Visa 发现差异：只有 10% 的稳定币交易是真实的

Visa 关于稳定币的报告表明，超过 90% 的交易并非来自真实用户。尽管总金额高达 2.65 万亿美元，但只有 2650 亿美元被视为有机支付活动。这引发了关于谁在推动大部分交易的问题，潜在原因包括机器人、自动化流程和重复计算。该报告还指出，每月活跃的稳定币用户数量不断增加，而 USDC 的使用量与 USDT 相比显着增加。然而，专家批评了 Visa 的方法，认为它可能低估了实际用户的采用率。

Visa's Stablecoin Report: Unmasking the Discrepancy Between Reported and Authentic Usage

Visa 的稳定币报告：揭露报告使用情况与真实使用情况之间的差异

Visa and Allium Labs' recent study has ignited a heated debate within the cryptocurrency community, casting a stark light on the disparity between reported and genuine stablecoin transactions. Despite the colossal $2.65 trillion in total stablecoin transactions recorded over the past 30 days, a mere $265 billion was recognized as originating from organic payments activity, raising concerns about the authenticity of the majority of transactions.

Visa 和 Allium Labs 最近的研究引发了加密货币社区的激烈争论，凸显了报道的稳定币交易与真实的稳定币交易之间的差异。尽管过去 30 天记录的稳定币交易总额高达 2.65 万亿美元，但只有 2650 亿美元被认为源自有机支付活动，这引发了人们对大多数交易真实性的担忧。

Questioning the True Drivers of Stablecoin Transactions

质疑稳定币交易的真正驱动因素

This discrepancy begs the question: if not real users, who is driving the majority of stablecoin transactions? The report points to several possible culprits that may be skewing the perception of genuine adoption and usage patterns.

这种差异引出了一个问题：如果不是真正的用户，谁在推动大多数稳定币交易？该报告指出了几个可能的罪魁祸首，这些罪魁祸首可能会扭曲人们对真正采用和使用模式的看法。

The Role of Bots and Automated Processes

机器人程序和自动化流程的作用

The prevalence of automated trading bots, capable of executing transactions at astonishing speeds and volumes, has emerged as a significant contributor to the inflated transaction volume. These bots can manipulate the market by placing large orders, giving the illusion of increased demand and adoption.

自动交易机器人的盛行能够以惊人的速度和数量执行交易，已成为交易量膨胀的重要因素。这些机器人可以通过下大订单来操纵市场，给人一种需求和采用增加的错觉。

Blockchain's Flexibility and Double-Counting

区块链的灵活性和重复计算

The inherent flexibility of blockchain networks, while enabling a wide range of use cases, also complicates efforts to distinguish between transactions made by real users and those driven by automated protocols. Additionally, the double-counting of transactions, such as when stablecoins are converted between different exchanges, further exacerbates the inflation of transaction volumes.

区块链网络固有的灵活性虽然支持广泛的用例，但也使区分真实用户进行的交易和自动化协议驱动的交易变得复杂。此外，交易的重复计算，例如稳定币在不同交易所之间转换，进一步加剧了交易量的膨胀。

Visa's Methodology Scrutinized

Visa 的方法论受到审查

Visa and Allium Labs' approach to identifying inorganic transactions has come under scrutiny. Nick van Eck, co-founder of Agora, argues that the data may include legitimate trading firms utilizing stablecoins, which could overstate the proportion of non-organic transactions.

Visa 和 Allium Labs 识别无机交易的方法已受到严格审查。 Agora 联合创始人 Nick van Eck 认为，这些数据可能包括使用稳定币的合法贸易公司，这可能夸大了非有机交易的比例。

Unveiling Stablecoin Usage Trends

揭示稳定币的使用趋势

Despite the discrepancy in total transfer volume, the analysis reveals a consistent rise in the number of monthly active stablecoin users. As of April 24, across all chains, there were 27.5 million monthly active users, indicating a steady growth trend.

尽管总转账量存在差异，但分析显示每月活跃稳定币用户数量持续增长。截至4月24日，全链月活跃用户数为2750万，呈现稳定增长趋势。

USDC's Dominance in Active Transactions

USDC 在活跃交易中占据主导地位

Visa's analysis highlights the striking growth in the usage of USD Coin (USDC) over the past eight months. While Tether (USDT) boasts a larger market capitalization, USDC has consistently accounted for a majority share of stablecoin transactions, reaching as high as 60% in February 2024.

Visa 的分析强调了过去八个月中美元硬币 (USDC) 的使用量显着增长。虽然 Tether (USDT) 拥有较大的市值，但 USDC 一直占据稳定币交易的大部分份额，2024 年 2 月高达 60%。

Stablecoins' Potential in Cross-Border Payments

稳定币在跨境支付方面的潜力

Visa's report aligns with the growing significance of stablecoins in facilitating cross-border payments. According to market research firm Sacra, the volume of stablecoin transactions has surged from $26 billion in January 2020 to a staggering $1.4 trillion in April 2024, potentially surpassing Visa's total payments volume in the second quarter of 2024.

Visa 的报告与稳定币在促进跨境支付方面日益增长的重要性相一致。根据市场研究公司 Sacra 的数据，稳定币交易量已从 2020 年 1 月的 260 亿美元飙升至 2024 年 4 月的惊人 1.4 万亿美元，有可能超过 Visa 在 2024 年第二季度的总支付量。

Major Banks Embrace Stablecoins

主要银行拥抱稳定币

Recognizing the potential benefits, major banks, including Wells Fargo, JPMorgan Chase, Visa, and Mastercard, are actively exploring the use of stablecoins to enhance their payment infrastructure.

认识到潜在的好处，包括富国银行、摩根大通、Visa 和万事达卡在内的主要银行正在积极探索使用稳定币来增强其支付基础设施。

The Motive Behind Visa's Report

Visa报告背后的动机

While Visa's report sheds light on the challenges associated with stablecoin adoption, its motives have sparked speculation. Some observers question whether Visa is attempting to undermine its potential competition or genuinely concerned about the integrity of the stablecoin market.

尽管 Visa 的报告揭示了与稳定币采用相关的挑战，但其动机引发了猜测。一些观察家质疑 Visa 是否试图破坏其潜在竞争，或者真正担心稳定币市场的完整性。

Conclusion

结论

Visa's report has exposed a stark reality in the stablecoin market: the vast majority of transactions are not driven by genuine users. While the true identity of the entities behind these transactions remains unclear, the prevalence of bots, automated processes, and blockchain's inherent flexibility have all contributed to the inflated perception of stablecoin adoption. As the market continues to evolve, discerning between organic and inorganic transactions will be crucial for assessing the true potential of stablecoins and their impact on the financial landscape.

Visa的报告暴露了稳定币市场的一个严峻现实：绝大多数交易并非由真实用户驱动。虽然这些交易背后的实体的真实身份仍不清楚，但机器人、自动化流程和区块链固有的灵活性的盛行都导致了人们对稳定币采用的夸大认知。随着市场的不断发展，区分有机交易和无机交易对于评估稳定币的真正潜力及其对金融格局的影响至关重要。