Stablecoin payment scale exceeds $45 trillion USD? Stablecoin transactions with actual payment background account for less than 1%

In recent years, stablecoins have attracted attention as a new type of payment tool. Data shows that in the past year, the total market value of stablecoins globally has surpassed a historical peak of 300 billion US dollars, with the payment scale exceeding 45 trillion US dollars. However, the actual situation of stablecoin transactions is not as hot as it seems. According to the latest statistics from authoritative institutions, the global scale of stablecoin on-chain transactions in 2025 is estimated to be around 25 trillion US dollars after removing duplicates and virtual transactions. Among them, stablecoin transactions with actual payment backgrounds account for less than 1%, with the vast majority of transactions being "water transactions" such as internal transfers within institutions, split transfers on-chain protocols, and speculation on virtual currencies. The data covers 36 mainstream stablecoins on 16 mainstream public chains including Ethereum, Tron, and Solana. Industry experts point out that after analyzing the transfer intervals, transaction frequencies, and fund flows of stablecoins, it is found that most of the transactions do not have actual payment backgrounds and mainly consist of three types of "water transactions".