According to research firm Sacra, Stablecoins could eventually surpass payments giant Visa in total payment volume this quarter.
However, Visa's head of crypto disagrees.
In a blog post by Sacra co-founder Jan-Erik Asplund, the company argues that the “product market is extremely suitable for cross-border remittances” of stablecoins and can see the total volume Its payments beat Visa and reached more than 4 trillion USD.
“Stablecoins are about convenience, allowing cross-border payments to be completed any day of the week (instead of just business days), in terms of speed (in minutes instead of 6 to 9 hours) and cost ($0.0037 vs. $12),” Asplund argued.
“Today, every major bank is attempting to use stablecoins to conduct their payment operations in a confidential manner,” he added.
However, Visa's head of crypto, Cuy Sheffield, disagrees , arguing that there is "a lot of noise" with stablecoin data and on- chain transactions due to interactions with bots and bots. action “is not the same as settlement in the traditional sense”.
Visa's recently launched dashboard claims that up to 90% of stablecoin transactions in the past 30 days were not made by real users.
Total stablecoin volume in April was approximately $2.2 billion. However, less than 10% of that volume ($149 billion) has been deemed legitimate by the payments company, with bot activity and automated trading by entities such as centralized exchanges accounting for the remainder.
Visa partnered with Allium Labs to develop adjusted stablecoin trading metrics for the dashboard , which was announced at the end of April.
“This adjusted metric is intended to remove noise signals arising from activity other than real users,” the company said on its dashboard.
