German scholars have discovered that stablecoin payments pose serious privacy risks. In December 2024, three German marketing professors successfully reconstructed complete customer profiles for eight consumer-facing brands by analyzing 22.7 million retail stablecoin transaction data. The study revealed multiple privacy risks associated with the widespread adoption of stablecoins, including salary information leakage, personal privacy rights infringement, and the leakage of competitive business intelligence. Experts warn that as the scale of stablecoin payments continues to expand, these privacy issues will become increasingly severe, and they recommend implementing effective privacy protection measures as soon as possible before the costs of transparent taxation become prohibitively high.