"The Illusion of Stablecoin Payments: $3.5 Trillion Transaction Volume VS. $390 Billion Real Payments" (Authors: Matt Higginson, Alec Zorrilla, Julia Madden, Michael Kirchner; Translated by Will Awang, Web3 Xiaolu) Although on-chain data shows that stablecoins have an annual transaction volume of approximately $35 trillion, even being compared to Visa and Mastercard, the vast majority of this comes from exchange fund transfers, arbitrage and liquidity cycles, smart contract automated interactions, and other non-payment activities.