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.
Explains Sheffield,
“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.”
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