穩定幣：由加密貨幣交易所和機器人主導，實際使用極少

Bloomberg 和 Visa 最近的研究發現，只有不到 10% 的穩定幣交易與現實世界的使用有關。研究顯示，大多數交易涉及加密貨幣交易所的操作，並且部分是由機器人進行的。儘管如此，穩定幣活躍用戶已穩定成長至每月 2,750 萬用戶。

Stablecoins: Unveiling the Dominance of Crypto Exchanges and Bots

穩定幣：揭示加密貨幣交易所和機器人的主導地位

Bloomberg Study Reveals Minimal Use for Real-World Transactions

彭博研究顯示現實世界交易的用途極少

A recent Bloomberg study has shed light on the usage patterns of stablecoins, digital assets pegged to fiat currencies like the US dollar. The findings indicate that less than 10% of all recent transactions in prominent stablecoins, such as Tether (USDT) and USD Coin (USDC), are directly linked to real-world applications.

彭博社最近的一項研究揭示了穩定幣和與美元等法定貨幣掛鉤的數位資產的使用模式。調查結果表明，在 Tether (USDT) 和 USD Coin (USDC) 等知名穩定幣的近期所有交易中，只有不到 10% 與現實世界的應用程式直接相關。

Limited Adoption for Payments and Everyday Use

支付和日常使用的採用有限

The research, conducted in collaboration with Visa and Allium Labs, suggests that stablecoins are primarily employed in cryptocurrency trading rather than for everyday purchases or payments. The vast majority of transactions involve operations on crypto exchanges, executed by a combination of human traders and automated bots.

這項與 Visa 和 Allium Labs 合作進行的研究表明，穩定幣主要用於加密貨幣交易，而不是用於日常購買或支付。絕大多數交易涉及加密貨幣交易所的操作，由人類交易者和自動化機器人共同執行。

Exclusive Focus on On-Chain Transactions

獨家關注鏈上交易

The study's analysis focused solely on on-chain transactions, which are publicly verifiable and accessible on blockchain networks. Internal exchanges within centralized crypto exchanges were excluded from the examination.

該研究的分析僅集中於鏈上交易，這些交易可以在區塊鏈網路上公開驗證和存取。中心化加密貨幣交易所內的內部交易所被排除在審查之外。

Organic Payment Activities Constitute a Mere Fraction

有機支付活動只佔一小部分

During the month of April, the study analyzed transactions totaling approximately 2.2 trillion dollars. Of this vast volume, only 149 billion dollars were attributed to "organic payment activities." This indicates that the overwhelming majority of stablecoin transactions are not driven by actual purchases or payments.

該研究分析了 4 月的交易總額約為 2.2 兆美元。在如此龐大的交易量中，只有 1,490 億美元歸因於「有機支付活動」。這表明絕大多數穩定幣交易並不是由實際購買或支付所驅動的。

Predominance of Crypto Market-Related Transactions

加密貨幣市場相關交易的主導地位

Conversely, the remaining transactions were predominantly related to crypto markets, including cryptocurrency trading and other financial asset exchanges. A significant proportion of these transactions were carried out by automated bots, which have become ubiquitous in both traditional and crypto markets.

相反，其餘交易主要與加密貨幣市場相關，包括加密貨幣交易和其他金融資產交易所。這些交易中有很大一部分是由自動化機器人執行的，這些機器人在傳統市場和加密貨幣市場中已經無所不在。

Growth in Monthly Active Users

每月活躍用戶成長

Despite the limited use of stablecoins for real-world purposes, the study highlights a steady increase in their monthly active user base. As of the present, there are an estimated 27.5 million monthly active users across all blockchain networks.

儘管穩定幣在現實世界中的使用有限，但該研究強調了其每月活躍用戶群的穩定成長。截至目前，所有區塊鏈網路估計每月有 2,750 萬活躍用戶。

USDT and USDC Dominate Stablecoin Market

USDT 和 USDC 主導穩定幣市場

USDT and USDC currently control the vast majority of the stablecoin market, with total supply exceeding 150 billion dollars. USDT commands a market share of 75%, while USDC holds a 22% share. All other stablecoins collectively account for less than 3% of the market.

USDT和USDC目前控制穩定幣市場的絕大多數，總供應量超過1500億美元。 USDT 佔據 75% 的市場份額，而 USDC 佔據 22% 的份額。所有其他穩定幣總共佔市場份額不到 3%。

Enhanced Utility in Crypto Markets

加密貨幣市場的實用性增強

Despite their theoretical equivalence to fiat currencies, stablecoins are widely used in crypto markets due to their superior ease of transfer and transaction speed. They can be moved seamlessly across decentralized blockchains like Ethereum without facing the limitations or obstacles associated with fiat currencies.

儘管穩定幣在理論上與法定貨幣等效，但由於其卓越的轉帳便利性和交易速度，在加密貨幣市場中得到了廣泛使用。它們可以在以太坊等去中心化區塊鏈之間無縫移動，而不會面臨與法定貨幣相關的限製或障礙。

Fiat Currency Barriers and Resistance

法定貨幣的障礙和阻力

In contrast to stablecoins, fiat currencies encounter several obstacles in crypto markets. Bank transfers may delay transactions or encounter resistance from financial intermediaries. Furthermore, the use of fiat currencies is restricted on decentralized exchanges, necessitating the use of stablecoins for seamless trading operations.

與穩定幣相比，法定貨幣在加密貨幣市場中遇到了一些障礙。銀行轉帳可能會延遲交易或遇到金融中介機構的阻力。此外，法定貨幣的使用在去中心化交易所受到限制，因此需要使用穩定幣來進行無縫交易操作。

Essential Role of Bots in Market Dynamics

機器人在市場動態中的重要作用

Bots play a critical role in both traditional and crypto financial markets due to their ability to execute lightning-fast transactions in massive quantities. They are particularly prevalent in arbitrage trading, where they exploit price differences between various crypto exchanges to generate profits.

由於機器人能夠以閃電般的速度執行大量交易，因此它們在傳統和加密金融市場中都發揮著至關重要的作用。它們在套利交易中尤其普遍，它們利用不同加密貨幣交易所之間的價格差異來產生利潤。

Arbitrage and Large-Scale Trading

套利和大規模交易

The proliferation of bots in crypto markets has been driven by the need to maintain arbitrage opportunities and facilitate large-scale trading. Given the vast majority of cryptocurrency transactions occur within closed exchange ecosystems, bots are essential for preventing significant price disparities across platforms.

維持套利機會和促進大規模交易的需求推動了加密貨幣市場中機器人的激增。鑑於絕大多數加密貨幣交易發生在封閉的交易生態系統內，機器人對於防止平台之間出現巨大的價格差異至關重要。

Limited Real-World Adoption

現實世界的採用有限

In light of the dominance of crypto exchange-related transactions and the limited use of stablecoins for real-world payments, it is unsurprising that the vast majority of stablecoin transactions are not driven by tangible consumer spending or online purchases.

鑑於加密貨幣交易所相關交易的主導地位以及穩定幣在現實世界支付中的使用有限，絕大多數穩定幣交易不是由有形消費者支出或線上購買驅動的，這並不奇怪。

Conclusion

結論

The Bloomberg study provides valuable insights into the current usage patterns of stablecoins. While they have seen increased mainstream adoption, their primary application remains within crypto markets and trading operations. The limited use for real-world transactions highlights the challenges stablecoins face in gaining widespread acceptance as a medium of exchange in everyday life.

彭博社的研究為穩定幣目前的使用模式提供了寶貴的見解。雖然它們的主流採用率有所增加，但它們的主要應用仍然在加密貨幣市場和交易操作中。在現實世界交易中的有限使用凸顯了穩定幣在作為日常生活中的交換媒介獲得廣泛接受方面所面臨的挑戰。