Majority of Stablecoin Transactions Not Genuine, Analysis Finds

According to a report by Bloomberg, an analysis co-developed by Visa has found that over 90% of stablecoin transaction volumes are not coming from genuine users. Out of the total $2.2 trillion in transactions in April, only $149 billion originated from "organic payments activity." The analysis removed transactions conducted by bots and large-scale traders to focus on those made by real people. The stablecoin market supply is currently around $150 billion, with tether (USDT) and USD Coin (USDC) dominating the market. Stablecoins are cryptocurrencies tied to another asset, typically the U.S. dollar, to maintain a stable value. The regulation of stablecoins is gaining attention, with legislation expected to be the most likely to pass through the U.S. Congress. Despite the dominance of non-genuine transactions, the analysis found a steady growth of monthly active stablecoin users, with 27.5 million monthly active users across all chains.

Sources :
- Coindesk