[Expert: Stablecoin Real Payment Proportion Less Than 1%, Majority Are On-Chain 'Wash Trades'] According to a report by China Securities Journal, the latest statistics show that the global on-chain transaction volume of stablecoins in 2025, after deduplication, is approximately $25 trillion. However, transactions with actual payment backgrounds account for less than 1%. Experts analyze that the majority of these are three types of 'wash trades': 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 volumes; third, stablecoins acting as intermediaries for virtual currency exchanges, used for high-frequency speculative trading. In the same year, 15 leading virtual currency payment institutions processed only about $132 billion in stablecoin payments, while international card organizations handled related transactions of approximately $4.5 billion.