The world’s leading Web3 security company releases the stablecoin report for the first half of 2025

On July 22, a global leading Web3 security company released the “2025 Mid-Year Stablecoin Panorama Report,” which systematically sorted out and deeply analyzed the market performance, risk landscape, regulatory progress, and development trends of the stablecoin industry. The report shows that USDT, USDC, PYUSD, and RLUSD performed outstandingly in terms of security, market dynamics, and compliance adaptation, ranking among the top of the scoring list.

The report indicates that stablecoins are accelerating their integration into the mainstream financial system. By the first half of 2025, the total supply of global stablecoins has exceeded $250 billion, with monthly settlement volume increasing by 43%, reaching $1.4 trillion. As traditional financial institutions and large enterprises increase their adoption, the strategic position of stablecoins continues to rise. With regulatory policies gradually being implemented, compliance and security risks are increasingly gaining attention, and the market landscape is also showing a trend of accelerated differentiation.

Market growth is strong, mainstream stablecoins lead the rankings

In the first half of 2025, the stablecoin market continued to expand, with a total supply reaching $252 billion and monthly settlement volume increasing by 43%. User activity significantly improved, with the total number of holding addresses exceeding 120 million (as of the third quarter of 2024). USDT remains the most widely held stablecoin, with the number of addresses exceeding 5.8 million, approximately 2.6 times that of USDC.

The report is based on a stablecoin scoring framework, systematically evaluating various mainstream stablecoins from six major dimensions: “operational resilience”, “governance capabilities”, and “code security”. USDT, USDC, PYUSD, and RLUSD stand out in terms of security, market dynamics, and compliance adaptation, ranking at the top of the scoring list. Among them, USDC has seen its market cap surge to $61 billion, becoming the fastest-growing mainstream stablecoin due to its MiCA license and successful listing; while PYUSD, issued by PayPal, has doubled its market cap in a short period by integrating with the Solana network and launching a token reward program; RLUSD, with its security and reliability in institutional-level application scenarios, has maintained zero security incidents since its launch, successfully establishing its market position.

High incidence of operational errors, new stablecoins introduce new risks

In the first half of 2025, the risk patterns faced by the stablecoin industry are undergoing significant changes. A total of 344 security incidents occurred in the overall cryptocurrency market, with cumulative losses reaching as high as $2.47 billion, setting a new historical record. Among these, operational errors represented by the leakage of private keys from a certain trading platform became the main source of losses, with a single incident causing losses of up to $1.5 billion. Compared to traditional smart contract vulnerabilities, attackers are gradually shifting their targets towards the operational infrastructure of centralized platforms.

The report also warns that stablecoins are becoming a primary tool for some hackers to launder money, with networks like TRON being the preferred choice due to their low transaction fees and strong liquidity. Although the proportion of such transactions has decreased in the overall trading volume, the absolute amount still reaches hundreds of billions of dollars, bringing significant compliance risks. In March 2025, a certain exchange was shut down, marking a significant event in the strengthening of regulatory compliance reviews.

Regulatory implementation reshapes market structure, stablecoins accelerate integration into the mainstream financial system

With the progress of the “STABLE Act” and the “GENIUS Act” in the U.S. Congress, as well as the full implementation of the EU’s MiCA regulations, regulation has become a key force in reshaping the stablecoin landscape. Compliance pressures have intensified market differentiation: institutional projects with licenses and transparent reserves are gaining higher market trust, while issuers that have not yet completed compliance are gradually being marginalized by mainstream trading platforms.

In addition, traditional financial institutions and large enterprises have also actively piloted stablecoin businesses in the first half of the year. Societe Generale launched the dollar stablecoin “CoinVertible USD” based on Ethereum and Solana, becoming the first major bank to launch a compliant dollar stablecoin; institutions such as Bank of America and Santander are also promoting related project development, with some having entered the regulatory approval stage.

Outlook: A New Wave of Innovation for Stablecoins

Looking ahead to the second half of the year, the report predicts that RWA-backed and yield-bearing stablecoins will become the main line of innovation, expected to account for 8% to 10% of the over $300 billion market by the end of the year. RWA-backed stablecoins are highly aligned with the regulatory trend of promoting stablecoin compliance among major global economies by anchoring off-chain assets such as government bonds; while yield-bearing stablecoins, with their “on-chain money market fund” attributes, are attracting a group of investors seeking stable returns, particularly catching the attention of institutional investors and high-net-worth individuals.

However, such models, while bringing new application value, also introduce more complex counterparty risks and strategic risks. In this regard, the report emphasizes that rigorous risk management, transparent operational mechanisms, and a proactive compliance stance will be key to the long-term sustainable development of stablecoin projects.