Stablecoins accounted for less than 1% of real payments in 2025, with most transactions being on-chain "watered-down" activities, according to experts. The global stablecoin on-chain transaction volume reached approximately $25 trillion, but genuine payment transactions were minimal. Analysts identified three main types of "watered-down" transactions: internal fund transfers within the same institution, multiple transfers of the same funds to inflate volume, and stablecoins used for high-frequency speculation. In contrast, 15 major cryptocurrency payment institutions processed about $132 billion in stablecoin payments, while international card organizations handled around $4.5 billion.