Visa 的新数据对稳定币的采用提出质疑，因为只有 10% 的交易被认为是真实的

稳定币，即与法定货币挂钩的加密货币，因其广泛使用而受到质疑。 Visa 最近的一项指标表明，超过 90% 的稳定币交易都是不真实的，这表明稳定币市场仍处于萌芽阶段。尽管稳定币有可能扰乱支付行业，但专家强调需要在短期内改进现有系统。

New Visa Metric Casts Doubt on Widespread Adoption of Stablecoins

新的 Visa 指标对稳定币的广泛采用产生了质疑

A recent study by Visa, the American multinational payment giant, has sparked concerns about the actual usage of stablecoins as a method of payment. According to the study, only 10% of stablecoin transactions are deemed genuine, indicating that the sector may be overstating its utility.

美国跨国支付巨头 Visa 最近的一项研究引发了人们对稳定币作为支付方式实际使用情况的担忧。根据该研究，只有 10% 的稳定币交易被认为是真实的，这表明该行业可能夸大了其效用。

Visa collaborated with Allium Labs to develop a dashboard that filters out transactions initiated by bots and large-scale traders, focusing exclusively on those made by real people. The dashboard revealed that out of the total $2.2 trillion in stablecoin transactions in April, only $149 billion were classified as "organic payments activity."

Visa 与 Allium Labs 合作开发了一个仪表板，可以过滤掉机器人和大型交易者发起的交易，专门关注由真人进行的交易。该仪表板显示，在 4 月份 2.2 万亿美元的稳定币交易总额中，只有 1,490 亿美元被归类为“有机支付活动”。

This metric suggests that the overwhelming majority of stablecoin transactions (over 90%) originate from non-genuine users or are influenced by artificial inflationary practices. The dashboard employs two key filters:

该指标表明，绝大多数稳定币交易（超过 90%）源自非真实用户或受到人为通胀做法的影响。仪表板采用两个关键过滤器：

• Single-Directional Volume Filter: This filter counts only the largest stablecoin amount transferred within a single transaction and eliminates redundant internal transactions in complex smart contract interactions.
• Inorganic User Filter: This filter considers transactions sent by accounts that have initiated less than 1,000 stablecoin transactions and have transferred less than $10 million in volume over the last 30 days. Transactions exceeding these thresholds are disregarded to eliminate bot activities and automatic transactions from large entities like centralized exchanges.

Experts believe that the data suggests that stablecoins are still in their early stages of development as a payment method. Pranav Sood, executive general manager for EMEA at Airwallex, emphasized the need to focus on improving existing payment systems in the short and mid-term, while acknowledging the long-term potential of stablecoins.

单向交易量过滤器：该过滤器仅统计单笔交易中转移的最大稳定币金额，并消除复杂智能合约交互中冗余的内部交易。 无机用户过滤器：该过滤器考虑发起少于 1,000 笔稳定币交易的账户发送的交易，并且过去 30 天内的转账金额不足 1000 万美元。超过这些阈值的交易将被忽略，以消除来自中心化交易所等大型实体的机器人活动和自动交易。专家认为，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。 Airwallex 欧洲、中东和非洲地区执行总经理 Pranav Sood 强调，需要在短期和中期重点改善现有支付系统，同时承认稳定币的长期潜力。

Another study by prominent blockchain intelligence firm Glassnode estimated that the $3 trillion market circulation of stablecoins during the peak of the 2021 bull market was actually closer to $875 billion. This discrepancy arises from the fact that stablecoin transactions can be double-counted depending on the platform used. For example, converting $100 of Circle's USDC to PayPal's PYUSD on Uniswap would result in $200 of recorded stablecoin volume.

著名区块链情报公司 Glassnode 的另一项研究估计，2021 年牛市高峰期间稳定币的市场流通量为 3 万亿美元，实际上接近 8750 亿美元。这种差异是由于稳定币交易可能会根据所使用的平台进行重复计算而产生的。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。

As stablecoins gain wider acceptance, they pose a potential threat to Visa, which handled over $12 trillion worth of transactions last year. Experts predict that the total value of all stablecoins in circulation could reach $2.8 trillion by 2028, representing an almost 18-fold increase from their current circulation.

随着稳定币获得更广泛的接受，它们对 Visa 构成了潜在威胁，该公司去年处理了价值超过 12 万亿美元的交易。专家预测，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。

Despite these concerns, the crypto industry maintains that stablecoins are ideally suited for disrupting the payments sector due to their instantaneous and low-cost transactions. PayPal introduced its PYUSD stablecoin last year for this purpose, and Stripe recently announced that it would allow merchants to accept stablecoins for online transactions.

尽管存在这些担忧，加密货币行业仍然认为，稳定币因其即时且低成本的交易而非常适合颠覆支付行业。 PayPal 去年为此推出了 PYUSD 稳定币，Stripe 最近宣布将允许商家接受稳定币进行在线交易。

The Visa study raises important questions about the true extent of stablecoin usage and its implications for the payments industry. Further research and analysis are needed to fully understand the potential of stablecoins and their role in the evolving financial landscape.

Visa 研究提出了有关稳定币使用的真实程度及其对支付行业影响的重要问题。需要进一步的研究和分析才能充分了解稳定币的潜力及其在不断发展的金融格局中的作用。