2025 opened with a sobering reminder of crypto's risk landscape: the record-breaking $1.5 billion Bybit hack, the largest single theft in history - both on and off-chain. The stolen funds moved rapidly across chains and protocols, leveraging widely used apps without pre-execution risk screening and evading detection until it was too late. The attack exposed structural weaknesses in operational security, liquidity infrastructure, and industry-wide enforcement.

This event – along with a string of supply chain attacks that followed across DeFi (and the rest of the tech industry) – underscored a pressing need for more resilient infrastructure: proactive transaction screening for payments, and real-time enforcement at the point of execution. At Range, these challenges directly shaped the evolution of our offerings in 2025.

Faraday was designed to tackle exactly these moments - when stolen funds move quickly across chains and into widely used apps with little opportunity for intervention. By combining real‑time stablecoin routing, counterparty screening, and programmable enforcement logic, Faraday enables apps to block or flag high‑risk deposits and withdrawals before execution, rather than reacting after funds have already been disbursed.

Our Risk API suite, including the Onchain Risk Verifier and Faraday's stablecoin transaction engine, enables the kind of pre‑execution control across wallets, bridges, and dApps need. Had these tools been deployed more broadly, much of the Bybit outflow could have been screened, flagged, or blocked before reaching popular endpoints. In parallel, our Advanced Multisig Security Solution, launched in partnership with Squads, addresses the root of many of these incidents - protecting high‑value teams not just onchain, but at the device level, where compromises like Bybit’s began.

But the story of 2025 wasn't just about mitigation. It was also a year of structural change. Against this backdrop of heightened security awareness and enforcement activity, stablecoins matured from niche DeFi assets into core financial rails, now powering payments, treasury flows, and institutional liquidity across ecosystems. Regulators globally took note. In the EU, MiCAR entered into force, setting a framework for euro stablecoins; in the US and the UK, central banks and financial authorities began developing frameworks to integrate stablecoins into broader monetary systems.

In the UK, Range's research, BoE: Stablecoin Bull or Bear?, analyzed the Bank of England's consultation and its implications for classification, dual-oversight models, and liquidity backstops under the emerging regime. These developments reinforced the need for stablecoin infrastructure to meet the same standards of transparency, auditability, and compliance readiness as traditional financial systems - and our offerings at Range evolved accordingly.

Together, our offerings reflect the broader industry shift: moving from passive post-incident forensics to active, real-time defense, making 2025 the year preemptive security and stablecoin risk infrastructure became essential to operating safely across chains.

Faraday: The unified transaction engine for stablecoin payments

The centerpiece of Range's 2025 stablecoin roadmap was Faraday - a single API that handles cross-chain routing, risk screening, and compliance enforcement in one integrated call. Designed to abstract the complexity that has historically plagued stablecoin movement, Faraday supports stablecoins across major networks, including Solana, Arbitrum, Avalanche, Base, BNB Chain, Ethereum, and more, with deep integration with routing aggregators such as Li.fi, Skip GO, Squid, deBridge, Relay, and others. 

Faraday's arrival reflected an industry demand: apply compliance directly at the rails of programmable money, rather than bolt it on retroactively. Built‑in screening against sanctions lists, risk signals, and counterparty intelligence enables fintechs, wallets, and payment providers to embed safe stablecoin flows at scale without stitching together point solutions. Check out our comparison of Faraday against multi‑vendor architectures, highlighting the operational simplicity, compliance readiness, and performance gains of an integrated stack for routing, risk, and cross‑chain logic. 

From transaction engine to observatory: The Stablecoin Explorer

In the second half of 2025, we launched the Stablecoin Explorer (explorer.money) - the first unified explorer tracking every stablecoin payment across every chain and bridge. Our explorer brings together intra‑chain and cross‑chain activity for assets such as USDC, USDT, FRAX, EURe, and more, with full lifecycle visibility of every stablecoin transaction from origin to destination - a capability critical for compliance, treasury operations, and research. 

Unlike single‑chain explorers, the Stablecoin Explorer tracks cross-chain transfers and bridge hops end-to-end and enriches transaction data with known-entity labels, enabling developers to integrate a single authoritative view in wallets and apps. This solves a real operational problem: traditional explorers split cross‑chain flows into isolated legs, increasing support overhead and obscuring the full transaction lifecycle.

To maintain comprehensive stablecoin coverage, we added support for every major new stablecoin-related launch in 2025 - including CCTP v2, USDT0, and Tempo - across our platform, explorers, and APIs from day one.

The Stablecoin Explorer also served as the analytical underpinning for our research series on stablecoins, which was also launched this year.

Stablecoin research, analysis, and insights

In 2025, we published a series of comprehensive, data-driven research analyzing how stablecoins move across chains, how enforcement is applied onchain, and how regulators are shaping the next phase of stablecoin infrastructure. These findings directly informed the design of our explorers, APIs, and risk tooling. 

• The State of Euro Stablecoins 2025
  The euro is the official currency for over 350 million people and a $19 trillion economy, and with MiCAR now in effect, euro stablecoins are gaining momentum. In this most comprehensive report on euro stablecoins to date, we analyzed the issuance, liquidity distribution, and growth factors of all the top euro-denominated stablecoins.
  
  

• USDC via CCTP: How institutions and retail users move money cross‑chain
  Our analysis of Circle's interoperability layer looked at over 1.2 million cross-chain USDC transactions and showed a clear split between retail participation and institutional volume. The research identified predictable timing patterns and value concentration relevant to monitoring, risk thresholds, and cross‑chain UX design.
  
  

• How USDC moves on Stellar
  Stellar handles an average of 252k USDC transactions per day, but ours was the first in-depth analysis of these transactions. Our research identified payment‑driven usage, cross‑border corridors, and bridge‑based flows.
  
  

• Onchain enforcement: A deep dive into stablecoin blacklisting
  This research analyzed onchain enforcement activity, tracking thousands of blacklisted addresses and frozen balances across stablecoins. It showed how enforcement actions propagate (or don't) through ecosystems and why real‑time sanctions screening is required at the transaction layer.
  
  

• BoE: Stablecoin Bull or Bear?
  This analysis of the Bank of England’s stablecoin proposal focused on the UK’s proposed classification of stablecoins, the dual oversight model, and liquidity backstop requirements. It seems to us that UK policy may treat stablecoins as systemic financial infrastructure rather than purely crypto assets.
  
  

Building Secure Rails Across Solana and Beyond

Solana was one of the most active ecosystems in 2025, with over 2 million monthly active wallets, 33.1 billion total transactions, and $1.6 trillion in DEX volume. On Stablecoins, Solana currently has $16.7 billion in stablecoin supply and has processed $5 trillion in stablecoin transfer volume between Jan 1 - Dec 29, 2025. Range played a key role in supporting this growth - securing critical infrastructure, powering transaction screening, and providing real-time intelligence across the network.

Early in the year, we launched the Solana Transaction Security Standard, enabling Solana programs, wallets, and multisigs to screen transactions before execution. With support from the Solana Foundation and adoption by teams like Squads, the standard introduced real-time transaction simulation, risk scoring, and smart contract intent previews, now securing over $20B in assets for almost all of Solana’s top programs and treasuries.

But code alone isn't enough. The Bybit hack, which began with compromised signer devices, proved that real-world attacks can bypass onchain logic. That’s why we also introduced our Advanced Multisig Security Solution – extending protection to the people behind the wallets. Teams using Squads now gain physical device protection, onchain monitoring, and proactive incident response support from Range.

We also launched full support for the Solana Attestation Service (SAS) across our explorers and platform, bringing verifiable identity to wallets and allowing our users to create rules such as "only allow transfers to verified entities". Range was the first platform to index and expose SAS attestations across wallet views, simulations, and risk APIs.

These foundations enabled new kinds of infrastructure to operate safely. Privacy-preserving protocols like Vanish Trade and Umbra integrated Range's Risk API and Onchain Risk Verifier, allowing them to screen counterparties and detect abuse without compromising user privacy - critical for privacy apps navigating increasing enforcement and sanctions pressure.

This year also marked Range's expansion into new networks, beyond simply indexing their assets on our public explorers:

• For Stellar, we developed an explorer that tracks all transfers in/out of Stellar in real time, and we brought our wallet intelligence and forensic tooling to their ecosystem.

• For Polkadot, we rolled out our full explorer stack, including USDC tracking, bridge intelligence, transaction alerts, and monitoring for parachains like Acala, Moonbeam, and Phala.

• For THORChain, we developed a full network explorer, cross-chain intelligence, and forensic tooling for their ecosystem

• For ZIGChain, we developed a custom suite of integrations to provide full network visibility and risk management - from IBC Rate Limits to using onchain risk telemetry to support apps launch on ZIGChain and limit their risk exposure.

• Across IBC, we expanded our explorer to include 52 new Cosmos chains, providing real-time visibility into over $1B in monthly cross-chain flows.

• For XRPL EVM, we developed both a full network and cross-chain intelligence tooling, and joined the network as a validator.

• We partnered with zeroShadow to bring forensic-grade incident intelligence - from live investigations - directly into Range’s security and intelligence platform.

• We integrated with Sui, Lava Network, Injective, Burnt Xion, AllBridge Core, Across Protocol, Initia, Union, Near Intents, Tempo, and many more.  

Each ecosystem integration shared a goal: give teams the tools to build securely, operate with visibility, and respond to threats fast – whether on Solana, Stellar, Polkadot, or Cosmos.

A year of transition - and What Comes Next

2025 confirmed what the past few years only hinted at: stablecoins are no longer experimental assets – they are now eating finance. The protocols moving them, the businesses integrating them, and the teams securing them all face new operational, regulatory, and reputational stakes.

The hacks that bookended this year – from Bybit in January to Trust Wallet in December – reinforced that security, compliance, and observability must be built into the foundation of every chain, app, and asset movement.

At Range, our focus remains unchanged: to provide real-time visibility, enforcement-grade infrastructure, and developer tooling for stablecoin payments. Whether you’re routing payments with Faraday, securing your team’s multisig, or tracing stablecoin flows across 100+ chains - we’re building the systems you need to operate safely and at scale.

If you're working on stablecoin integrations or building apps and business workflows that need to move stablecoins securely, reach out.