稳定币交易量大幅膨胀，大部分并非来自真实用户：分析

根据 Visa 和 Allium Labs 最近的分析，稳定币交易量中只有一小部分来自真实用户。在 4 月份约 2.2 万亿美元的总交易额中，只有 1,490 亿美元来自“有机支付活动”，这表明超过 90% 的稳定币交易是由机器人或大型交易者驱动的。

Analysis Reveals Discrepancy in Stablecoin Transaction Volumes

分析显示稳定币交易量存在差异

A comprehensive analysis conducted in collaboration with Visa has uncovered that a vast majority of stablecoin transaction volumes do not originate from genuine users. The study, which was reported by Bloomberg, sheds light on the significant gap between the total transaction volume and the organic payments activity.

与 Visa 合作进行的全面分析发现，绝大多数稳定币交易量并非来自真实用户。彭博社报道的这项研究揭示了总交易量与有机支付活动之间的巨大差距。

According to the findings, only a fraction of the $2.2 trillion in total transactions recorded in April – approximately $149 billion – can be attributed to genuine payments made by real individuals. This suggests that less than 10% of stablecoin transaction volumes represent actual usage by legitimate users.

调查结果显示，4 月份记录的 2.2 万亿美元交易总额（约 1,490 亿美元）中只有一小部分可以归因于真实个人的真实支付。这表明只有不到 10% 的稳定币交易量代表合法用户的实际使用量。

The analysis employed sophisticated techniques to isolate transactions made by real people by excluding those conducted by bots and large-scale traders. This approach provided a clearer picture of the organic payments activity within the stablecoin market.

该分析采用复杂的技术来隔离由真人进行的交易，排除机器人和大型交易者进行的交易。这种方法提供了稳定币市场内有机支付活动的更清晰的图景。

The current supply of stablecoins stands at roughly $150 billion, with tether (USDT) and USD Coin (USDC) holding dominant market shares of 75% and 22%, respectively. Stablecoins, which are cryptocurrencies pegged to another asset (typically the U.S. dollar), are designed to maintain a stable value, reducing volatility.

目前稳定币的供应量约为 1500 亿美元，其中 Tether (USDT) 和 USD Coin (USDC) 分别占据 75% 和 22% 的主导市场份额。稳定币是与另一种资产（通常是美元）挂钩的加密货币，旨在保持稳定的价值，减少波动性。

The heightened attention on stablecoins has been prompted by announcements from companies like PayPal regarding the issuance of their own stablecoins. Furthermore, legislation to regulate stablecoins is considered to have a strong likelihood of passage through the U.S. Congress.

PayPal 等公司宣布发行自己的稳定币，引发了人们对稳定币的高度关注。此外，监管稳定币的立法被认为很有可能在美国国会获得通过。

Commentating on the findings, Cuy Sheffield, Visa's Head of Crypto, acknowledged the inherent complexity of stablecoin data due to the multifaceted use cases they facilitate on general-purpose blockchains. Transactions can be initiated manually by end users or programmatically through bots, contributing to the noise in the data.

Visa 加密货币主管 Cuy Sheffield 在评论调查结果时承认，由于稳定​​币数据在通用区块链上促进了多方面的用例，因此稳定币数据具有固有的复杂性。交易可以由最终用户手动启动，也可以通过机器人以编程方式启动，从而导致数据中存在噪音。

Despite the discrepancy between total transaction volume and bot-adjusted transfer volume, the analysis revealed a steady increase in the number of monthly active stablecoin users, reaching 27.5 million across various chains.

尽管总交易量和机器人调整的转账量之间存在差异，但分析显示，稳定币每月活跃用户数量稳步增长，各链上达到 2750 万。

This research underscores the urgent need for clarity and regulation in the stablecoin market to ensure the integrity and transparency of transactions. As stablecoins continue to gain traction, policymakers and regulators must prioritize the development of appropriate frameworks to protect consumers and foster responsible innovation within the cryptocurrency ecosystem.

这项研究强调了稳定币市场迫切需要明确和监管，以确保交易的完整性和透明度。随着稳定币继续受到关注，政策制定者和监管机构必须优先考虑开发适当的框架，以保护消费者并在加密货币生态系统内促进负责任的创新。