Visa has introduced an Online Analytics Dashboard meant particularly for stablecoins.
Visa’s new stablecoin analytics dashboard
The purpose of this platform is to make the complex data landscape clear, as it provides simple facts about four stablecoins, which are used on nine blockchains.
Visa’s crypto leader, Cuy Sheffield, wrote in a recent blog post that stablecoin data is publicly available in real-time. Still, it must be analyzed to be meaningfully compared to traditional financial systems.
The variability of stablecoin metrics is usually due to their different uses. In decentralized finance (DeFi), bot programs or smart contracts are used for arbitrage, liquidity provision, and market making, among others, which is very different from traditional settlement functions.
Visa also deployed methods to filter-out bot-driven data, and by applying a simple heuristic to filter out non-organic activity, the transaction volume for the last 30 days is adjusted from $2.65 trillion to $265 billion.
In an X post, Sheffield noted that stablecoin transactions are accounted for differently from conventional ones. According to him, if a user swaps $100 of USDC for PYUSD on Uniswap, it is recorded as $200 in the total stablecoin volume. This happens because $100 of USDC is moved from the user’s wallet to the Uniswap contract, and, at the same time, $100 of PYUSD is moved from the contract to the user’s wallet.
To Visa analytics, such transactions will be considered $100 in volume. The website also offers charts and graphs with data on supply, transactions, and users of USD Coin USDC, Tether USDT, PayPal USD PYUSD, and Pax Dollar (USDP). The data does not contain the off-chain activities with the stablecoins.
Visa participates in several projects related to cryptocurrency and blockchain technology. In 2023, it initiated an initiative to advocate for the adoption of public blockchain networks and payment through stablecoins, and it has already processed transactions with USDC.
Visa also teamed up with Transak to enable crypto withdrawals in over 145 countries.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed