FYI I’ve been quite quiet lately, and that’s simply because there’s been very little to report. Unlike the crypto press, I don’t feel obliged to post every day, just for the sake of getting clicks or views. So don’t worry if I skip a day (or days). I don’t want to waste our time with drivel.
More than 90% of stablecoin transactions aren’t from real users
More than 90% of stablecoin transactions aren’t coming from genuine users, according to VISA and Allium Labs. Their new metric strips out transactions initiated by bots and large-scale traders to isolate those made by real people. Out of about $2.2 trillion in total transactions in April 2024, just $149 billion originated from “organic” payments activity. [Read more at Bloomberg]
Relatedly, this chart from VISA and Allium Labs shows that, despite there being way more USDT (Tether) than USDC (Circle) outstanding, USDC dominates in terms of organic transactions.
Upcoming Speaking Engagements:
- CBDC Conference, Istanbul, September 10-12. The conference will offer representatives of central banks, commercial banks, technology providers, policy makers and academics the perfect platform to learn about the latest CBDC developments, exchange ideas with experts and peers. [Find out more and register here][Central bank delegates may be eligible for free registration (email registration@cbdc-conference.com to find out more)]
- Digital Currency Conference, London, September 23-24. The conference will bring together policymakers, regulators, and technology and innovation experts to network and discuss all aspects of digital currencies. And enter the KiffmeisterDCC code at registration to get a 20% discount! [Find out more and register here]
And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at john@kiffmeister.com.
