签证研究：稳定币交易由机器人而非人类主导

Visa 和 Allium Labs 最近的一项分析发现，只有约 10% 的稳定币交易量代表真正的支付活动，其中大部分是由自动化机器人和大型交易者驱动的。这凸显了非人类参与者在稳定币市场中的重要作用，强调了监管清晰度和行业发展来解决这一问题的必要性。

Visa and Allium Labs Study Reveals Limited Organic Activity in Stablecoin Transactions

Visa 和 Allium Labs 研究显示稳定币交易中的有机活动有限

New York, New York, May 6, 2024 - A comprehensive analysis conducted by Visa, a global leader in payment technology, and Allium Labs, a data analytics firm specializing in blockchain forensics, has shed light on the true nature of stablecoin transactions. The study, conducted in April 2024, examined approximately $2.2 trillion worth of stablecoin transactions and found that less than 10% were generated by actual human users, with the vast majority driven by automated bots and large-scale traders.

纽约州纽约市，2024 年 5 月 6 日 - 全球支付技术领导者 Visa 和专门从事区块链取证的数据分析公司 Allium Labs 进行的全面分析揭示了稳定币交易的真实本质。这项研究于 2024 年 4 月进行，检查了价值约 2.2 万亿美元的稳定币交易，发现其中不到 10% 是由实际人类用户产生的，其中绝大多数是由自动化机器人和大型交易员驱动的。

Prevalence of Non-Human Actors in Stablecoin Markets

稳定币市场中非人类参与者的普遍存在

The study, reported exclusively by Bloomberg, sought to isolate organic, human-generated transactions from bot-generated activity and trades executed by large entities. The results revealed a stark contrast between the perceived volume of stablecoin transactions and the actual amount of genuine payments activity. Of the $2.2 trillion analyzed, only approximately $149 billion represented legitimate, organic payments, highlighting the prevalence of non-human actors in the stablecoin markets.

这项研究由彭博社独家报道，旨在将有机的、人类生成的交易与机器人生成的活动和大型实体执行的交易分开。结果显示，稳定币交易量的感知量与真实支付活动的实际量之间存在鲜明对比。在分析的 2.2 万亿美元中，只有大约 1490 亿美元是合法的、有机的支付，这凸显了非人类参与者在稳定币市场中的普遍存在。

Stablecoin Market Dominated by Major Players

主要参与者主导的稳定币市场

The stablecoin sector, with a total market supply of around $150 billion, is primarily dominated by Tether (USDT) and USD Coin (USDC), which account for market shares of 75% and 22% respectively, according to brokerage firm Bernstein. Stablecoins, which are cryptocurrencies pegged to stable assets such as the U.S. dollar, are designed to maintain a constant value and have become increasingly relevant in the digital currency landscape.

根据经纪公司 Bernstein 的数据，稳定币行业的市场总供应量约为 1500 亿美元，主要由 Tether (USDT) 和 USD Coin (USDC) 主导，分别占据 75% 和 22% 的市场份额。稳定币是与美元等稳定资产挂钩的加密货币，旨在保持恒定的价值，并且在数字货币领域变得越来越重要。

Regulatory and Industry Developments

监管和行业发展

Recent announcements by companies such as PayPal about issuing their own stablecoins have further intensified the spotlight on the stablecoin sector. Additionally, the prospect of stablecoin regulation is expected to gain traction in the U.S. Congress, with policymakers aiming to establish clear rules for the usage and issuance of stablecoins.

PayPal 等公司最近宣布发行自己的稳定币，进一步加剧了人们对稳定币行业的关注。此外，稳定币监管的前景预计将在美国国会获得关注，政策制定者旨在为稳定币的使用和发行制定明确的规则。

Complexity in Analyzing Stablecoin Transactions

分析稳定币交易的复杂性

Cuy Sheffield, Visa's Head of Crypto, emphasized the complexities involved in analyzing stablecoin transactions due to the multifaceted uses of blockchains. "There is a lot of noise in this data, given that blockchains are general-purpose networks where stablecoins can be used across a range of use cases," Sheffield explained.

Visa 加密货币主管 Cuy Sheffield 强调，由于区块链的用途广泛，分析稳定币交易非常复杂。谢菲尔德解释说：“鉴于区块链是通用网络，稳定币可以在一系列用例中使用，这些数据中有很多噪音。”

Growth in User Engagement

用户参与度的增长

Despite the challenges in identifying the nature of transactions, the report found a positive trend in user engagement. There was a reported increase in the number of monthly active stablecoin users, with 27.5 million active users across all blockchain networks. This indicates a growing adoption and utilization of stablecoins by the general public amidst the backdrop of automated trading activities.

尽管在识别交易性质方面存在挑战，但该报告发现用户参与度呈现积极趋势。据报道，每月活跃稳定币用户数量有所增加，所有区块链网络的活跃用户达到 2750 万。这表明在自动化交易活动的背景下，公众越来越多地采用和使用稳定币。

Conclusion

结论

The Visa and Allium Labs study provides valuable insights into the true nature of stablecoin transactions. The findings highlight the limited organic activity and the prevalence of automated bots and large-scale traders in the market. As regulatory efforts progress and user engagement grows, the stablecoin sector is poised for significant developments in the years to come.

Visa 和 Allium Labs 的研究为稳定币交易的真实本质提供了宝贵的见解。调查结果突显了市场上有机活动有限以及自动化机器人和大规模交易者的普遍存在。随着监管工作的进展和用户参与度的提高，稳定币行业有望在未来几年取得重大发展。