Visa 分析显示，大部分稳定币交易并非来自真实用户

根据 Visa 和 Allium Labs 的数据，只有 7% 的稳定币交易是由真实用户进行的。这对支持者关于稳定币将彻底改变支付行业的说法提出了挑战。 Visa 去年处理了 12 万亿美元的交易，如果稳定币被广泛接受，它可能会遭受损失。尽管 PayPal 和 Stripe 努力整合稳定币，但由于用户友好性问题，Airwallex 客户的需求一直不温不火。

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

Visa Metric 显示稳定币交易大部分并非源自真实用户

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 最近联合开发的一项指标揭示了稳定币市场中的一个重大问题，表明超过 90% 的稳定币交易量并非来自真实用户。正如支持者所说，这一发现挑战了稳定币即将彻底改变全球支付行业的观点。

Methodological Approach

方法论

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 开发的仪表板采用复杂的算法来识别和删除机器人和大型交易者发起的交易，隔离实际个人进行的交易。通过排除这些人为或投机交易，仪表板可以更清晰地了解最终用户的真实使用模式。

Data Analysis

数据分析

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 利用这一指标分析了 2023 年 4 月处理的价值约 2.2 万亿美元的稳定币交易。分析显示，这些交易中只有 1,490 亿美元（约 6.7%）来自“有机支付活动”。这意味着绝大多数稳定币交易并未用于真实的购买或支付。

Implications for the Payments Industry

对支付行业的影响

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 的分析结果对支付行业具有重大影响。如果稳定币没有被现实世界的用户广泛采用，那么它们颠覆传统支付系统的潜力似乎有限。这对于 PayPal Inc. 和 Stripe Inc. 等公司尤其重要，这两家公司最近都在稳定币解决方案上进行了大量投资。

Challenges to Stablecoin Adoption

采用稳定币面临的挑战

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.

有几个挑战可能导致稳定币的有机交易量较低。挑战之一是用户不愿意采用新的支付技术，尤其是那些被认为复杂或不熟悉的技术。此外，不同稳定币平台和交易所之间流动性分散，导致用户难以有效利用稳定币进行支付。

Industry Experts' Perspective

行业专家的观点

"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 加密货币业务主管 Cuy Sheffield 表示：“稳定币支持者多年来一直在宣扬其变革潜力。” “但我们的数据表明，现实有很大不同。在稳定币能够吸引真正用户之前，它们对支付行业的影响仍然很小。”

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 的金融专家 Sood 呼应了这些观点，强调需要提高用户友好性和技术进步，以促进稳定币的采用。 “许多人仍然更喜欢传统支付方式的熟悉性和便利性，”苏德说。 “稳定币必须变得更加容易获取和用户友好，才能克服这一障碍。”

Conclusion

结论

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 指标的调查结果对稳定币作为支付手段的广泛使用产生了怀疑。目前，大多数稳定币交易都是由人为或投机活动驱动的，限制了它们破坏传统支付格局的潜力。然而，业界仍然希望持续的改进和技术进步最终将导致稳定币在真正的用户中得到更广泛的采用。