The #BIS has published a paper that challenges a common assumption in stablecoin analysis. A stablecoin transfer is often treated as a payment. The BIS examined 141 million #Ethereum transactions and 241 million #stablecoin transfer events and found that nearly 60% of transfer events occur within more complex transaction structures. These structures combine activities such as trading, lending, collateral management, liquidity provision and settlement into a single atomic tran