Visa Launches Stablecoin Analytics Dashboard with Filtered Noise

Visa has launched a new Online Analytics Dashboard specifically for stablecoins. This platform aims to simplify the complex data landscape by offering clear and concise information on four stablecoins operating across nine different blockchains.

In a recent blog post, Visa’s crypto chief, Cuy Sheffield, mentioned that while stablecoin data is openly accessible in real-time, it demands analysis to be effectively compared with the operations of conventional financial systems.

The variability in stablecoin metrics often stems from their diverse applications. In decentralized finance (DeFi), “bot programs” or smart contracts are deployed for purposes like arbitrage, providing liquidity, and market making, activities that differ significantly from traditional settlement operations. 

Visa employs methods to eliminate bot-generated data, noting that by applying a basic heuristic to remove non-organic activity, the transaction volume over the past 30 days is corrected from $2.65 trillion to $265 billion.

Sheffield pointed out in an X post that the accounting for stablecoin transactions diverges from that of conventional transactions. He explained that when a user exchanges $100 of USDC for PYUSD on Uniswap, it’s recorded as $200 in total stablecoin volume. This is because $100 of USDC moves from the user’s wallet to the Uniswap contract, and simultaneously, $100 of PYUSD transfers from the contract to the user’s wallet.

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. 

Visa is actively involved in various initiatives related to cryptocurrency and blockchain technology. In 2023, it launched a project aimed at promoting the widespread use of public blockchain networks and payments through stablecoins and is already facilitating transactions with USDC. 

Additionally, it has formed a partnership with MetaMask, enabling the withdrawal of cryptocurrency via its debit cards. 

The post Visa Launches Stablecoin Analytics Dashboard with Filtered Noise first appeared on Coinfea.