Payments Giant Visa Rolls Out New Stablecoin Tool To Provide More Accurate Data on Transaction Volumes

Financial services giant Visa just launched a new tool to provide the public with more accurate data on key stablecoin activities.

In a series of posts on social media platform X, Visa’s head of crypto Cuy Sheffield says the payments firm partnered with data platform Allium to create the Visa Onchain Analytics Dashboard as a public resource for stablecoin transaction data.

The dashboard shows relevant metrics such as stablecoin supply, transaction volume and monthly active users for USDC, Tether (USDT), Paypal USD (PYUSD) and Pax Dollar (USDP) across five layer-1 and four layer-2 blockchains.

“This Onchain Analytics Dashboard can be accessed by anyone to better understand how fiat-backed stablecoins are moving across blockchain networks globally, and demonstrate the volumes and participants involved in the process.”

Sheffield says Visa sought to develop a new methodology for tracking stablecoins because of noisy data arising from transactions that can be initiated manually by an end user or programmatically through bots.

“[W]e worked with Allium Labs to create an adjusted transaction volume methodology that combines a single directional volume filter that removes redundant internal transactions of a smart contract with an inorganic user filter that only counts volume from addresses that have made < $1,000 transactions and < $10 million in volume over last 30 days to attempt to remove bot activity.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price ActionFollow us on X, Facebook and TelegramSurf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/PeachShutterStock/Natalia Siiatovskaia/Andy Chipus

The post Payments Giant Visa Rolls Out New Stablecoin Tool To Provide More Accurate Data on Transaction Volumes appeared first on The Daily Hodl.