CertiK Flags Security, Regulatory Shifts as Stablecoin Market Hits $252 Billion

Web3 security firm CertiK said the stablecoin market expanded to $252 billion in the first half of 2025, as adoption surged across both retail and institutional users, according to its latest Skynet Stablecoin Spotlight Report.

The report found that stablecoins now account for about 8.9% of the crypto market, with monthly settlement volumes climbing 43% to $1.39 trillion. Tether’s USDT and Circle’s USDC continue to dominate issuance, while PayPal’s PYUSD and Ripple’s RLUSD are emerging challengers, CertiK said.

CertiK’s Skynet Stablecoin Rating Framework — a six-pillar system evaluating resilience, governance, code security, market dynamics, and user trust — was used to assess leading issuers. The firm said heightened scrutiny from regulators is reshaping the market, bifurcating between license-ready operators and non-compliant projects.

In the U.S., the proposed STABLE Act would impose federal reserve requirements and monthly audits, while the Senate’s GENIUS Act introduces a tiered system that gives smaller issuers state-level oversight. Europe’s MiCA regime is setting similar compliance baselines.

“Banks and payment networks are accelerating stablecoin pilots, signaling that regulated USD-backed coins are moving onto traditional finance rails,” the report said. Société Générale, Santander, and Bank of America are among those testing integrations, alongside Visa and Stripe.

CertiK expects the next wave of growth to come from real-world asset–backed and yield-bearing stablecoins, projecting total supply could surpass $300 billion by year-end. The report stressed that risk management, transparency, and proactive compliance will be key differentiators as competition intensifies.