簽證研究：穩定幣交易由機器人而非人類主導

Visa 和 Allium Labs 最近的一項分析發現，只有約 10% 的穩定幣交易量代表真正的支付活動，其中大部分是由自動化機器人和大型交易者驅動的。這凸顯了非人類參與者在穩定幣市場中的重要作用，並強調了監管清晰度和產業發展來解決這個問題的必要性。

Visa and Allium Labs Study Reveals Limited Organic Activity in Stablecoin Transactions

Visa 和 Allium Labs 研究顯示穩定幣交易中的自然活動有限

New York, New York, May 6, 2024 - A comprehensive analysis conducted by Visa, a global leader in payment technology, and Allium Labs, a data analytics firm specializing in blockchain forensics, has shed light on the true nature of stablecoin transactions. The study, conducted in April 2024, examined approximately $2.2 trillion worth of stablecoin transactions and found that less than 10% were generated by actual human users, with the vast majority driven by automated bots and large-scale traders.

紐約州紐約市，2024 年 5 月 6 日 - 全球支付技術領導者 Visa 和專門從事區塊鏈取證的數據分析公司 Allium Labs 進行的全面分析揭示了穩定幣交易的真實本質。這項研究於2024 年4 月進行，檢視了價值約2.2 兆美元的穩定幣交易，發現其中不到10% 是由實際人類用戶產生的，其中絕大多數是由自動化機器人和大型交易員驅動的。

Prevalence of Non-Human Actors in Stablecoin Markets

穩定幣市場中非人類參與者的普遍存在

The study, reported exclusively by Bloomberg, sought to isolate organic, human-generated transactions from bot-generated activity and trades executed by large entities. The results revealed a stark contrast between the perceived volume of stablecoin transactions and the actual amount of genuine payments activity. Of the $2.2 trillion analyzed, only approximately $149 billion represented legitimate, organic payments, highlighting the prevalence of non-human actors in the stablecoin markets.

這項研究由彭博社獨家報道，旨在將有機的、人類生成的交易與機器人生成的活動和大型實體執行的交易分開。結果顯示，穩定幣交易量的感知量與真實支付活動的實際量之間存在鮮明對比。在分析的 2.2 兆美元中，只有大約 1,490 億美元是合法的、有機的支付，這凸顯了非人類參與者在穩定幣市場中的普遍存在。

Stablecoin Market Dominated by Major Players

主要參與者主導的穩定幣市場

The stablecoin sector, with a total market supply of around $150 billion, is primarily dominated by Tether (USDT) and USD Coin (USDC), which account for market shares of 75% and 22% respectively, according to brokerage firm Bernstein. Stablecoins, which are cryptocurrencies pegged to stable assets such as the U.S. dollar, are designed to maintain a constant value and have become increasingly relevant in the digital currency landscape.

根據經紀公司 Bernstein 的數據，穩定幣產業的市場總供應量約為 1,500 億美元，主要由 Tether (USDT) 和 USD Coin (USDC) 主導，分別佔 75% 和 22% 的市場份額。穩定幣是與美元等穩定資產掛鉤的加密貨幣，旨在保持恆定的價值，並且在數位貨幣領域變得越來越重要。

Regulatory and Industry Developments

監管和行業發展

Recent announcements by companies such as PayPal about issuing their own stablecoins have further intensified the spotlight on the stablecoin sector. Additionally, the prospect of stablecoin regulation is expected to gain traction in the U.S. Congress, with policymakers aiming to establish clear rules for the usage and issuance of stablecoins.

PayPal 等公司最近宣布發行自己的穩定幣，進一步加劇了人們對穩定幣產業的關注。此外，穩定幣監管的前景預計將在美國國會獲得關注，政策制定者旨在為穩定幣的使用和發行製定明確的規則。

Complexity in Analyzing Stablecoin Transactions

分析穩定幣交易的複雜性

Cuy Sheffield, Visa's Head of Crypto, emphasized the complexities involved in analyzing stablecoin transactions due to the multifaceted uses of blockchains. "There is a lot of noise in this data, given that blockchains are general-purpose networks where stablecoins can be used across a range of use cases," Sheffield explained.

Visa 加密貨幣主管 Cuy Sheffield 強調，由於區塊鏈的用途廣泛，分析穩定幣交易非常複雜。謝菲爾德解釋說：“鑑於區塊鏈是通用網絡，穩定幣可以在一系列用例中使用，這些數據中有很多噪音。”

Growth in User Engagement

用戶參與度的成長

Despite the challenges in identifying the nature of transactions, the report found a positive trend in user engagement. There was a reported increase in the number of monthly active stablecoin users, with 27.5 million active users across all blockchain networks. This indicates a growing adoption and utilization of stablecoins by the general public amidst the backdrop of automated trading activities.

儘管在識別交易性質方面存在挑戰，但報告發現用戶參與度呈現正面趨勢。據報道，每月活躍穩定幣用戶數量增加，所有區塊鏈網路的活躍用戶達到 2,750 萬人。這表明在自動化交易活動的背景下，公眾越來越多地採用和使用穩定幣。

Conclusion

結論

The Visa and Allium Labs study provides valuable insights into the true nature of stablecoin transactions. The findings highlight the limited organic activity and the prevalence of automated bots and large-scale traders in the market. As regulatory efforts progress and user engagement grows, the stablecoin sector is poised for significant developments in the years to come.

Visa 和 Allium Labs 的研究為穩定幣交易的真實本質提供了寶貴的見解。調查結果突顯了市場上有機活動有限以及自動化機器人和大規模交易者的普遍存在。隨著監管工作的進展和用戶參與的提高，穩定幣產業預計將在未來幾年取得重大發展。