Skynet稳定币全景报告

Executive SummaryFigure 1 - Skynet Stablecoin LeaderboardStablecoin adoption grew significantly in the first half of 2025, cementing its role as vitalfinancial infrastructure. This expansion brought increased scrutiny of security, risk, andregulatory compliance. CertiK’s Skynet rating system has developed a comprehensiveframework specifically for assessing stablecoin activity from a security and risk standpoint.The first half of 2025 highlighted a central tension in the maturing stablecoin market. Whileinstitutional adoption accelerated and on-chain activity surged , the nature of risk shifteddramatically. Two major forces are now reshaping the landscape: the escalating threat fromoperational security failures at centralized platforms and a global wave of regulation that isactively separating compliant issuers from non-compliant ones.The projects showcased in this report can be found onSkynet’s Stablecoin Leaderboard.Skynet Stablecoin Spotlight ReportLeaderboard-Stablecoin#NameTetherCirclePayPal USDUSDSPaxos Global DollarFDUSDUSDeRipple USDWorld Liberty Fin..USDtb12345678910 Skynet Score94.72AAAAAAAAAAAAAAAAAAAAAA93.3489.8988.8088.8289.3590.0991.4788.1087.64 Key Takeaways:- Stablecoins cement mainstream status even as risk disparities widen- Skynet score trends reveal standouts in H1 2025 led by USDT, USDC, and- Operational lapses, not code flaws, drive a record $2.47 billion in H1 losses- Regulators separate compliant giants from sidelined laggards- Yield-bearing and RWA-backed coins will grow, but so will their security risksThe first half of 2025 pushed stablecoins deeper into the financial mainstream: aggregatesupply climbed from $204 billion to$252 billion, and monthly settlement volumes rose by43 percent to$1.39 trillion. CertiK’s six-factor Skynet Stablecoin framework shows that thisheadline growth masks widening gaps in security posture, compliance, and operational risk.USDTstill dominates on liquidity, especially on Tron.USDCclosed the gap through a MiCAlicense, a successful IPO, and a supply jump to$61 billion.PYUSDvaulted into the top tier afterdoubling its float via a Solana integration and a 3.7 percent reward program. RLUSD, USDG, andFDUSD round out the top rankings as well.A record344crypto security incidents erased$2.47 billion, with key-management failures andliquidity-pool logic bugs eclipsing base-layer contract exploits. The Bybit wallet breach alonecost roughly$1.5 billion, while FDUSD’s brief drop to $0.76 and swift re-peg highlighted itsresilience and the stabilizing effect of transparent reserves.The U.S. STABLE andGENIUSbills, together with fullEU MiCAenforcement, are bifurcating themarket into license-ready leaders and non-compliant holdouts. Banks such as Société Générale,Santander, and Bank of America, and payment networks like Visa and Stripe, acceleratedstablecoin pilots, signaling that regulated USD-backed coins are moving onto traditional financerails.Real-world-asset-backed and yield-bearing models are on track to capture up to10 percentof a projected >$300 billionmarket by year-end. To earn and maintain top Skynet scores,issuers must now master a new slate of risks spanning off-chain custody, investment-strategyexecution, and DeFi composability.PYUSD Skynet Stablecoin Spotlight Report 02 Skynet Stablecoin Spotlight ReportSkynet Stablecoin Frameworkand RatingsRating CategoryOperational ResilienceGovernance StrengthFundamental HealthCode SecurityMarket DynamicCommunity TrustStablecoin Rating FocusFigure 2 - Skynet Stablecoin Rating FrameworkBuilding on Skynet’s scoringmethodology, the Skynet Stablecoin Rating Framework is atailored system for evaluating a stablecoin's security risk profile. It combines qualitative analysiswith quantitative metrics across six key domains.This report features several projects that have utilized CertiK's security auditing services.Tether, for its USDT asset, is one such project that has had a security evaluation. Additionally,companies likeRippleandPaxoshave incorporated security audits from CertiK during theirdevelopment processes, reflecting an emphasis on security verification.Skynet’s stablecoin-focused rating system provides a nuanced understanding of stability andtrustworthiness beyond traditional financial metrics, ultimately generating a quantifiable scorereflecting overall security posture and justifying its position.Assesses the ability to maintain the peg under stress. Evaluates reservequality and custody, stabilization mechanism reliability, and historical pegdeviation.Analyzes the decision-making framework. For centralized issuers, thisfocuses on regulatory licensing and audit frequency. For decentralizedprotocols, it assesses voting integrity and anti-exploit mechanisms.Measures foundational risks, including custodian concentration and thejurisdictional integrity of the issuer's domicile.Quantifies technical risk via analysis of third-party audits, bug bountyprograms, and formal verification.Gauges market activity, liquidity d