A recent report from Bloomberg, citing a study by Visa and Allium Labs, challenges the idea that stablecoins are set to revolutionize global payments. The report reveals that a significant 90% of stablecoin transactions in April 2024 were not initiated by regular consumers, raising doubts about their potential as a mainstream payment method.

Visa's analysis aims to identify "organic payments activity" by filtering out transactions driven by bots and high-volume traders. It found that only $149 billion out of a total of $2.2 trillion in stablecoin transactions originated from genuine user activity.

Pranav Sood, executive general manager for EMEA at payments platform Airwallex, commented on the findings, stating that stablecoins are still in an early stage of development as a payment instrument. He emphasized the importance of improving existing payment infrastructure in the short and mid-term, while acknowledging the long-term potential of stablecoins.

The limited real-world usage of stablecoins is not surprising, given the challenges in accurately tracking crypto transaction values via blockchain data. Double-counting of transactions further complicates matters, especially on decentralized exchanges like Uniswap.

Despite these challenges, proponents argue that stablecoins' fast and low-cost transactions make them ideal for disrupting the payments industry. Established payment giants like Visa have a vested interest in maintaining the status quo, but analysts predict a significant surge in the total value of stablecoins in the coming years.

Companies like PayPal and Stripe have embraced stablecoin technology, but complexity remains a major obstacle to widespread adoption. Additionally, the continued use of checks for business transactions in the US highlights the gradual pace of technological adoption in the payments industry.

The future of stablecoins as a mainstream payment option is uncertain. While their disruptive potential is evident, overcoming obstacles such as user acceptance and data transparency is essential before they can truly transform the payments landscape.