The stablecoin market continues to rise, and the security performance of mainstream tokens is outstanding.

Recently, a comprehensive report on the stablecoin industry has attracted widespread attention. The report provides an in-depth analysis of the performance, risk landscape, regulatory progress, and development trends of the stablecoin market.

According to the report, stablecoins are rapidly integrating into the mainstream financial system. In the first half of 2025, the total supply of global stablecoins has surpassed $250 billion, with a monthly settlement volume rising by 43% to $1.4 trillion. As traditional financial institutions and large enterprises increase their adoption, the strategic position of stablecoins continues to rise. At the same time, the gradual implementation of regulatory policies has also led to increasing attention on compliance and security risks, resulting in a trend of accelerated market differentiation.

In terms of market performance, the stablecoin market continued to expand in the first half of 2025, with a total supply reaching $252 billion. User activity saw a significant increase, with the total number of holding addresses exceeding 120 million (as of the third quarter of 2024). A well-known stablecoin remains the most widely held stablecoin, with the number of addresses exceeding 5.8 million, approximately 2.6 times that of another mainstream stablecoin.

The report systematically evaluates various mainstream stablecoins, covering six major dimensions including "operational resilience", "governance capability", and "code security". The results show that several mainstream stablecoins perform outstandingly in terms of security, market dynamics, and compliance adaptation. Among them, a certain stablecoin has seen its market value surge to $61 billion thanks to its European regulatory license and successful listing, making it the fastest-growing mainstream stablecoin. Another stablecoin issued by a well-known payment company has doubled its market value in a short period by integrating with a certain public chain network and launching a holding rewards program.

However, in the first half of 2025, the stablecoin industry also faces new risk challenges. 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 them, operational errors represented by the leakage of private keys from a certain trading platform became the main source of losses, with a single incident amounting 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 certain public chain networks being the preferred choice due to their low transaction fees and strong liquidity. Although such transactions account for a decreasing proportion of the total trading volume, the absolute amount still reaches hundreds of billions of dollars, posing significant compliance risks. In March 2025, a certain exchange was banned, marking a significant event in the strengthening of regulatory compliance checks.

With the progress of relevant bills in the U.S. Congress and the comprehensive implementation of EU financial regulatory 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 actively piloted stablecoin businesses in the first half of the year. A major bank in France launched a dollar stablecoin based on Ethereum and a certain public chain, becoming the first large bank to launch a compliant dollar stablecoin. Several other international banks are also promoting related project development, with some having entered the regulatory approval stage.

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, potentially accounting for 8% to 10% of the over $300 billion market by the end of the year. RWA-backed stablecoins are highly compatible with the current regulatory trend of major global economies promoting stablecoin compliance by anchoring off-chain assets such as government bonds; meanwhile, yield-bearing stablecoins, with their "on-chain version of money market funds" attribute, are attracting investors seeking stable returns, particularly drawing attention from institutional investors and high-net-worth individuals.

However, these new stablecoin models not only bring new application value but 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 posture will be key to the long-term sustainable development of stablecoin projects.