven by trends in medical aesthetics, health and wellness, and the popularity of GLP-1 drugs. However, since these products often involve prescription-grade compounds or unregulated substances, traditional banks and credit card processors typically restrict their transactions, prompting the market to shift to crypto payments.
The firm also noted that some top suppliers have adopted more professional on-chain fund management methods. Particularly among suppliers with an average single deposit exceeding $1,000, the proportion of stablecoins has significantly increased, likely to mitigate the risk of large supply chain orders being affected by crypto market volatility.
