[Expert: Stablecoin transactions with actual payment backgrounds account for less than 1%, the vast majority are 'wash trades'] Jin10 News, March 16 – According to the latest statistics, after deduplication and removal of inflated data, the global on-chain transaction volume of stablecoins in 2025 is estimated to be approximately $25 trillion. Among these, stablecoin transactions with actual payment backgrounds account for less than 1%, with the vast majority of transactions being internal transfers within institutions, on-chain protocol splitting and reallocations, and speculative trading of virtual currencies, categorized as 'wash trades.' 'The application of stablecoins in real payment scenarios is negligible,' experts stated. In real business scenarios such as trade and consumption, stablecoin payment services are primarily provided to enterprises or consumers by virtual currency payment institutions such as Coinbase, BVNK, Bitpay, and Binance Pay. In 2025, the top 15 virtual currency payment institutions are expected to process $132 billion in stablecoin transactions, while international card organizations like Visa are projected to handle approximately $4.5 billion in stablecoin-related transactions. Even when including the use of stablecoins in illegal activities such as money laundering, telecom fraud, online gambling, extortion, and sanction evasion, stablecoin transactions with actual payment backgrounds still account for less than 1%.