Yeah, and by design, off chain transfers cannot be tracked...

south_korea_ln

It is an interesting chart to get a general sense of the growth, even if we don't have all the details of the methodology. 

bren

charts_and_numbers

Annual volume of Bitcoin relative to other payment methods

k00b

This seems to be how visa interprets this data: 

> Looking at the data, we’ve found three notable trends relating to the current state and potential of stablecoins:

> Stablecoin supply is approaching all-time highs. Total demand for stablecoins has picked back up in 2024, with circulating supply approaching $150B.

> Steady growth of monthly active stablecoin users. We are seeing growth in regular users of stablecoins, with 27.5M monthly active users across all chains.

> Discrepancy between total transfer volume vs. bot-adjusted transfer volume. When we apply a simple heuristic that removes inorganic data, we see that transfer volume for the last 30 days can be adjusted from $2.65T to $265B

I did not check the methodology on how they calculate this last point, but i guess indeed, lots of it is wash trading.