The analysis also reflected steady growth in stablecoin monthly active users, with around 27.5 million monthly active users across all blockchains.
A report from Visa and data platform Allium Labs revealed that9 out of 10 stablecoin transactions are carried out by bots and not real people. The numbers thus indicate: of US$2.2 trillion of transactions carried out in April, only US$149 billion came from “organic payment activity”.
The supply of the stablecoin market currently amounts to about US$150 billion, with Tether (USDT) and USD Coin (USDC) dominating the market with shares of 75% and 22%respectively.
The analysis also reflected Steady growth in monthly active stablecoin userswith around 27.5 million monthly active users across all blockchains.
In statements to ‘Bloomberg’, Pranav Sood, regional director for EMEA of the payment platform Airwallex, although “stablecoins are still at a very early stage in their evolution as payment instrumentsthat doesn’t mean they don’t have long-term potential, because I think they do.”
“But in the short and medium term we must focus on ensuring that existing channels work much better”he pointed out.
“It’s a really important barrier to overcome. It is important to remember that in the US checks are still used to pay between 40% and 60% of business paymentswhich gives an idea of where the market really is in terms of technology adoption,” Sood added.
Source: Ambito
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