CertiK’s Skynet Stablecoin Spotlight Report reveals stablecoins are surging, but security and regulatory gaps are widening too.
According to CertiK’s latest Skynet Stablecoin Spotlight Report, stablecoins surged into the financial mainstream in the first half of 2025, with supply climbing from US$204 billion to $252 billion, and monthly settlement volumes increasing 43% to $1.39 trillion.
While adoption accelerates, new data from CertiK’s Skynet framework shows an expanding divide in the sector’s security, compliance, and operational robustness.
The report found that stablecoin leaders — USDT, USDC, and PYUSD — set the pace in H1 2025. USDT remained dominant, particularly on Tron.
USDC narrowed the gap with a MiCA license, IPO, and a jump to $61 billion in supply. Meanwhile, PYUSD doubled its float via a Solana integration and introduced a 3.7% rewards programme. Other notable names like RLUSD, USDG, and FDUSD also earned top scores.
Yet, under the surface, operational lapses drove record losses. A total of $2.47 billion was lost to 344 security incidents, led by a $1.5 billion Bybit wallet breach and vulnerabilities tied to key management and liquidity-pool design.
The report highlighted FDUSD’s temporary depeg to $0.76 and subsequent recovery as an example of how transparent reserves help absorb shocks.
On the regulatory front, new legislation such as the US STABLE and GENIUS Acts, alongside full EU MiCA implementation, are clearly dividing the market.
Banks like Société Générale and Bank of America, plus payment networks such as Visa and Stripe, continued stablecoin trials, moving regulated USD-backed tokens closer to integration with traditional finance.
CertiK also flagged the rising profile of real-world assets (RWA) and yield-bearing stablecoins, predicting they could capture 10% of a market worth over $300 billion by year-end. However, these models introduced new off-chain and DeFi-related risks that issuers must manage to maintain strong security scores.
Read the full report here.
