- Over 90% of stablecoin volumes are linked to bots and large traders.
- The findings suggest that stablecoin payments have not yet reached widespread adoption.
Only less than 10% from April stablecoin Transaction volume was linked to genuine users.
According to a Bloomberg reportwhich cited the latest findings from Visa Inc., more than 90% of the volume was linked to bots and large-scale merchants.
Part of the report highlighted that,
“Of approximately $2.2 trillion in total transactions in April, only $149 billion originated from organic payments activities”
Compared to the $150 trillion payments industry, the report suggested that stablecoins were far from reaching widespread adoption as a payment option.
Stablecoins have a long way to reach widespread adoption
Paypal and Stripe are some of the traditional payments ecosystem players that have entered the stablecoin space.
Visa, a major traditional player, handled $12 billion in transactions last year alone. Most market observers see the widespread global adoption of stablecoin payments as a direct threat to Visa’s business.
However, some market observers believe that the market is in its early stages and widespread adoption could happen in the long term, but in the short to medium term, the focus should be on payment lanes.
An analyst, Pranav Sood, CEO of payments platform Airwallex, commented:
“The short and medium-term focus must be on ensuring that existing rails perform much better.”
Meanwhile, the stablecoin market surged further amid market improvement following huge drops in March and April.
Its market capitalization reached $160 billion, and DAI dominated the notable growth of top-tier stablecoins.
On a monthly basis, Ethena’s USDe and First Digital’s FDUSD recorded double-digit growth, DeFiLlama data presented. DAI, USDTand USDC It was closely followed by single-digit growth in that order.
A surge in stablecoin holdings, especially by whales, could mean big players https://twitter.com/hexonaut/status/1787034084465848333 for discounted offers, inducing markets.
At the close of this edition,
bitcoin [BTC] was back in its $60,000 to $71,000 range, and a fresh rally in stablecoins could fuel a further market rally.
Next: Polygon Holds Key Level, But Will MATIC Fall to $0.61 in May?
This is an automatic translation of our English version.
