稳定币：由加密货币交易所和机器人主导，实际使用极少

Bloomberg 和 Visa 最近的研究发现，只有不到 10% 的稳定币交易与现实世界的使用相关。研究显示，大多数交易涉及加密货币交易所的操作，并且部分是由机器人进行的。尽管如此，稳定币活跃用户已稳步增长至每月 2750 万用户。

Stablecoins: Unveiling the Dominance of Crypto Exchanges and Bots

稳定币：揭示加密货币交易所和机器人的主导地位

Bloomberg Study Reveals Minimal Use for Real-World Transactions

彭博社研究显示现实世界交易的用途极少

A recent Bloomberg study has shed light on the usage patterns of stablecoins, digital assets pegged to fiat currencies like the US dollar. The findings indicate that less than 10% of all recent transactions in prominent stablecoins, such as Tether (USDT) and USD Coin (USDC), are directly linked to real-world applications.

彭博社最近的一项研究揭示了稳定币和与美元等法定货币挂钩的数字资产的使用模式。调查结果表明，在 Tether (USDT) 和 USD Coin (USDC) 等知名稳定币的近期所有交易中，只有不到 10% 与现实世界的应用程序直接相关。

Limited Adoption for Payments and Everyday Use

支付和日常使用的采用有限

The research, conducted in collaboration with Visa and Allium Labs, suggests that stablecoins are primarily employed in cryptocurrency trading rather than for everyday purchases or payments. The vast majority of transactions involve operations on crypto exchanges, executed by a combination of human traders and automated bots.

这项与 Visa 和 Allium Labs 合作进行的研究表明，稳定币主要用于加密货币交易，而不是用于日常购买或支付。绝大多数交易涉及加密货币交易所的操作，由人类交易者和自动化机器人联合执行。

Exclusive Focus on On-Chain Transactions

独家关注链上交易

The study's analysis focused solely on on-chain transactions, which are publicly verifiable and accessible on blockchain networks. Internal exchanges within centralized crypto exchanges were excluded from the examination.

该研究的分析仅集中于链上交易，这些交易可以在区块链网络上公开验证和访问。中心化加密货币交易所内的内部交易所被排除在审查之外。

Organic Payment Activities Constitute a Mere Fraction

有机支付活动只占一小部分

During the month of April, the study analyzed transactions totaling approximately 2.2 trillion dollars. Of this vast volume, only 149 billion dollars were attributed to "organic payment activities." This indicates that the overwhelming majority of stablecoin transactions are not driven by actual purchases or payments.

该研究分析了 4 月份的交易总额约为 2.2 万亿美元。在如此庞大的交易量中，只有 1,490 亿美元归因于“有机支付活动”。这表明绝大多数稳定币交易并不是由实际购买或支付驱动的。

Predominance of Crypto Market-Related Transactions

加密货币市场相关交易的主导地位

Conversely, the remaining transactions were predominantly related to crypto markets, including cryptocurrency trading and other financial asset exchanges. A significant proportion of these transactions were carried out by automated bots, which have become ubiquitous in both traditional and crypto markets.

相反，其余交易主要与加密货币市场相关，包括加密货币交易和其他金融资产交易所。这些交易中有很大一部分是由自动化机器人执行的，这些机器人在传统市场和加密货币市场中已经无处不在。

Growth in Monthly Active Users

每月活跃用户增长

Despite the limited use of stablecoins for real-world purposes, the study highlights a steady increase in their monthly active user base. As of the present, there are an estimated 27.5 million monthly active users across all blockchain networks.

尽管稳定币在现实世界中的使用有限，但该研究强调了其每月活跃用户群的稳步增长。截至目前，所有区块链网络估计每月有 2750 万活跃用户。

USDT and USDC Dominate Stablecoin Market

USDT 和 USDC 主导稳定币市场

USDT and USDC currently control the vast majority of the stablecoin market, with total supply exceeding 150 billion dollars. USDT commands a market share of 75%, while USDC holds a 22% share. All other stablecoins collectively account for less than 3% of the market.

USDT和USDC目前控制着稳定币市场的绝大多数，总供应量超过1500亿美元。 USDT 占据 75% 的市场份额，而 USDC 占据 22% 的份额。所有其他稳定币总共占市场份额不到 3%。

Enhanced Utility in Crypto Markets

加密货币市场的实用性增强

Despite their theoretical equivalence to fiat currencies, stablecoins are widely used in crypto markets due to their superior ease of transfer and transaction speed. They can be moved seamlessly across decentralized blockchains like Ethereum without facing the limitations or obstacles associated with fiat currencies.

尽管稳定币在理论上与法定货币等效，但由于其卓越的转账便利性和交易速度，在加密货币市场中得到了广泛使用。它们可以在以太坊等去中心化区块链之间无缝移动，而不会面临与法定货币相关的限制或障碍。

Fiat Currency Barriers and Resistance

法定货币的障碍和阻力

In contrast to stablecoins, fiat currencies encounter several obstacles in crypto markets. Bank transfers may delay transactions or encounter resistance from financial intermediaries. Furthermore, the use of fiat currencies is restricted on decentralized exchanges, necessitating the use of stablecoins for seamless trading operations.

与稳定币相比，法定货币在加密货币市场中遇到了一些障碍。银行转账可能会延迟交易或遇到金融中介机构的阻力。此外，法定货币的使用在去中心化交易所受到限制，因此需要使用稳定币来进行无缝交易操作。

Essential Role of Bots in Market Dynamics

机器人在市场动态中的重要作用

Bots play a critical role in both traditional and crypto financial markets due to their ability to execute lightning-fast transactions in massive quantities. They are particularly prevalent in arbitrage trading, where they exploit price differences between various crypto exchanges to generate profits.

由于机器人能够以闪电般的速度执行大量交易，因此它们在传统和加密金融市场中都发挥着至关重要的作用。它们在套利交易中尤其普遍，它们利用不同加密货币交易所之间的价格差异来产生利润。

Arbitrage and Large-Scale Trading

套利和大规模交易

The proliferation of bots in crypto markets has been driven by the need to maintain arbitrage opportunities and facilitate large-scale trading. Given the vast majority of cryptocurrency transactions occur within closed exchange ecosystems, bots are essential for preventing significant price disparities across platforms.

维持套利机会和促进大规模交易的需求推动了加密货币市场中机器人的激增。鉴于绝大多数加密货币交易发生在封闭的交易生态系统内，机器人对于防止平台之间出现巨大的价格差异至关重要。

Limited Real-World Adoption

现实世界的采用有限

In light of the dominance of crypto exchange-related transactions and the limited use of stablecoins for real-world payments, it is unsurprising that the vast majority of stablecoin transactions are not driven by tangible consumer spending or online purchases.

鉴于加密货币交易所相关交易的主导地位以及稳定币在现实世界支付中的使用有限，绝大多数稳定币交易不是由有形消费者支出或在线购买驱动的，这并不奇怪。

Conclusion

结论

The Bloomberg study provides valuable insights into the current usage patterns of stablecoins. While they have seen increased mainstream adoption, their primary application remains within crypto markets and trading operations. The limited use for real-world transactions highlights the challenges stablecoins face in gaining widespread acceptance as a medium of exchange in everyday life.

彭博社的研究为稳定币当前的使用模式提供了宝贵的见解。虽然它们的主流采用率有所增加，但它们的主要应用仍然在加密货币市场和交易操作中。在现实世界交易中的有限使用凸显了稳定币在作为日常生活中的交换媒介获得广泛接受方面所面临的挑战。