Cryptocurrency has become the financial backbone of the gray-market peptide trade, with Bitcoin and stablecoins supporting a surge in sales across an industry that has now surpassed a $100 million annual run rate, according to a new report from Chainalysis. The blockchain analytics firm reported that peptide-related cryptocurrency transactions reached $32 million during the first quarter of 2026, representing a 159% increase from the $12 million recorded in the previous quarter as more buyers and suppliers moved toward digital assets for cross-border payments.