Visa has premiered an Online Analytics Dashboard for stablecoins. The website seeks to cut through the “noise” to provide easily accessible and digestible data on four stablecoins across nine blockchains.
In a blog post introducing the new service, Visa head of crypto Cuy Sheffield stated that stablecoin data, despite being publicly available in real time, requires interpretation before they can be compared to activity on traditional financial networks.
Source: Cuy Sheffield
The noise in stablecoin data is the result of their varying use cases. Smart contracts, or “bot programs,” are used for arbitrage, liquidity provision, market making and other functions in decentralized finance (DeFi) that are not comparable to “settlement in the traditional sense.” Visa applies filters out bot activity:
“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.” lockquote>
Furthermore, stablecoin accounting is represented differently from traditional transactions. Sheffield noted in an X post:
“If a consumer converts $100 of USDC to PYUSD on Uniswap, this is counted as $200 of total stablecoin volume ($100 of USDC from the consumer’s wallet to the Uniswap contract, and $100 of PYUSD from the contract to the consumers wallet).” lockquote>
In the Visa analytics, that transaction would be considered $100 in volume. The website provides data on USD Coin (USDC), Tether (USDT), PayPal USD (PYUSD) and Pax Dollar (USDP) supply, transactions and users using charts and graphs. Off-chain transactions with stablecoins are not captured in the data.
Stablecoin transaction volumes, with and without heuristic adjustment. Source: Visa Onchain Analytics Dashboard
Visa is engaged with crypto and blockchain technology on several fronts. It announced a project to “drive mainstream adoption of public blockchain networks and stablecoin payments” in 2023 and it already supports USDC. It has also partnered with MetaMask to allow crypto withdrawals on its debit cards.
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
Visa has premiered an Online Analytics Dashboard for stablecoins. The website seeks to cut through the “noise” to provide easily accessible and digestible data on four stablecoins across nine blockchains.
In a blog post introducing the new service, Visa head of crypto Cuy Sheffield stated that stablecoin data, despite being publicly available in real time, requires interpretation before they can be compared to activity on traditional financial networks.
Source: Cuy Sheffield
The noise in stablecoin data is the result of their varying use cases. Smart contracts, or “bot programs,” are used for arbitrage, liquidity provision, market making and other functions in decentralized finance (DeFi) that are not comparable to “settlement in the traditional sense.” Visa applies filters out bot activity:
“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.” lockquote>
Furthermore, stablecoin accounting is represented differently from traditional transactions. Sheffield noted in an X post:
“If a consumer converts $100 of USDC to PYUSD on Uniswap, this is counted as $200 of total stablecoin volume ($100 of USDC from the consumer’s wallet to the Uniswap contract, and $100 of PYUSD from the contract to the consumers wallet).” lockquote>
In the Visa analytics, that transaction would be considered $100 in volume. The website provides data on USD Coin (USDC), Tether (USDT), PayPal USD (PYUSD) and Pax Dollar (USDP) supply, transactions and users using charts and graphs. Off-chain transactions with stablecoins are not captured in the data.
Stablecoin transaction volumes, with and without heuristic adjustment. Source: Visa Onchain Analytics Dashboard
Visa is engaged with crypto and blockchain technology on several fronts. It announced a project to “drive mainstream adoption of public blockchain networks and stablecoin payments” in 2023 and it already supports USDC. It has also partnered with MetaMask to allow crypto withdrawals on its debit cards.
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
