More Than 90% of Stablecoin Transactions Aren’t From Real Users, Study Finds
研究发现，超过 90% 的稳定币交易并非来自真实用户

More than 90% of stablecoin transaction volumes aren’t coming from genuine users, according to a new metric co-developed by Visa Inc., suggesting such crypto tokens may be far away from becoming a commonly used means of payment.
根据Visa Inc.共同开发的一项新指标，超过90%的稳定币交易量并非来自真实用户，这表明此类加密代币可能远未成为常用的支付手段。

The dashboard from Visa and Allium Labs is designed to strip out transactions initiated by bots and large-scale traders to isolate those made by real people. Out of about $2.2 trillion in total transactions in April, just $149 billion originated from “organic payments activity,” according to Visa.
Visa 和 Allium Labs 的仪表板旨在剥离由机器人和大型交易者发起的交易，以隔离真人进行的交易。根据Visa的数据，在4月份约2.2万亿美元的交易总额中，只有1490亿美元来自“有机支付活动”。

Visa’s finding challenges stablecoin proponents’ argument that the tokens, pegged to an asset like the dollar, are poised to revolutionize the $150 trillion payments industry. PayPal Inc. and Stripe Inc. are among the fintech giants making inroads into stablecoins, with Stripe co-founder John Collison in April citing “technical improvements” for being bullish on the tokens.
Visa的发现挑战了稳定币支持者的论点，即与美元等资产挂钩的代币有望彻底改变价值150万亿美元的支付行业。PayPal Inc.和Stripe Inc.是进军稳定币的金融科技巨头之一，Stripe联合创始人John Collison在四月份引用了看好代币的“技术改进”。

Read more: Stripe Brings Back Crypto Payments on Platform With Stablecoins
阅读更多：Stripe 通过稳定币在平台上恢复加密支付

“It says that stablecoins are still in a very nascent moment in their evolution as a payment instrument,” Pranav Sood, executive general manager for EMEA at payments platform Airwallex, said of the data. “That’s not to say that they don’t have long-term potential, because I think they do. But the short-term and the mid-term focus needs to be on making sure that existing rails work much better.”
“它表明稳定币在作为支付工具的发展过程中仍处于非常初级的时刻，”支付平台Airwallex空中云汇欧洲、中东和非洲地区执行总经理Pranav Sood在谈到这些数据时表示。“这并不是说他们没有长期潜力，因为我认为他们有。但短期和中期的重点需要放在确保现有轨道更好地工作上。

Tracking the “real” value of crypto activity using blockchain data has always been a challenge. Data provider Glassnode has estimated that the record $3 trillion of total market circulation assigned to digital tokens at the peak of the 2021 bull market was actually closer to $875 billion.
使用区块链数据跟踪加密活动的“真实”价值一直是一个挑战。数据提供商 Glassnode 估计，在 2021 年牛市高峰期，分配给数字代币的创纪录的 3 万亿美元总市场流通量实际上接近 8750 亿美元。

With stablecoins, transactions can often be double-counted depending on the platform users are transferring funds to. For example, converting $100 of Circle Internet Financial Ltd.’s USDC to PayPal’s PYUSD on the decentralized exchange Uniswap would result in $200 of total stablecoin volume being recorded on-chain, said Cuy Sheffield, Visa’s head of crypto.
对于稳定币，交易通常可以重复计算，具体取决于用户将资金转移到的平台。例如，在去中心化交易所Uniswap上将Circle Internet Financial Ltd.的100美元USDC转换为PayPal的PYUSD将导致链上记录200美元的稳定币总交易量，Visa的加密货币主管Cuy Sheffield说。

Visa itself, which handled more than $12 trillion worth of transactions last year, is among companies that could stand to lose out should stablecoins become a generally accepted means of payment.
Visa本身去年处理了价值超过12万亿美元的交易，如果稳定币成为一种普遍接受的支付手段，Visa本身可能会遭受损失。

The total value of all stablecoins in circulation could reach $2.8 trillion by 2028, analysts at Bernstein predicted last year. That would be an almost 18-fold increase from their combined circulation now. Because transactions using such tokens are instantaneous and almost without cost, many in the crypto industry argue that they’re perfectly suited for disrupting the payments sector.
伯恩斯坦（Bernstein）的分析师去年预测，到2028年，所有流通中的稳定币的总价值可能达到2.8万亿美元。这将比现在的总流通量增加近 18 倍。由于使用此类代币的交易是即时的，几乎无需成本，因此加密行业的许多人认为它们非常适合颠覆支付行业。

PayPal launched its PYUSD stablecoin last year, seeking a solution for instant and lower-cost transfers within its wider payment infrastructure. Stripe said on April 25 it’s allowing merchants using its platform to accept stablecoins for online transactions.
PayPal去年推出了PYUSD稳定币，在其更广泛的支付基础设施中寻求即时和低成本转账的解决方案。Stripe 在 4 月 25 日表示，它允许使用其平台的商家接受稳定币进行在线交易。

Even so, Airwallex has seen tepid demand from its customers for stablecoin-based payments solutions as many still don’t regard the technology as user-friendly enough, according to Sood.
即便如此，Airwallex空中云汇的客户对基于稳定币的支付解决方案的需求仍然不温不火，因为许多人仍然认为该技术不够用户友好。

“It’s a really significant barrier to overcome,” he said. “It’s important to remember that in the US, people are still using checks to pay for somewhere between 40% and 60% of business payments, which gives you a sense of where the market really is in terms of technological adoption.”
“这是一个非常需要克服的重大障碍，”他说。“重要的是要记住，在美国，人们仍在使用支票支付40%至60%的商业付款，这让您可以了解市场在技术采用方面的真实位置。