Core Insights - The report by CertiK highlights the continuous expansion of the stablecoin market in the first half of 2025, with a total supply reaching $252 billion and a monthly settlement volume increase of 43% [1] - User engagement has significantly improved, with the total number of holding addresses surpassing 120 million as of Q3 2024 [1] - USDT remains the most widely held stablecoin, with over 5.8 million addresses, approximately 2.6 times that of USDC [1] Market Performance - The stablecoin market is experiencing notable growth, with USDC's market capitalization rising to $61 billion, making it the fastest-growing mainstream stablecoin due to its MiCA license and successful listing [1] - PayPal's PYUSD has doubled its market capitalization by integrating with the Solana network and launching a holding rewards program [1] - RLUSD has maintained zero security incidents since its launch, establishing a strong market position through its reliability in institutional applications [1] Risk Landscape - The stablecoin industry faces increasing security and compliance challenges, with 344 security incidents reported in the first half of 2025, resulting in total losses of $2.47 billion, a historical high [2] - Operational errors, such as the Bybit private key leak, have become a primary source of losses, with a single incident causing a loss of $1.5 billion [2] - Stablecoins are increasingly being used by hackers for money laundering, particularly on networks like TRON, which poses significant compliance risks [4] Regulatory Developments - Regulatory measures are reshaping the market landscape, with the advancement of the STABLE and GENIUS Acts in the U.S. Congress and the full implementation of the EU's MiCA regulation [4] - Compliance pressures are leading to market differentiation, where licensed and transparent reserve projects gain higher market trust, while non-compliant issuers are being marginalized [4] - Traditional financial institutions are actively piloting stablecoin projects, with Societe Generale launching a compliant USD stablecoin, USDCV, and other banks like Bank of America and Santander developing related projects [4] Future Trends - The report forecasts that RWA (Real World Asset) backed and yield-bearing stablecoins will become the main innovation line, potentially capturing 8% to 10% of the market by the end of the year [5] - RWA-backed stablecoins align with global regulatory trends towards stablecoin compliance by anchoring to off-chain assets like government bonds [5] - Yield-bearing stablecoins are attracting institutional investors and high-net-worth individuals due to their "on-chain money market fund" characteristics [5] Risk Management - The introduction of new models brings complex counterparty and strategic risks, emphasizing the need for rigorous risk management, transparent operational mechanisms, and proactive compliance stances for sustainable development of stablecoin projects [8]

Core Insights - The report by CertiK highlights the rapid integration of stablecoins into the mainstream financial system, with a total supply surpassing $250 billion and a monthly settlement volume growth of 43% to $1.4 trillion in the first half of 2025 [1][2]. Market Performance - The total supply of stablecoins reached $252 billion in the first half of 2025, with a significant increase in user activity, as the total number of holding addresses exceeded 120 million [2]. - USDT remains the most widely held stablecoin with over 5.8 million addresses, approximately 2.6 times that of USDC [2]. Risk Landscape - The stablecoin industry is experiencing a shift in risk patterns, with a total of 344 security incidents leading to losses of $2.47 billion, marking a historical high [3]. - Operational errors, such as the Bybit private key leak, have become a major source of losses, with a single incident causing a loss of $1.5 billion [3]. Regulatory Developments - Regulatory frameworks like the STABLE Act and MiCA regulations are reshaping the stablecoin landscape, increasing compliance pressures and leading to market differentiation [4]. - Traditional financial institutions are actively piloting stablecoin projects, with notable examples including Societe Generale's compliant USD stablecoin [4]. Future Trends - The report forecasts that RWA-backed and yield-bearing stablecoins will drive innovation, potentially capturing 8% to 10% of the market by the end of the year [5]. - RWA-backed stablecoins align with global regulatory trends, while yield-bearing stablecoins attract institutional and high-net-worth investors [5].