The stablecoin track in 2025 has ushered in a wave of new innovations. According to the latest on-chain data, at least 59 new stablecoin projects have emerged this year alone, reflecting the field's evolution from a single model to a diversified landscape.

These new stablecoin projects can be categorized into four main camps based on risk characteristics. First are US debt-backed stablecoins, with a total of 16, including RLUSD launched by Ripple and USD1 issued by WLFI. These projects anchor their collateral on U.S. Treasury bonds and are considered the safest type. Second are crypto-asset-backed stablecoins, with up to 22 types, such as USDf from Falcon Finance and DUSD from StandX, which maintain price stability by holding multiple cryptocurrencies.

Notably, there are also non-USD stablecoins, with 16 types, including Euro stablecoin DEURO and Japanese Yen stablecoin JPYC. These projects aim to offer more local currency options to global users, breaking the USD-centric paradigm. From the entire ecosystem perspective, stablecoins are no longer just simple USD proxies but are gradually forming a diversified pattern supporting multiple assets, currencies, and mechanisms.