Visa 分析顯示，大部分穩定幣交易並非來自真實用戶

根據 Visa 和 Allium Labs 的數據，只有 7% 的穩定幣交易是由真實用戶進行的。這對支持者關於穩定幣將徹底改變支付產業的說法提出了挑戰。 Visa 去年處理了 12 兆美元的交易，如果穩定幣被廣泛接受，它可能會遭受損失。儘管 PayPal 和 Stripe 努力整合穩定幣，但由於用戶友善性問題，Airwallex 客戶的需求一直不溫不火。

Stablecoin Transactions: Majority Not Originating from Genuine Users, Visa Metric Reveals

Visa Metric 顯示穩定幣交易大部分並非源自真實用戶

A recent metric co-developed by Visa Inc. and Allium Labs has shed light on a significant issue within the stablecoin market, indicating that over 90% of stablecoin transaction volumes are not coming from genuine users. This finding challenges the notion that stablecoins are poised to revolutionize the global payments industry, as proponents have argued.

Visa Inc. 和 Allium Labs 最近共同開發的一項指標揭示了穩定幣市場中的一個重大問題，表明超過 90% 的穩定幣交易量並非來自真實用戶。正如支持者所說，這項發現挑戰了穩定幣即將徹底改變全球支付產業的觀點。

Methodological Approach

方法論

The dashboard developed by Visa and Allium Labs employs sophisticated algorithms to identify and remove transactions initiated by bots and large-scale traders, isolating transactions made by actual individuals. By excluding these artificial or speculative transactions, the dashboard provides a clearer picture of genuine usage patterns among end-users.

Visa 和 Allium Labs 開發的儀表板採用複雜的演算法來識別和刪除機器人和大型交易者發起的交易，隔離實際個人進行的交易。透過排除這些人為或投機交易，儀表板可以更清楚地了解最終用戶的真實使用模式。

Data Analysis

數據分析

Utilizing this metric, Visa analyzed approximately $2.2 trillion worth of stablecoin transactions processed in April 2023. The analysis revealed that only $149 billion, or approximately 6.7%, of these transactions originated from "organic payments activity." This means that the vast majority of stablecoin transactions are not being used for genuine purchases or payments.

Visa 利用這項指標分析了 2023 年 4 月處理的價值約 2.2 兆美元的穩定幣交易。這意味著絕大多數穩定幣交易並未用於真實的購買或支付。

Implications for the Payments Industry

對支付產業的影響

The findings of Visa's analysis have significant implications for the payments industry. If stablecoins are not being widely adopted by real-world users, their potential to disrupt traditional payment systems appears limited. This is particularly relevant for companies like PayPal Inc. and Stripe Inc., both of which have recently made significant investments in stablecoin solutions.

Visa 的分析結果對支付產業有重大影響。如果穩定幣沒有被現實世界的用戶廣泛採用，那麼它們顛覆傳統支付系統的潛力似乎有限。這對於 PayPal Inc. 和 Stripe Inc. 等公司尤其重要，這兩家公司最近都在穩定幣解決方案上進行了大量投資。

Challenges to Stablecoin Adoption

採用穩定幣面臨的挑戰

Several challenges may be contributing to the low organic transaction volume observed among stablecoins. One challenge is user reluctance to adopt new payment technologies, especially those perceived as complex or unfamiliar. Additionally, fragmented liquidity across different stablecoin platforms and exchanges can make it difficult for users to effectively utilize stablecoins for payments.

有幾個挑戰可能導致穩定幣的有機交易量較低。其中一個挑戰是用戶不願意採用新的支付技術，尤其是那些被認為複雜或不熟悉的技術。此外，不同穩定幣平台和交易所之間流動性分散，導致用戶難以有效利用穩定幣進行支付。

Industry Experts' Perspective

業界專家的觀點

"Stablecoin proponents have been touting their transformative potential for years," said Cuy Sheffield, head of crypto at Visa. "But our data suggests that the reality is much different. Until stablecoins can gain traction among genuine users, their impact on the payments industry will remain minimal."

Visa 加密貨幣業務主管 Cuy Sheffield 表示：“穩定幣支持者多年來一直在宣揚其變革潛力。” 「但我們的數據表明，現實有很大不同。在穩定幣能夠吸引真正用戶之前，它們對支付行業的影響仍然很小。”

Echoing these sentiments, Sood, a financial expert at Airwallex, highlighted the need for improved user-friendliness and technological advancements to enhance the adoption of stablecoins. "Many people still prefer the familiarity and convenience of traditional payment methods," said Sood. "Stablecoins must become more accessible and user-friendly to overcome this barrier."

Airwallex 的金融專家 Sood 呼應了這些觀點，強調需要提高用戶友善性和技術進步，以促進穩定幣的採用。 「許多人仍然更喜歡傳統支付方式的熟悉性和便利性，」蘇德說。 “穩定幣必須變得更加容易獲取和用戶友好，才能克服這一障礙。”

Conclusion

結論

The findings from Visa's metric cast doubt on the widespread use of stablecoins as a means of payment. The majority of stablecoin transactions are currently driven by artificial or speculative activities, limiting their potential to disrupt the traditional payments landscape. However, the industry remains hopeful that ongoing improvements and technological advancements will eventually lead to the broader adoption of stablecoins among genuine users.

Visa 指標的調查結果對穩定幣作為支付手段的廣泛使用產生了懷疑。目前，大多數穩定幣交易都是由人為或投機活動驅動的，限制了它們破壞傳統支付格局的潛力。然而，業界仍希望持續的改進和技術進步最終將導致穩定幣在真正的用戶中得到更廣泛的採用。