ChainThink report: Web3 security firm CertiK has recently released the 2026 Stablecoin Threat Report, highlighting that the stablecoin ecosystem is facing dual challenges of technological security and regulatory compliance.

According to official announcements, cross-chain bridge-related security incidents since 2026 have caused losses exceeding $328 million, with the Kelp DAO wallet breach alone accounting for $291 million in damages—underscoring that cross-chain bridges, custodial systems, and payment infrastructure have become primary targets for hackers.

The report also provides a detailed analysis of the development of the Russian ruble-backed stablecoin A7A5. On-chain data shows that since its launch in 2025, the token has accumulated transaction volume surpassing $110 billion, capturing approximately 43% of the global non-US dollar stablecoin market share.

It demonstrates a novel model for building cross-border settlement networks using stablecoins, making it a focal point of regulatory scrutiny. Despite multiple rounds of sanctions from Western jurisdictions, the number of A7A5 holding addresses continues to grow, reflecting the limitations of traditional sanction frameworks when confronting on-chain financial networks.

CertiK states that stablecoin risks have evolved beyond smart contract vulnerabilities to encompass financial infrastructure and geopolitical dimensions, emerging as a critical issue in global financial risk management.