Visa has launched a new Online Analytics Dashboard specifically designed for stablecoins, aiming to simplify the intricate data landscape surrounding these digital assets. The platform provides straightforward information about four stablecoins utilised across nine blockchains.
Cuy Sheffield, Visa’s crypto leader, explained in a recent blog post that while stablecoin data is publicly accessible in real-time, meaningful comparisons to traditional financial systems require careful analysis. The diverse uses of stablecoins, particularly in decentralised finance (DeFi) where they are employed for activities like arbitrage and liquidity provision, contribute to the variability in their metrics, distinguishing them from traditional settlement functions.
To address issues like bot-driven data, Visa has implemented methods to filter out non-organic activities. By applying a straightforward heuristic, the platform adjusted the transaction volume for the past 30 days from $2.65 trillion to $265 billion.
Sheffield also highlighted differences in how stablecoin transactions are accounted for compared to conventional ones. For instance, if a user swaps $100 of USDC for PYUSD on Uniswap, it’s recorded as $200 in total stablecoin volume due to the movement of funds between wallets and smart contracts. However, Visa’s analytics will consider this as a $100 transaction.
The dashboard offers charts and graphs detailing supply, transactions, and user data for stablecoins like USD Coin (USDC), Tether (USDT), PayPal USD (PYUSD), and Pax Dollar (USDP). Notably, the data excludes off-chain activities involving these stablecoins.
Visa has been actively involved in cryptocurrency and blockchain initiatives, advocating for the adoption of public blockchain networks and stablecoin-based payments since 2023. The company has also facilitated crypto withdrawals in over 145 countries through a partnership with Transak.