#稳定币市场与应用 2025 has truly been a blockbuster year in the crypto world, and looking back at some key milestones, it feels like the entire industry has been reshaped.

Starting from the $1.4 billion theft by Bybit at the beginning of the year, exchange risks have been brought to the forefront, with counterparty risks and custody issues quickly becoming hot topics for public discussion. Then, with the impact of tariffs, Bitcoin followed macro assets to decline, making it clear that crypto assets cannot escape the global economic cycle.

The most interesting development is the evolution of stablecoins—from purely trading tools to foundational financial infrastructure. After the US GENIUS Act in July officially brought payment stablecoins into the regulatory framework, major players like Circle and Klarna entered the scene one after another. By the end of the year, these projects were applying for national trust bank licenses, signaling that stablecoins have shifted from niche tools to mainstream financial components.

But risks have not diminished. In October, Bitcoin surged to 125,000 before plunging again, directly triggering over $19 billion in liquidations. The reflexivity risk from ETP funds and high leverage was fully exposed. The 15-year sentence for Do Kwon concluded, bringing an end to the story of the previous cycle.

Overall, 2025 has established four long-term trends: operational risk becoming a core variable, crypto fully integrated into macro cycles, stablecoins upgraded to infrastructure, and volatility being amplified. Regulation is accelerating, integration is speeding up, and this imbalance will be the focus moving forward.