Visa 对稳定币的受欢迎程度提出质疑，并提出对交易可靠性的担忧

在最近的一项研究中，Visa 挑战了稳定币交易可与传统支付网络相媲美的观点。该研究表明，稳定币交易的很大一部分是由自动化机器人驱动的，而不是真正的用户活动。 Visa 采用的方法排除了复杂的智能合约交易，并针对交易数量和转账量较低的账户，以考虑机器人活动和来自中心化交易所的大规模交易。

Visa Challenges Stablecoin Popularity, Raises Concerns About Transaction Reliability

Visa挑战稳定币的受欢迎程度，引发对交易可靠性的担忧

Introduction

介绍

Visa, a leading global payment network, has released a comprehensive study that disputes the widely held belief that stablecoin turnover is approaching the levels of traditional payment systems. The study raises concerns about the reliability and integrity of stablecoin transactions, suggesting that a significant portion of their activity may be driven by automated bot activities rather than legitimate user interactions.

全球领先的支付网络 Visa 发布了一项综合研究，对稳定币交易额正在接近传统支付系统水平的广泛看法提出了质疑。该研究引起了人们对稳定币交易可靠性和完整性的担忧，表明其活动的很大一部分可能是由自动化机器人活动驱动的，而不是合法的用户交互。

Visa's Methodology

Visa 的方法论

Visa's methodology for analyzing stablecoin transactions is based on two key metrics:

Visa 分析稳定币交易的方法基于两个关键指标：

• Largest Stablecoin Amount Transferred Per Transaction: This metric focuses only on the largest stablecoin amount transferred in a single transaction, excluding smaller transactions that may result from complex smart contract interactions.
• Inorganic User Filter: This filter targets transactions initiated by accounts that engage in a low number of stablecoin transactions (less than 1,000) and have a transfer volume below $10 million. Visa believes this filter effectively removes bot activity and automated transactions from large entities like centralized exchanges.

Results and Interpretations

每笔交易转移的最大稳定币金额：该指标仅关注单笔交易中转移的最大稳定币金额，不包括复杂的智能合约交互可能导致的较小交易。 无机用户过滤器：该过滤器针对由参与低交易的账户发起的交易稳定币交易数量（少于 1,000 笔）且转账金额低于 1,000 万美元。 Visa 相信这个过滤器可以有效地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。结果和解释

Visa's study suggests that a substantial portion of stablecoin transactions across multiple blockchain networks is influenced by "noise," primarily due to automated bot activities. The company's analysis indicates that only a small percentage of stablecoin transactions represent actual economic activity or genuine user interactions.

Visa 的研究表明，跨多个区块链网络的稳定币交易很大一部分受到“噪音”的影响，这主要是由于自动化机器人活动造成的。该公司的分析表明，只有一小部分稳定币交易代表实际的经济活动或真实的用户互动。

According to Visa's Head of Crypto, Cuy Sheffield, "there can be a lot of noise in stablecoin data given that they can be used across a range of use cases with transactions that can be initiated manually by an end user or programmatically through bots."

Visa 加密货币主管 Cuy Sheffield 表示，“稳定币数据可能存在很多噪音，因为它们可以在一系列用例中使用，交易可以由最终用户手动启动或通过机器人以编程方式启动。”

Industry Reaction and Counterarguments

业界反应与反驳

Visa's findings have sparked debate within the cryptocurrency market. Some industry experts question the methodology employed by Visa, arguing that it may overlook legitimate business activities involving stablecoins. Nick van Eck, co-founder of Agora, a startup specializing in stablecoins, said, "The data makes no sense because then it would factor in trading firms, which are entirely legitimate businesses using these products."

Visa 的调查结果引发了加密货币市场的争论。一些行业专家质疑 Visa 采用的方法，认为它可能忽视涉及稳定币的合法商业活动。专注于稳定币的初创公司 Agora 的联合创始人 Nick van Eck 表示：“这些数据没有任何意义，因为它会将贸易公司考虑在内，而这些公司是使用这些产品的完全合法的企业。”

However, Pranav Sood, Executive General Manager for EMEA at the payments platform Airwallex, agrees with Visa's assessment, stating that stablecoins "are still in a very nascent moment in their evolution as a payment instrument." He believes that the market should prioritize improving the efficiency and reliability of existing stablecoin rails.

然而，支付平台 Airwallex 欧洲、中东和非洲地区执行总经理 Pranav Sood 同意 Visa 的评估，并表示稳定币“作为支付工具的发展仍处于非常初级的阶段”。他认为市场应该优先考虑提高现有稳定币轨道的效率和可靠性。

Implications for the Cryptocurrency Market

对加密货币市场的影响

Visa's study has significant implications for the future of stablecoins and their potential impact on the financial industry. It raises concerns about the transparency and accountability of stablecoin transactions, particularly in scenarios where automated bot activity may be prevalent.

Visa 的研究对于稳定币的未来及其对金融业的潜在影响具有重大意义。它引起了人们对稳定币交易的透明度和问责制的担忧，特别是在自动化机器人活动可能普遍的情况下。

The findings also highlight the need for further research and regulation to ensure the integrity and reliability of stablecoins as payment instruments. Regulators may need to consider implementing additional oversight mechanisms to prevent the manipulation of stablecoin markets and protect consumers from potential risks associated with automated bot activities.

研究结果还强调需要进一步研究和监管，以确保稳定币作为支付工具的完整性和可靠性。监管机构可能需要考虑实施额外的监督机制，以防止稳定币市场被操纵，并保护消费者免受与自动化机器人活动相关的潜在风险。