机构报告：稳定币供应量突破2500亿美元 安全合规压力凸显

Core Insights - The report by CertiK indicates that stablecoins are rapidly integrating into the global financial system, accompanied by increasing security vulnerabilities and compliance pressures [1][2] - As of the first half of 2025, the total supply of stablecoins has surpassed $250 billion, with a monthly settlement volume reaching $1.4 trillion, reflecting a 43% quarter-over-quarter increase [1] - The number of unique addresses holding stablecoins exceeded 120 million by the third quarter of 2024, with Tether (USDT) leading at 5.8 million addresses, 2.6 times that of USD Coin (USDC) [1] Security and Compliance Risks - In the first half of this year, the cryptocurrency market experienced 344 security incidents, resulting in total losses of $2.47 billion, setting a new historical record [1] - Attackers are increasingly targeting the operational infrastructure of centralized platforms rather than traditional smart contract vulnerabilities [1] - Stablecoins are being utilized by hackers as a means for money laundering, with absolute amounts reaching hundreds of billions of dollars, posing significant compliance risks despite a decrease in their proportion of overall transaction volume [1] Future Trends - The report forecasts that Real World Asset (RWA)-backed and yield-bearing stablecoins will become the main innovation themes in the second half of 2025 [2] - RWA-backed stablecoins align with global regulatory trends aimed at stabilizing compliance by anchoring to off-chain assets like government bonds [2] - Yield-bearing stablecoins, characterized as "on-chain money market funds," are attracting institutional investors and high-net-worth individuals seeking stable returns [2] - The report emphasizes that rigorous risk management, transparent operational mechanisms, and proactive compliance strategies are essential for the long-term sustainability of stablecoin projects [2]