Visa Reveals Only 10% of Stablecoin Transactions Are Real

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Visa and Allium Labs dashboard disclosed that only 10% of stablecoin transactions in April were authentic. This finding suggests that stablecoins are still far from becoming a widely accepted payment method.

The analysis utilized a specialized dashboard that excludes transactions by bots and large traders to focus solely on genuine user activities.

Are Only Bots and Traders Using Stablecoins?

Out of an astounding $2.2 trillion in total transactions, just $149 billion represented organic payments. Stablecoins are digital currencies anchored to stable assets like the dollar. Crypto enthusiasts believe they are potential game-changers for the $150 trillion payments industry.

However, Visa’s recent paints a different picture.

Notably, fintech giants like PayPal and Stripe are delving into stablecoins, encouraged by recent technical enhancements. For instance, PayPal launched its stablecoin, PYUSD. While Stripe has begun allowing merchants to accept stablecoins for online transactions, indicating strides toward adoption.

Despite the infrastructure development and growing interest in stablecoins, consumer demand remains tepid. Many potential users find the technology complex and not user-friendly, representing a significant adoption barrier. Remarkably, checks are still used for a significant portion of business payments in the US, indicating a slow shift to newer technologies.

Meanwhile, Tether reported a record net profit of $4.52 billion for the first quarter of 2024. These financial achievements help Tether maintain the stability and reliability of USDT.

However, a significant aspect of Visa’s report is the shift in market dynamics between stablecoins. USDC has overtaken USDT in terms of transaction volume.

Regulation and Society adoption

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