Stablecoin Industry Analysis Report for the First Half of 2025

Recently, an authoritative institution released the "2025 Semi-Annual Stablecoin Panorama Report," which systematically reviewed 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 stand out in terms of safety, market dynamics, and compliance adaptation, ranking at the top of the scorecard.

The report points out 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 a monthly settlement volume growth of 43%, reaching $1.4 trillion. As traditional financial institutions and large enterprises increase their adoption, the strategic position of stablecoins continues to rise. Along with the gradual implementation of regulatory policies, compliance and security risks are increasingly drawing attention, and the market landscape is also showing a trend of accelerated differentiation.

Strong Market Growth, Four Major Stablecoins Lead the Rankings

In the first half of 2025, the stablecoin market continued to expand, with a total supply reaching $252 billion and a monthly settlement volume growth of 43%. User activity levels significantly increased, with the total number of holding addresses surpassing 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 and systematically evaluates various mainstream stablecoins from six major dimensions: "operational resilience", "governance capability", "code security", and more. USDT, USDC, PYUSD, and RLUSD excel in security, market dynamics, and compliance adaptation, ranking at the top of the scoring list. Among them, USDC has seen its market value jump to $61 billion thanks to the MiCA license and successful listing, making it the fastest-growing mainstream stablecoin; while PYUSD, issued by PayPal, has doubled its market value in a short time by integrating with the Solana network and launching a holder reward program; RLUSD has maintained zero security incidents since its launch due to its safety and reliability in institutional-level application scenarios, successfully establishing its market position.

High Incidence of Operational Errors, New Risks Introduced by New Stablecoins

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 crypto 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 resulting in losses as high as $1.5 billion. Compared to traditional smart contract vulnerabilities, attackers are gradually shifting their focus towards the operational infrastructure of centralized platforms.

The report also warns that stablecoins are becoming a primary tool for some hackers to launder money, as certain public chain networks have become the preferred choice due to their low transaction fees and strong liquidity. Although such transactions account for a decreasing proportion of 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 symbolic event in the strengthening of regulatory compliance reviews for such activities.

Regulatory Implementation Reshapes Market Landscape, Stablecoins Accelerate Integration into Mainstream Financial System

With the progress of related bills in the U.S. Congress and the full implementation of the EU's MiCA regulation, regulation has become a key force in reshaping the stablecoin landscape. Compliance pressures have intensified market differentiation: licensed and transparent reserve institutional projects 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 certain French bank launched a dollar stablecoin based on Ethereum and Solana, becoming the first large bank to introduce a compliant dollar stablecoin; several other international banks are also promoting related project developments, some of which have 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, by anchoring off-chain assets such as government bonds, are highly aligned with the regulatory trend of stabilizing compliance being promoted by major global economies; meanwhile, yield-bearing stablecoins, with their "on-chain version of money market funds" attribute, are attracting a group of investors seeking steady returns, particularly drawing attention from institutional investors and high-net-worth individuals.

However, such 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 stance will be key for stablecoin projects to achieve long-term sustainable development.