Chainalysis: Grey market peptide suppliers are increasingly using Bitcoin and stablecoins

Odaily reported that Chainalysis released a report stating that as demand for grey 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 mainly relying on Bitcoin and stablecoins.

The report shows that in the first quarter of 2026, the inflow of crypto funds into this field reached $32 million, an increase of 159% compared to $12 million in the previous quarter, with the annualized scale already exceeding $100 million.

Chainalysis pointed out that demand for peptide products is driven by trends in medical aesthetics, health and wellness, as well as 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 transactions, prompting the market to shift toward crypto payments.

The agency also stated that some top suppliers have adopted a more professional approach to on-chain fund management. Notably, among suppliers with an average single deposit exceeding $1,000, the proportion of stablecoins has significantly increased, likely to mitigate the risk of market volatility affecting large supply chain orders.