Gate News reports that on March 16, according to China Securities Journal, the latest statistics show that the on-chain transaction volume of global stablecoins in 2025 is approximately $25 trillion after deduplication, but transactions with actual payment backgrounds account for less than 1%. Experts analyze that the majority are three types of “watered-down transactions”: first, internal fund transfers between wallets and protocols under the same institution or controlling entity; second, on-chain protocols splitting and transferring the same funds multiple times during exchanges, artificially inflating transaction volume; third, stablecoins acting as intermediaries in virtual currency exchanges, used for high-frequency speculative trading. In the same year, 15 leading virtual currency payment institutions processed about $132 billion in stablecoin payments, while international card organizations handled related transactions worth approximately $4.5 billion.
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