CertiK Skynet report releases stablecoin rankings, USDT, USDC, PYUSD and RLUSD rank at the top

On July 22, the world's largest Web3 security company CertiK released the "Skynet Stablecoin Panoramic Report for the First Half of 2025", systematically combing and conducting in-depth analysis around the market performance, risk landscape, regulatory progress, and development trends of the stablecoin industry. According to the report's ranking, USDT, USDC, PYUSD, and RLUSD stood out in terms of safety, market dynamics, and regulatory compliance, ranking at the top of the scoring list. The report pointed out that stablecoins are accelerating their integration into mainstream financial systems. In the first half of 2025, the global stablecoin total supply has exceeded $250 billion, with monthly settlement volume growing 43% to $1.4 trillion. Meanwhile, as traditional financial institutions and large enterprises increase their adoption, the strategic position of stablecoins continues to rise. With regulatory policies gradually being implemented, compliance and security risks are increasingly receiving attention, and the market landscape is showing a trend of accelerated differentiation. Market Growth Robust, USDT, USDC, PYUSD, and RLUSD Lead the Rankings The report shows that the stablecoin market continued to expand in the first half of 2025, with total supply reaching $252 billion and monthly settlement volume growing 43%. User activity significantly improved, with the total number of holding addresses breaking through 120 million (as of the third quarter of 2024). USDT remains the most widely held stablecoin, with over 5.8 million addresses, approximately 2.6 times that of USDC. Based on the CertiK Skynet Stablecoin Scoring Framework, the report systematically assessed mainstream stablecoins across six dimensions including "operational resilience" and "governance capabilities". USDT, USDC, PYUSD, and RLUSD performed outstandingly in safety, market dynamics, and regulatory compliance. Among them, USDC, with its MiCA license and successful listing, saw its market value jump to $61 billion, becoming the fastest-growing mainstream stablecoin. PayPal's PYUSD, by integrating the Solana network and launching a token holding reward program, doubled its market value in a short period. RLUSD, with its safety and reliability in institutional-level application scenarios, has maintained zero security incidents since its launch, successfully establishing its market positioning. Operational Errors Frequent, RWA-Backed and Yield-Generating Stablecoins Introduce New Risks In the first half of 2025, the risk landscape of the stablecoin industry underwent significant changes. The overall crypto market experienced 344 security incidents, with cumulative losses reaching $2.47 billion, a historical high. Operational errors, exemplified by Bybit's private key leakage, became the main source of losses, with a single incident causing losses of up to $1.5 billion. Compared to traditional smart contract vulnerabilities, attackers are gradually shifting their targets to the operational infrastructure of centralized platforms. The report also warns that stablecoins are becoming a primary tool for money laundering by some hackers, with networks like TRON being the preferred choice due to their low transaction fees and strong liquidity. Although such transactions have decreased in proportion to total transaction volume, the absolute amount still reaches tens of billions of dollars, bringing significant compliance risks. The closure of Garantex exchange in March 2025 is a landmark event signaling stricter regulatory scrutiny. Regulatory Implementation Reshaping Market Landscape, Stablecoins Accelerating Integration into Mainstream Financial Systems With the STABLE Act and GENIUS Act making progress in the US Congress and the EU's MiCA regulations fully implemented, regulation has become a key force in reshaping the stablecoin landscape. Compliance pressure is intensifying market differentiation: institutional-level projects with licenses and transparent reserves are gaining higher market trust, while issuers who have not completed compliance are being marginalized by mainstream trading platforms. Additionally, traditional financial institutions and large enterprises have actively piloted stablecoin businesses in the first half of the year. Société Générale launched the "CoinVertible USD" dollar stablecoin based on Ethereum and Solana, becoming the first major bank to introduce a compliant dollar stablecoin. Banks like Bank of America and Santander are also promoting related project developments, with some already in the regulatory approval stage. Outlook: A New Wave of Stablecoin Innovation Looking ahead to the second half of the year, the report predicts that RWA-backed and yield-generating stablecoins will become the innovation mainline, potentially occupying 8% to 10% of the market expected to exceed $300 billion by year-end. RWA-backed stablecoins, by anchoring off-chain assets like government bonds, highly align with the current regulatory trend of stablecoin compliance. Yield-generating stablecoins, with their "on-chain money market fund" attributes, are attracting investor groups seeking stable returns, particularly catching the attention of institutional investors and high-net-worth users. However, such models introduce more complex counterparty and strategic risks while bringing new application values. The report emphasizes that rigorous risk management, transparent operational mechanisms, and proactive compliance attitudes will be key to achieving long-term sustainable development for stablecoin projects. The "Skynet Stablecoin Scoring Framework" is built on the Skynet scoring methodology, specifically designed to assess stablecoin security risk status, providing insights into stablecoin stability and credibility, and ultimately generating quantifiable security scores that comprehensively reflect their overall security situation. More stablecoin security ratings and on-chain dynamics can be obtained from the Skynet platform. Full report: [link]