Visa Launches New Stablecoin Tool
Financial services giant Visa recently unveiled a new tool designed to offer the public more precise information regarding crucial stablecoin activities.
Partnership and Purpose
- Visa collaborated with data platform Allium to develop the Visa Onchain Analytics Dashboard.
- This dashboard serves as a public resource for stablecoin transaction data.
Key Data Points
- The Visa Onchain Analytics Dashboard provides insights on stablecoin supply, transaction volume, and monthly active users for USDC, Tether (USDT), Paypal USD (PYUSD), and Pax Dollar (USDP).
- Data is available for five layer-1 and four layer-2 blockchains.
Tracking Methodology
Cuy Sheffield, Visaโs head of crypto, explained that they aimed to develop a new methodology for tracking stablecoins due to noisy data from various transaction sources.
- They worked with Allium Labs to create an adjusted transaction volume methodology.
- This methodology filters out redundant internal transactions of a smart contract and eliminates inorganic user activity from the data analysis.
Bot Activity Prevention
The new methodology focuses on preventing bot activity by only counting volume from addresses with specific transaction and volume thresholds.
- Addresses must have made transactions below $1,000 and had less than $10 million in volume over the last 30 days to be included in the analysis.
Closing Thoughts on Visaโs Initiative
Visaโs launch of the Visa Onchain Analytics Dashboard demonstrates its commitment to providing transparent and accurate data on stablecoin transactions to the public.
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