More than 90% of stablecoin transaction volumes aren’t coming from genuine users, suggesting such crypto tokens may be far away from becoming a commonly used means of payment.
More than 90% of stablecoin transaction volumes aren’t coming from genuine users, according to a new metric co- Allium Labs developed by Visa Inc., suggesting such crypto tokens may be far away from becoming a commonly used means of payment.
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. With stablecoins, transactions can often be double-counted depending on the platform users are transferring funds to. The total value of all stablecoins in circulation could reach $2.8 trillion by 2028, analysts at Bernstein predicted last year.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.
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