Share this article
Less Than 10% of Stablecoin Transaction Volume Coming from Real Users: Report
The stablecoin market supply currently stands at about $150 billion.
Updated May 6, 2024, 5:34 p.m. Published May 6, 2024, 6:48 a.m.
- More than 90% of stablecoin transaction volumes aren’t coming from genuine users, analysis co-developed by Visa finds, according to a Bloomberg report.
- Out of about $2.2 trillion in total transactions in April, just $149 billion originated from “organic payments activity."
Less than 10% of stablecoin transaction volumes are organic or come from real people, according to new findings by Visa and data platform Allium Labs, Bloomberg reported.
Out of about $2.2 trillion in total transactions in April, just $149 billion originated from “organic payments activity,” the report said. The analysis removed transactions done by bots and large-scale traders to “isolate those made by real people.”
STORY CONTINUES BELOW
The stablecoin market supply currently stands at about $150 billion, with tether and USD Coin (USDC) dominating the market with shares of 75% and 22%, respectively, broker Bernstein has said.
Stablecoins are a cryptocurrency tied to another asset class, usually the U.S. dollar, to keep a stable, steady value. They’ve come into sharp focus after PayPal and some others announced they were issuing their stablecoins. Legislation to regulate stablecoins is also seen to be the most likely to make it through the U.S. Congress.
"There is also a lot of noise in this data given that blockchains are general purpose networks where stablecoins can be used across a range of use cases with transactions that can be initiated manually by an end user or programmatically through bots," said a note last month about the findings by Cuy Sheffield, Visa’s Head of Crypto.
Despite the discrepancy between total transfer volume and bot-adjusted transfer volume, the analysis found a steady growth of monthly active stablecoin users, with 27.5 million monthly active users across all chains.
Read More: Stablecoin Bill Unlikely to Get Pinned to FAA Reauthorization, Putting Effort On Hold Again
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
U.S. Senate's Crypto Market Structure Bill Gets Messy as Calendar Weighs Down
The White House has shut down proposals, and lawmakers are circulating the Democrats' asks in what had been a close negotiation, revealing 11th-hour pressure.
What to know:
- Democrats shared a response to Republicans outlining their continuing priorities for a crypto market structure bill, which they said was intended to "reach an agreement and proceed towards a mark-up."
- The document laid out concerns with financial stability, market integrity and public officials' ability to trade and profit off of crypto, echoing concerns laid out in a framework Democrats shared in September.
- The Senate is running out of time in the Congressional calendar to hold a markup hearing — a key step toward progressing the bill — before 2025 ends.
Top Stories
