More than 90% of stablecoin transaction volumes are not from real users, challenging the belief that stablecoins will revolutionize the payment industry.
Visa and Allium Labs' metric isolates organic payments activity as only $149 billion out of $2.2 trillion in total transactions were deemed genuine in April.
Stablecoins are seen as still early in their payment evolution; the focus should be on improving current payment methods over immediate adoption of stablecoins.
Visa's head of crypto, Cuy Sheffield, explains how stablecoin transactions could lead to double-counting, impacting reported volumes of these digital assets.
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