❗️VISA claims that 90% of stable transactions are fake! #toptraders
Or, at least, they are not payment.
To confirm their thesis, VISA, together with Allium Labs, compiled a dashboard based on open data from 9 networks across 4 stables:
USDT
USDC
USDP
PYUSD
Added two filters:
1. The largest amount in a transaction is counted, excluding internal transactions when executing complex smart contracts.
2. Accounts that send less than 1000 transactions per month and no more than 10 million$ total volume are counted.
🧠 In addition, VISA believes that if 100 USDT is exchanged for 100 PYUSDT on Uniswap, then this is 100$ of real volume, and not 200 $.
✅ Cumulative volume over the last 30 days using these filters is $238.71 billion$ instead of $2.4 trillion.
The bottom line is that stablecoins are still far from disrupting traditional service providers. Marvelous! What else can VISA say? If it were possible, they would come up with a metric to show the absence of any volumes at all in the stables. 😂
🔥 We have yet to see battles between stables and traditional payment systems, unless the latter choose a synergistic approach.
Generally a useful and convenient dashboard. 👍