PANews reported on March 16th that, according to the China Securities Journal, the latest statistics show that the global stablecoin on-chain transaction volume, after deduplication, is approximately $25 trillion in 2025. However, transactions with actual payment backgrounds account for less than 1%. Experts analyze that the vast majority of these transactions fall into three categories of "watered-down" transactions: 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 the exchange process to artificially inflate transaction volume; and third, stablecoins acting as intermediaries for cryptocurrency exchanges and being used for high-frequency speculation. In the same year, 15 leading cryptocurrency payment institutions processed approximately $132 billion in stablecoin payments, while international card organizations processed approximately $4.5 billion in related transactions.