Visa, a leading financial services company, has recently introduced a new tool that aims to provide the public with more precise information regarding stablecoin activities. Cuy Sheffield, Visa’s head of crypto, announced the collaboration between the payments firm and data platform Allium, resulting in the creation of the Visa Onchain Analytics Dashboard. This dashboard serves as a public resource, offering comprehensive data on stablecoin transactions.
The Visa Onchain Analytics Dashboard showcases various relevant metrics, including stablecoin supply, transaction volume, and monthly active users for prominent stablecoins such as USDC, Tether (USDT), Paypal USD (PYUSD), and Pax Dollar (USDP). It covers five layer-1 blockchains and four layer-2 blockchains.
Sheffield explains that the purpose of this tool is to enable anyone to gain a better understanding of how fiat-backed stablecoins move across blockchain networks globally. Additionally, it aims to highlight the volumes and participants involved in this process.
Visa’s decision to develop a new methodology for tracking stablecoins stems from the challenge of dealing with noisy data resulting from transactions initiated either manually by end users or programmatically through bots. To address this, Visa collaborated with Allium Labs to create an adjusted transaction volume methodology. This approach combines a single directional volume filter, eliminating redundant internal transactions of a smart contract, with an inorganic user filter. The inorganic user filter only includes volume from addresses that have conducted transactions of less than $1,000 and have a volume of less than $10 million over the last 30 days, aiming to filter out bot activity.
In conclusion, Visa’s new tool, the Visa Onchain Analytics Dashboard, serves as a valuable resource for anyone interested in gaining accurate insights into the movement and dynamics of fiat-backed stablecoins across various blockchain networks.
