稳定币的使用受到严格审查，大多数交易不是有机的

Visa 最近的一项研究对稳定币的广泛使用提出了质疑。通过过滤机器人和大型交易者的交易，Visa 发现 2023 年 4 月只有 10% 的稳定币交易是由真实用户发起的，这表明该行业作为支付方式及其市值仍处于发展的早期阶段可能会膨胀。

Stability in Question: Stablecoins' Supposed Usage Under Scrutiny

稳定性问题：稳定币的预期用途受到审查

The stablecoin realm has been mired in controversy, but a recent study casts doubt on the extent to which these assets are genuinely employed as asserted.

稳定币领域一直深陷争议，但最近的一项研究对这些资产的真正使用程度提出了质疑。

According to a report, a novel metric devised by Visa, the American multinational payment behemoth, indicates that over 90% of stablecoin transactions are not executed by bona fide users, implying that the widespread adoption of these cryptocurrencies as a means of payment remains an illusion.

根据一份报告，美国跨国支付巨头 Visa 设计的一项新颖指标表明，超过 90% 的稳定币交易不是由真正的用户执行的，这意味着广泛采用这些加密货币作为支付手段仍然是一种幻想。

Organic Transactions a Mere 10%

有机交易仅占 10%

Visa, in collaboration with Allium Labs, has developed a dashboard to filter out transactions initiated by bots and large-scale traders, focusing solely on those initiated by real individuals. Out of a total of $2.2 trillion in transactions during April, only $149 billion were classified as "organic payment activity," according to Visa.

Visa 与 Allium Labs 合作开发了一个仪表板，用于过滤由机器人和大型交易者发起的交易，仅关注由真实个人发起的交易。 Visa 表示，4 月份 2.2 万亿美元的交易总额中，只有 1,490 亿美元被归类为“有机支付活动”。

This essentially signifies that less than 10% of the transaction volumes involving stablecoins actually originate from genuine users or are considered organic. The dashboard explicitly states:

这本质上意味着涉及稳定币的交易量中只有不到 10% 实际上来自真实用户或被认为是有机的。仪表板明确指出：

"This adjusted metric aims to remove potential distortions that can arise from inorganic activity and other artificial inflationary practices."

“这一调整后的指标旨在消除无机活动和其他人为通胀做法可能引起的潜在扭曲。”

The dashboard utilizes two crucial filters:

仪表板使用两个关键的过滤器：

• Single Directional Volume Filter: This filter only considers the largest stablecoin amount transferred within a single transaction, eliminating redundant internal transactions in intricate smart contract interactions.
• Inorganic User Filter: This filter excludes transactions sent by accounts that have initiated less than 1,000 stablecoin transactions and have transferred less than $10 million in volume over the past 30 days. Transactions emanating from accounts surpassing these thresholds are disregarded to eliminate various bot activities as well as automatic transactions from large entities such as centralized exchanges.

Stablecoin Market: Still in Its Infancy?

单向交易量过滤器：该过滤器仅考虑单笔交易中传输的最大稳定币金额，消除复杂的智能合约交互中的冗余内部交易。 无机用户过滤器：该过滤器排除发起少于 1,000 笔稳定币交易且已发起稳定币交易的账户发送的交易。过去 30 天内的转账金额不到 1000 万美元。超过这些阈值的账户发出的交易将被忽略，以消除各种机器人活动以及来自中心化交易所等大型实体的自动交易。 稳定币市场：仍处于起步阶段？

Pranav Sood, Executive General Manager for EMEA at Airwallex, opined that the data suggests that stablecoins are still in the early stages of their development as a payment method. While acknowledging the long-term potential of the assets, the executive emphasized the necessity of prioritizing the improvement of existing payment systems in the short and medium term.

Airwallex 欧洲、中东和非洲地区执行总经理 Pranav Sood 认为，数据表明稳定币作为一种支付方式仍处于发展的早期阶段。在承认这些资产的长期潜力的同时，该高管强调有必要在短期和中期优先考虑改进现有支付系统。

Prominent blockchain intelligence firm Glassnode had previously estimated that the $3 trillion market circulation during the height of the 2021 bull market was actually closer to $875 billion.

著名区块链情报公司Glassnode此前曾估计，2021年牛市高峰期的市场流通量为3万亿美元，实际上接近8750亿美元。

With stablecoins, transactions can be double-counted based on the platform utilized. For instance, converting $100 of Circle's USDC to PayPal's PYUSD on Uniswap would result in $200 of recorded stablecoin volume. Visa itself, having processed over $12 trillion worth of transactions last year, could face losses if stablecoins gain widespread acceptance.

对于稳定币，交易可以根据所使用的平台进行重复计算。例如，在 Uniswap 上将 100 美元的 Circle 的 USDC 转换为 PayPal 的 PYUSD 将导致记录的稳定币交易量达到 200 美元。 Visa 本身去年处理了价值超过 12 万亿美元的交易，如果稳定币获得广泛接受，它可能会面临损失。

Accordingly, experts anticipate that the aggregate value of all stablecoins in circulation could reach $2.8 trillion by 2028, representing an almost 18-fold increase from their current circulation. Many in the crypto industry contend that stablecoins, due to their instantaneous and low-cost transactions, are ideally suited to disrupt the payments sector.

因此，专家预计，到 2028 年，所有流通中的稳定币总价值可能达到 2.8 万亿美元，比当前流通量增长近 18 倍。加密行业的许多人认为，稳定币由于其即时且低成本的交易，非常适合颠覆支付行业。

PayPal introduced its PYUSD stablecoin last year to facilitate instant and lower-cost transfers within its payment infrastructure. Stripe announced on April 25 that it would allow merchants on its platform to accept stablecoins for online transactions.

PayPal 去年推出了 PYUSD 稳定币，以促进其支付基础设施内的即时和低成本转账。 Stripe 于 4 月 25 日宣布，将允许其平台上的商家接受稳定币进行在线交易。