ChainCatcher 消息，据中国证券报报道，2025 年全球稳定币链上交易规模经去重去虚处理后约为 25 万亿美元，但其中具有实际支付背景的交易占比不足 1%，绝大部分为"水分交易"。
该统计覆盖以太坊、波场、Solana 等 16 条主流公链上的 36 种主流稳定币。分析显示，"水分交易"主要由三类构成：一是机构内部资金倒账，即同一机构旗下不同钱包或协议间的内部划转；二是链上协议拆分划转，同一笔业务因多次内部调用导致交易规模被虚增；三是稳定币作为加密货币兑换的中介币种，用于投机炒作，导致同一笔资金被重复统计。
在真实支付场景方面，2025 年 Coinbase、BVNK、Bitpay、币安支付等 15 家头部加密货币支付机构共处理稳定币交易 1320 亿美元，Visa 等国际卡组织共处理稳定币相关交易约 45 亿美元。即便将洗钱、电信诈骗、网络赌博等非法活动中的稳定币使用纳入统计，具有实际支付背景的交易占比仍不足 1%。
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