In a surprising twist, global payment juggernaut Visa has unveiled findings from a new study challenging the prevailing notion that stablecoin transactions are rapidly approaching the scale of traditional payment networks.

Despite the widespread belief in the burgeoning popularity of stablecoins as a viable alternative to conventional money networks, Visa's head of crypto, Cuy Sheffield, recently took to X thread to express skepticism. Sheffield pointed to what he termed as a significant level of "noise" in stablecoin transactions across various blockchain networks, largely attributed to automated bot activities.

Visa's approach to scrutinizing stablecoin transactions involves a two-pronged methodology. Firstly, it selectively focuses on the largest stablecoin amounts transferred within a single transaction, omitting smaller transactions resulting from complex smart contract interactions. Secondly, it implements an "inorganic user filter," targeting transactions initiated by accounts involved in fewer than 1,000 stablecoin transactions and $10 million in transfer volume.

According to Visa, this filtration process aims to exclude various forms of bot activity and automatic transactions, particularly those emanating from large entities such as centralized exchanges.

While Visa's study may raise eyebrows within the cryptocurrency community, some industry experts are echoing similar sentiments. Pranav Sood, executive general manager for EMEA at payments platform Airwallex, emphasized to Bloomberg that current data suggests stablecoins are still in a nascent stage of their evolution as a payment instrument. Sood underscored the importance of enhancing existing payment infrastructures to ensure seamless operations in both the short and mid-term.

However, Visa's findings are not without detractors. Nick van Eck, co-founder of Agora, a startup specializing in stablecoins, expressed skepticism regarding Visa's methodology. Van Eck highlighted that the data presented by Visa "makes no sense" as it could inadvertently factor in legitimate trading firms leveraging stablecoin products for business operations.

As the debate surrounding the reliability and scalability of stablecoin transactions continues to unfold, Visa's study adds a fresh perspective, prompting further scrutiny into the evolving landscape of digital payment solutions.