全球真实支付占比不足1%，权威专家揭秘稳定币三类“水分交易”

Core Viewpoint - Stablecoins, as a significant form of virtual currency, are posing challenges to financial order due to their technical characteristics and application anomalies. The majority of stablecoin transactions are not backed by actual payment scenarios, with less than 1% of transactions having real payment backgrounds [3][4]. Group 1: Stablecoin Transaction Analysis - In 2025, the global on-chain transaction volume of stablecoins is estimated to be approximately $25 trillion, with less than 1% of this volume representing actual payment transactions [3][4]. - The majority of stablecoin transactions consist of three types of "watered-down transactions": internal fund transfers within institutions, on-chain protocol splits, and stablecoins used as intermediary currencies for virtual currency speculation [3][4]. - Internal fund transfer transactions refer to the movement of stablecoins within different wallets or protocols of the same institution, which do not represent genuine market transactions [4]. Group 2: On-Chain Protocol Splits - On-chain protocol splits occur when a single transaction triggers multiple internal calls and fund transfers, significantly inflating the on-chain transaction volume. For instance, during the exchange of stablecoins for virtual currencies, funds may be split across multiple intermediary addresses to achieve optimal pricing, leading to repeated counting of the same funds [4]. Group 3: Speculative Use of Stablecoins - Stablecoins are primarily used as intermediary currencies for speculative trading, where traders frequently exchange one virtual currency for stablecoins and then use stablecoins to purchase another virtual currency, resulting in the same funds being counted multiple times [4]. Group 4: Real Payment Applications - The actual application of stablecoins in real payment scenarios is minimal, with major virtual currency payment institutions like Coinbase, BVNK, Bitpay, and Binance providing stablecoin payment services for businesses and consumers. In 2025, 15 leading virtual currency payment institutions processed $132 billion in stablecoin transactions, while international card organizations like Visa processed $4.5 billion in stablecoin-related transactions [4].