Visa 對穩定幣的受歡迎程度提出質疑，並提出對交易可靠性的擔憂

在最近的一項研究中，Visa 挑戰了穩定幣交易可與傳統支付網路相媲美的觀點。該研究表明，穩定幣交易的很大一部分是由自動化機器人驅動的，而不是真正的用戶活動。 Visa 採用的方法排除了複雜的智慧合約交易，並針對交易數量和轉帳量較低的帳戶，以考慮機器人活動和來自中心化交易所的大規模交易。

Visa Challenges Stablecoin Popularity, Raises Concerns About Transaction Reliability

Visa挑戰穩定幣的受歡迎程度，引發對交易可靠性的擔憂

Introduction

介紹

Visa, a leading global payment network, has released a comprehensive study that disputes the widely held belief that stablecoin turnover is approaching the levels of traditional payment systems. The study raises concerns about the reliability and integrity of stablecoin transactions, suggesting that a significant portion of their activity may be driven by automated bot activities rather than legitimate user interactions.

全球領先的支付網絡 Visa 發布了一項綜合研究，對穩定幣交易額正在接近傳統支付系統水平的廣泛看法提出了質疑。該研究引起了人們對穩定幣交易可靠性和完整性的擔憂，表明其活動的很大一部分可能是由自動化機器人活動驅動的，而不是合法的用戶互動。

Visa's Methodology

Visa 的方法論

Visa's methodology for analyzing stablecoin transactions is based on two key metrics:

Visa 分析穩定幣交易的方法是基於兩個關鍵指標：

• Largest Stablecoin Amount Transferred Per Transaction: This metric focuses only on the largest stablecoin amount transferred in a single transaction, excluding smaller transactions that may result from complex smart contract interactions.
• Inorganic User Filter: This filter targets transactions initiated by accounts that engage in a low number of stablecoin transactions (less than 1,000) and have a transfer volume below $10 million. Visa believes this filter effectively removes bot activity and automated transactions from large entities like centralized exchanges.

Results and Interpretations

每筆交易轉移的最大穩定幣金額：此指標僅關注單筆交易中轉移的最大穩定幣金額，不包括複雜的智能合約互動可能導致的較小交易。低交易的帳戶發起的交易穩定幣交易數量（少於 1,000 筆）且轉帳金額低於 1,000 萬美元。 Visa 相信這個過濾器可以有效地消除來自中心化交易所等大型實體的機器人活動和自動交易。

Visa's study suggests that a substantial portion of stablecoin transactions across multiple blockchain networks is influenced by "noise," primarily due to automated bot activities. The company's analysis indicates that only a small percentage of stablecoin transactions represent actual economic activity or genuine user interactions.

Visa 的研究表明，跨多個區塊鏈網路的穩定幣交易很大一部分受到「噪音」的影響，這主要是由於自動化機器人活動造成的。該公司的分析表明，只有一小部分穩定幣交易代表實際的經濟活動或真實的用戶互動。

According to Visa's Head of Crypto, Cuy Sheffield, "there can be a lot of noise in stablecoin data given that they can be used across a range of use cases with transactions that can be initiated manually by an end user or programmatically through bots."

Visa 加密貨幣主管 Cuy Sheffield 表示，“穩定幣數據可能存在很多噪音，因為它們可以在一系列用例中使用，交易可以由最終用戶手動啟動或通過機器人以編程方式啟動。”

Industry Reaction and Counterarguments

業界反應與反駁

Visa's findings have sparked debate within the cryptocurrency market. Some industry experts question the methodology employed by Visa, arguing that it may overlook legitimate business activities involving stablecoins. Nick van Eck, co-founder of Agora, a startup specializing in stablecoins, said, "The data makes no sense because then it would factor in trading firms, which are entirely legitimate businesses using these products."

Visa 的調查結果引發了加密貨幣市場的爭論。一些行業專家質疑 Visa 採用的方法，認為它可能忽視涉及穩定幣的合法商業活動。專注於穩定幣的初創公司 Agora 的聯合創始人 Nick van Eck 表示：“這些數據沒有任何意義，因為它會將貿易公司考慮在內，而這些公司是使用這些產品的完全合法的企業。”

However, Pranav Sood, Executive General Manager for EMEA at the payments platform Airwallex, agrees with Visa's assessment, stating that stablecoins "are still in a very nascent moment in their evolution as a payment instrument." He believes that the market should prioritize improving the efficiency and reliability of existing stablecoin rails.

然而，支付平台 Airwallex 歐洲、中東和非洲地區執行總經理 Pranav Sood 同意 Visa 的評估，並表示穩定幣「作為支付工具的發展仍處於非常初級的階段」。他認為市場應該優先考慮提高現有穩定幣軌道的效率和可靠性。

Implications for the Cryptocurrency Market

對加密貨幣市場的影響

Visa's study has significant implications for the future of stablecoins and their potential impact on the financial industry. It raises concerns about the transparency and accountability of stablecoin transactions, particularly in scenarios where automated bot activity may be prevalent.

Visa 的研究對於穩定幣的未來及其對金融業的潛在影響具有重大意義。它引起了人們對穩定幣交易的透明度和問責制的擔憂，特別是在自動化機器人活動可能普遍的情況下。

The findings also highlight the need for further research and regulation to ensure the integrity and reliability of stablecoins as payment instruments. Regulators may need to consider implementing additional oversight mechanisms to prevent the manipulation of stablecoin markets and protect consumers from potential risks associated with automated bot activities.

研究結果也強調需要進一步研究和監管，以確保穩定幣作為支付工具的完整性和可靠性。監管機構可能需要考慮實施額外的監督機制，以防止穩定幣市場被操縱，並保護消費者免受與自動化機器人活動相關的潛在風險。