Visa 發現差異：只有 10% 的穩定幣交易是真實的

Visa 關於穩定幣的報告表明，超過 90% 的交易並非來自真實用戶。儘管總金額高達 2.65 兆美元，但只有 2,650 億美元被視為有機支付活動。這引發了關於誰在推動大部分交易的問題，潛在原因包括機器人、自動化流程和重複計算。該報告還指出，每月活躍的穩定幣用戶數量不斷增加，而 USDC 的使用量與 USDT 相比顯著增加。然而，專家批評了 Visa 的方法，認為它可能低估了實際用戶的採用率。

Visa's Stablecoin Report: Unmasking the Discrepancy Between Reported and Authentic Usage

Visa 的穩定幣報告：揭露報告使用與真實使用情況之間的差異

Visa and Allium Labs' recent study has ignited a heated debate within the cryptocurrency community, casting a stark light on the disparity between reported and genuine stablecoin transactions. Despite the colossal $2.65 trillion in total stablecoin transactions recorded over the past 30 days, a mere $265 billion was recognized as originating from organic payments activity, raising concerns about the authenticity of the majority of transactions.

Visa 和 Allium Labs 最近的研究引發了加密貨幣社群的激烈爭論，凸顯了報告的穩定幣交易與真實的穩定幣交易之間的差異。儘管過去 30 天記錄的穩定幣交易總額高達 2.65 兆美元，但只有 2,650 億美元被認為是源自於有機支付活動，這引發了人們對大多數交易真實性的擔憂。

Questioning the True Drivers of Stablecoin Transactions

質疑穩定幣交易的真正驅動因素

This discrepancy begs the question: if not real users, who is driving the majority of stablecoin transactions? The report points to several possible culprits that may be skewing the perception of genuine adoption and usage patterns.

這種差異引出了一個問題：如果不是真正的用戶，誰在推動大多數穩定幣交易？該報告指出了幾個可能的罪魁禍首，這些罪魁禍首可能會扭曲人們對真正採用和使用模式的看法。

The Role of Bots and Automated Processes

機器人程式和自動化流程的作用

The prevalence of automated trading bots, capable of executing transactions at astonishing speeds and volumes, has emerged as a significant contributor to the inflated transaction volume. These bots can manipulate the market by placing large orders, giving the illusion of increased demand and adoption.

自動交易機器人的盛行能夠以驚人的速度和數量執行交易，已成為交易量膨脹的重要因素。這些機器人可以透過下大訂單來操縱市場，給人一種需求和採用增加的錯覺。

Blockchain's Flexibility and Double-Counting

區塊鏈的靈活性和重複計算

The inherent flexibility of blockchain networks, while enabling a wide range of use cases, also complicates efforts to distinguish between transactions made by real users and those driven by automated protocols. Additionally, the double-counting of transactions, such as when stablecoins are converted between different exchanges, further exacerbates the inflation of transaction volumes.

區塊鏈網路固有的靈活性雖然支援廣泛的用例，但也使區分真實用戶進行的交易和自動化協議驅動的交易變得複雜。此外，交易的重複計算，例如穩定幣在不同交易所之間轉換，進一步加劇了交易量的膨脹。

Visa's Methodology Scrutinized

Visa 的方法論受到審查

Visa and Allium Labs' approach to identifying inorganic transactions has come under scrutiny. Nick van Eck, co-founder of Agora, argues that the data may include legitimate trading firms utilizing stablecoins, which could overstate the proportion of non-organic transactions.

Visa 和 Allium Labs 識別無機交易的方法已受到嚴格審查。 Agora 聯合創始人 Nick van Eck 認為，這些數據可能包括使用穩定幣的合法貿易公司，這可能誇大了非有機交易的比例。

Unveiling Stablecoin Usage Trends

揭示穩定幣的使用趨勢

Despite the discrepancy in total transfer volume, the analysis reveals a consistent rise in the number of monthly active stablecoin users. As of April 24, across all chains, there were 27.5 million monthly active users, indicating a steady growth trend.

儘管總轉帳量存在差異，但分析顯示每月活躍穩定幣用戶數量持續成長。截至4月24日，全鏈月活躍用戶數為2,750萬，呈現穩定成長趨勢。

USDC's Dominance in Active Transactions

USDC 在活躍交易中佔據主導地位

Visa's analysis highlights the striking growth in the usage of USD Coin (USDC) over the past eight months. While Tether (USDT) boasts a larger market capitalization, USDC has consistently accounted for a majority share of stablecoin transactions, reaching as high as 60% in February 2024.

Visa 的分析強調了過去八個月中美元硬幣 (USDC) 的使用量顯著增長。雖然 Tether (USDT) 擁有較大的市值，但 USDC 一直佔據穩定幣交易的大部分份額，2024 年 2 月高達 60%。

Stablecoins' Potential in Cross-Border Payments

穩定幣在跨境支付的潛力

Visa's report aligns with the growing significance of stablecoins in facilitating cross-border payments. According to market research firm Sacra, the volume of stablecoin transactions has surged from $26 billion in January 2020 to a staggering $1.4 trillion in April 2024, potentially surpassing Visa's total payments volume in the second quarter of 2024.

Visa 的報告與穩定幣在促進跨境支付方面日益增長的重要性相一致。根據市場研究公司 Sacra 的數據，穩定幣交易量已從 2020 年 1 月的 260 億美元飆升至 2024 年 4 月的驚人 1.4 兆美元，有可能超過 Visa 在 2024 年第二季的總支付量。

Major Banks Embrace Stablecoins

主要銀行擁抱穩定幣

Recognizing the potential benefits, major banks, including Wells Fargo, JPMorgan Chase, Visa, and Mastercard, are actively exploring the use of stablecoins to enhance their payment infrastructure.

認識到潛在的好處，包括富國銀行、摩根大通、Visa 和萬事達卡在內的主要銀行正在積極探索使用穩定幣來增強其支付基礎設施。

The Motive Behind Visa's Report

Visa報告背後的動機

While Visa's report sheds light on the challenges associated with stablecoin adoption, its motives have sparked speculation. Some observers question whether Visa is attempting to undermine its potential competition or genuinely concerned about the integrity of the stablecoin market.

儘管 Visa 的報告揭示了與穩定幣採用相關的挑戰，但其動機引發了猜測。一些觀察家質疑 Visa 是否試圖破壞其潛在競爭，或真正擔心穩定幣市場的完整性。

Conclusion

結論

Visa's report has exposed a stark reality in the stablecoin market: the vast majority of transactions are not driven by genuine users. While the true identity of the entities behind these transactions remains unclear, the prevalence of bots, automated processes, and blockchain's inherent flexibility have all contributed to the inflated perception of stablecoin adoption. As the market continues to evolve, discerning between organic and inorganic transactions will be crucial for assessing the true potential of stablecoins and their impact on the financial landscape.

Visa的報告揭露了穩定幣市場的一個嚴峻現實：絕大多數交易並非由真實用戶驅動。雖然這些交易背後的實體的真實身份仍不清楚，但機器人、自動化流程和區塊鏈固有的靈活性的盛行都導致了人們對穩定幣採用的誇大認知。隨著市場的不斷發展，區分有機交易和無機交易對於評估穩定幣的真正潛力及其對金融格局的影響至關重要。