Chainalysis released a report stating that the peptide market, reliant on crypto payments, has exceeded $100 million annualized. The report noted that related sales rose to $32 million in the first quarter of 2026, a 159% increase quarter-over-quarter. With expanding demand, stablecoins are becoming the primary settlement method for these transactions.

Sales growth outpaced testing expenditures.

The report shows a significant decrease in spending by peptide product buyers on independent purity testing. Chainalysis estimates that the average testing expenditure per buyer has fallen to approximately $8, an 88% decrease from previous levels. However, the number of tests conducted by testing agency Janoshik continues to increase, indicating that new demand is entering the market at a faster pace.

Stablecoins become the preferred choice for large transactions

Chainalysis reports that addresses making large payments to suppliers are increasingly favoring stablecoins over more volatile cryptocurrencies. For suppliers with average deposits of at least $1,000, the payment structure has clearly shifted towards stablecoins, reflecting sellers' desire to mitigate the impact of price volatility.

The supply chain relies more on on-chain settlement.

The report also mentions that some suppliers are from China, and traditional banking services have limited coverage, making cryptocurrency an important payment channel connecting manufacturers and overseas buyers. Chainalysis believes that this market has evolved from a niche market to a more organized gray industry, and on-chain transaction records can still provide clues for investigations.