References

Foundations of Stablecoins and Digital Asset Risk (June 2025 Update)

• Ainvest. (2025, June 12). Stablecoin market capitalization surges 17% to $228 billion in 2025. https://www.ainvest.com/news/stablecoin-market-capitalization-surges-17-228-billion-2025-2506/
• Bitcoinist. (2025, June 13). Stablecoin cap sets $228 billion record—what's behind boom? https://bitcoinist.com/stablecoin-cap-sets-228-billion-record-2025-boom/
• Bloomberg. (2025, June 3). Stablecoin market cap soars | Bloomberg Crypto 6/3/2025 [Video]. YouTube. https://www.youtube.com/watch?v=iEHfVY3S9F4
• CNBC. (2025, June 5). Stablecoin issuer Circle doubles in NYSE debut after IPO. https://www.cnbc.com/2025/06/05/stablecoin-issuer-circle-soars-in-nyse-debut-after-pricing-ipo-above-expected-range.html
• CoinStats. (2025, June 12). Stablecoins reach record market cap of 228 billion in 2025 fueled by increased trading and clearer US regulations. https://coinstats.app/news/c226a9bb35496de436a423c76020efef46beae5b28a9ea90ca3c56ba87b28416_Stablecoins-Reach-Record-Market-Cap-of-228-Billion-in-2025-Fueled-by-Increased-Trading-and-Clearer-US-Regulations
• CryptoNews. (2025, June 13). Stablecoin market cap hits record 228B in 2025 trading boom. https://cryptonews.com/news/stablecoin-market-cap-record-228b-2025-trading-boom/
• CryptoRank. (2025, June 13). Stablecoin surge: Market cap hits record $228B in 2025 amid trading boom and Trump-era clarity. https://cryptorank.io/news/feed/03a2c-stablecoin-market-cap-record-228b-2025-trading-boom
• MEXC News. (2025, June 13). Stablecoin surge: Market cap hits record $228B in 2025 amid trading boom and Trump-era clarity. https://www.mexc.com/news/2052
• The Block. (2025, June 2). Stablecoin market capitalization surpasses $250 billion amid accelerating regulatory momentum. https://www.theblock.co/post/356545/stablecoin-market-capitalization-surpasses-250-billion-amid-accelerating-regulatory-momentum

Assurance Frameworks and the AICPA Exposure Draft on Stablecoins

• Amberdata. (2025, May 16). Stablecoin Q1 2025: Insights on trends & regulation. https://blog.amberdata.io/stablecoin-q1-2025-insights-on-trends-regulation
• Congressional Research Service. (2025, April 16). The Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025: An overview (CRS Report No. IN12525). https://www.congress.gov/crs-product/IN12525
• Debevoise & Plimpton LLP. (2025, May 5). Stablecoin bills advance in Congress as administration continues push for regulatory clarity. https://www.debevoise.com/insights/publications/2025/05/stablecoin-bills-advance-in-congress-as-admin
• Merkle Science. (2025, May 8). What the STABLE Act means for stablecoin issuers in 2025. https://www.merklescience.com/blog/what-the-stable-act-means-for-stablecoin-issuers-in-2025
• Morgan Lewis. (2025, June). The future of payments: US stablecoin legislation takes shape. https://www.morganlewis.com/pubs/2025/06/the-future-of-payments-us-stablecoin-legislation-takes-shape
• SEC Crypto Task Force. (2025, April 7). Securing digital dollar dominance: A comprehensive framework for stablecoin regulation and innovation (CTF Written Submission). https://www.sec.gov/about/crypto-task-force/written-submission/ctf-input-stablecoin-2025-04-07
• Shamla Tech. (2025). Stablecoin regulation: What investors need to know in 2025. https://shamlatech.com/stablecoin-regulation-what-investors-need-to-know-in-2025/

Institutionalization and Market Integrity

• BlockApps. (2024, December 26). Understanding the collapse of TerraUSD (UST): Lessons and implications for stablecoins in cryptocurrency. https://blockapps.net/blog/understanding-the-collapse-of-terrausd-ust-lessons-and-implications-for-stablecoins-in-cryptocurrency/
• Bressler, Amery & Ross. (2023, February 15). A look at the cryptocurrency collapse of 2022: Part 1. https://www.bressler.com/publication-1310
• Business Times. (2022, May 15). Terra’s US$45b faceplant creates a crowd of crypto losers. https://www.businesstimes.com.sg/wealth/wealth-investing/terras-us45b-faceplant-creates-crowd-crypto-losers
• Corporate Finance Institute. (2024, June 24). Terra - What it was, collapse, stablecoin. https://corporatefinanceinstitute.com/resources/cryptocurrency/what-happened-to-terra/
• Federal Reserve Board. (2023, June 29). Interconnected DeFi: Ripple effects from the Terra collapse (FEDS Notes No. 2023044). https://www.federalreserve.gov/econres/feds/files/2023044pap.pdf
• Financial Tech Times. (2025, June 10). The collateral consequences of Terra Luna's collapse. https://financialtechtimes.com/collateral-consequences-terra-luna-collapse/
• TechCentral. (2022, May 24). Terra collapse triggers $83-billion DeFi slump. https://techcentral.co.za/terra-collapse-triggers-83-billion-defi-slump/211469/
• Archway Finance. (2025, January 1). Crypto and finance: Aftermath of TerraUSD collapse. https://archway.finance/blog/crypto-finance-post-terrausd-collapse
• Bitstamp by Robinhood. (2025, June 5). Terra network collapse. https://www.bitstamp.net/en-gb/learn/crypto-101/terra-network-collapse/

Global Regulatory Alignment and Financial Policy Intersections

• European Securities and Markets Authority. (2024, December 1). Markets in Crypto-Assets Regulation (MiCA). https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica
• Tangem. (2025, March 26). MiCA-compliant Stablecoins: What you need to know. https://tangem.com/en/blog/post/swap-mica-stablecoins/
• InnReg. (2025, April 21). Markets in Crypto-Assets Regulation (MiCA) updated guide. https://www.innreg.com/blog/mica-regulation-guide
• Legal Nodes. (2025, April 29). Stablecoin issuance regulation in 2025 (US, UK, EU, Asia, Latin America). https://legalnodes.com/article/stablecoin-regulation
• Finextra. (2024, July 24). MiCA regulation for stablecoins: Standard for worldwide application. https://www.finextra.com/blogposting/26507/mica-regulation-for-stablecoins-standard-for-worldwide-application
• CryptoSlate. (2024, July). European Banking Authority urges stablecoin issuers to comply with upcoming MiCA regulation. https://cryptoslate.com/european-banking-authority-urges-stablecoin-issuers-to-comply-with-upcoming-mica-regulation/
• Morgan Lewis. (2025, June 13). Fiat-backed stablecoin regulation compared: UK, EU, Hong Kong, and US. https://www.morganlewis.com/pubs/2025/06/fiat-backed-stablecoin-regulation-compared-uk-eu-hong-kong-and-us
• Hogan Lovells. (2025, February 20). The EU's Markets in Crypto-Assets MiCA Regulation: A status update. https://www.hoganlovells.com/en/publications/the-eus-markets-in-crypto-assets-mica-regulation-a-status-update

Stablecoin and Environmental Finance

• Deloitte. (2025, March 18). 2025 – the year of payment stablecoins. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Advisory/us-advisory-deloitte-2025-the-year-of-payment-stablecoins.pdf
• Reuters. (2025, June 12). Circle's IPO and the new era of stablecoin regulation in the U.S. https://www.reuters.com/legal/legalindustry/circles-ipo-new-era-stablecoin-regulation-us-2025-06-12/
• TreasurUp. (2025, June 5). Stablecoins in 2025: The strategic playbook for banks. https://treasurup.com/stablecoins-strategic-playbook-banks-2025/
• Amberdata. (2025, May 16). Stablecoin Q1 2025: Insights on trends & regulation. https://blog.amberdata.io/stablecoin-q1-2025-insights-on-trends-regulation
• World Economic Forum. (2025, June 3). Stablecoin surge: Reserve-backed cryptocurrencies are on the rise. https://www.weforum.org/stories/2025/03/stablecoins-cryptocurrency-on-rise-financial-systems/
• Boston Federal Reserve. (2025, May 19). What could the rise of stablecoins, tokenization mean for the broader financial system? https://www.bostonfed.org/news-and-events/news/2025/05/stablecoins-tokenization-conference-2025-boston-new-york-fed.aspx
• Consumer Finance and Fintech Blog. (2025, May 22). Senate advances stablecoin bill. https://www.consumerfinanceandfintechblog.com/2025/05/senate-advances-stablecoin-bill/
• Fireblocks. (2025, May 15). State of stablecoins 2025: The payments infrastructure reset. https://www.fireblocks.com/blog/state-of-stablecoins-2025-payments-infrastructure-reset/