{"id":13241,"date":"2024-05-06T11:36:48","date_gmt":"2024-05-06T08:36:48","guid":{"rendered":"https:\/\/forklog.com\/en\/bloomberg-less-than-10-of-stablecoin-transactions-are-organic\/"},"modified":"2024-05-06T11:36:48","modified_gmt":"2024-05-06T08:36:48","slug":"bloomberg-less-than-10-of-stablecoin-transactions-are-organic","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bloomberg-less-than-10-of-stablecoin-transactions-are-organic\/","title":{"rendered":"Bloomberg: Less Than 10% of Stablecoin Transactions Are ‘Organic’"},"content":{"rendered":"

Over 90% of stablecoin volume is moved by non-human users, indicating limited use of cryptocurrencies as a payment method, according to Bloomberg<\/a>.<\/p>\n

The agency interpreted data from a new indicator by Visa and Allium Labs. The tool identifies transactions made by bots and large traders, distinguishing them from those by real people.\u00a0<\/p>\n

\"Bloomberg:
The dominance of bots in stablecoin transactions. Data: Bloomberg, Visa, and Allium Labs.<\/figcaption><\/figure>\n

According to Visa, in April, out of a total transaction volume of $2.2 trillion, only $149 million was considered ‘organic payment activity’.<\/p>\n

\n

“This suggests that stablecoins are still in the early stages of their evolution as a payment tool,” noted Airwallex regional manager Pranav Sood.<\/p>\n<\/blockquote>\n

He believes that cryptocurrencies still have potential, but in the short to medium term, focus should be on improving existing tools.\u00a0<\/p>\n

Citing research by Glassnode, Bloomberg noted that the record $3 trillion market capitalization of the crypto market in November 2021 “was actually closer to $875 billion”.<\/p>\n

Visa’s head of digital assets, Cuy Sheffield, emphasized that stablecoin transactions are often double-counted depending on the receiving platform. He explained that converting 100 USDC from Circle to PYUSD from PayPal on the decentralized exchange Uniswap would increase the on-chain volume by $200.<\/p>\n

Sood added that Airwallex observes moderate client demand for stablecoin-based payment solutions, as many still do not find the technology convenient enough to use.<\/p>\n

\n

“In the US, people still use checks for 40-60% of business payments, which gives an idea of where the market really is in terms of technology adoption,” added the top manager.\u00a0<\/p>\n<\/blockquote>\n

On April 19, the combined market capitalization of US dollar-pegged stablecoins rose to $165.2 billion<\/a>, a level last seen in June 2022. One of the growth drivers was interest in the ‘synthetic dollar’ USDe from Ethena Labs<\/a>.\u00a0<\/p>\n

In August, analysts at Bernstein predicted that the capitalization of stablecoins would grow to $2.8 trillion over the next five years.\u00a0<\/p>\n

In March, the rating agency S&P Global Ratings released<\/a> an assessment of the leading stablecoins. None of the nine assets studied received the highest rating.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Over 90% of stablecoin volume is moved by non-human users, indicating limited use of cryptocurrencies as a payment method, according to Bloomberg. The agency interpreted data from a new indicator by Visa and Allium Labs. The tool identifies transactions made by bots and large traders, distinguishing them from those by real people.\u00a0 The dominance of […]<\/p>\n","protected":false},"author":1,"featured_media":13240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1227,167,807],"class_list":["post-13241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-transactions","tag-research","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13241"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13240"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}