According to a new metric developed by Visa, more than 90% of stablecoin transactions do not come from real users, suggesting that such crypto tokens may be far from becoming a commonly used payment method. Visa and Allium Labs' dashboards are designed to weed out transactions initiated by bots and large traders in order to isolate transactions initiated by real people. Of the roughly $2.20 trillion total transactions in April, only $149 billion came from organic payment activity, Visa said.
Visa's findings challenge the view of stablecoin proponents that tokens pegged to assets such as the US dollar have the potential to revolutionize the 150 trillion dollar payments industry. With stablecoins, transactions can often be double-counted, depending on the platform to which users move their funds.
Cuy Sheffield, head of cryptocurrency at Visa, said that, for example, converting a $100 USDC from Circle Internet Financial Ltd. to PayPal's PYUSD on decentralized exchange Uniswap would result in a $200 total stablecoin transaction volume recorded on the chain.
The study found that more than 90% of stablecoin transactions do not come from real users
2024-05-05 23:42:44
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