The "2025 Semi-Annual Stablecoin Panorama Report" analyzes the performance, risks, and regulatory developments of the stablecoin market, showing that USDT, USDC, PYUSD, and RLUSD have performed exceptionally well. The total supply of stablecoins has surpassed 250 billion USD, with a settlement volume rise of 43%. Operational errors and hacker attack risks have increased, and regulatory efforts are strengthening to reshape the market landscape. Looking ahead to the second half of the year, RWA-supported and yield-generating stablecoins will be the focus of innovation, but related risks need to be followed.