Overview
- The annual report drops the long‑used “vulnerabilities” framing and no longer lists digital assets as a financial‑stability threat.
- The 87‑page 2025 report omits prior recommendations to Congress on stablecoins and spot crypto markets that were included in 2024.
- Treasury Secretary Scott Bessent’s opening letter reframes the council’s mission toward supporting long‑term growth rather than cataloging theoretical hazards.
- Regulators still flag illicit‑finance risks for stablecoins but say continued use of dollar‑denominated stablecoins is expected to support the dollar’s international role.
- The report notes regulators have withdrawn broad cautions to banks about crypto exposure and points readers to this year’s President’s Working Group report for further actions.