New YorkAllium counts only $482bn of $97.9tn in stablecoin transfers as payments.

Raw transfer figures include exchanges moving their own funds and trading bots.

Supply rose 0.4% to $305bn this year while payments rose 45%, because the same tokens change hands more often.

Standard Chartered now expects a $2tn stablecoin market in 2030, not 2028.

How each outlet framed it
CoinDesk
separates stablecoin payments from blockchain activity: payments were ~0.5% of raw transfer value despite the 71% transaction rise

Sources: CoinDesk