Visa provides a stable coin analysis dashboard that filters out the ‘noise’
Visa has pioneered an online analytics dashboard for stablecoins. The website seeks to cut through the “noise” to provide easily accessible and digestible information on four stablecoins across nine blockchains.
In a blog post announcing the new service, head of crypto Cuy Sheffield Visa said that stablecoin data, although publicly available in real time, requires interpretation before being compared to activity on traditional financial networks.
The noise in Stablecoin data is the result of different use cases. Smart contracts, or “bot programs”, are functions for arbitrage, liquidity provision, market making and other decentralized finance (DeFi) incomparable to “traditional settlement”. Visa checks for bot activity:
“Using simple heuristics that remove inorganic data, we see that turnover for the last 30 days can be adjusted from $2.65T to $265B.”
Furthermore, the Statcoin account is represented differently than traditional transactions. Sheffield said in an X post:
“If a consumer converts $100 USDC to PYUSD on Uniswap, this will count $200 from the total Staticon amount (100 USDC from consumer wallet to Uniswap contract and $100 PYUSD from contract to consumer wallet).”
In Visa's analysis, that transaction counts as $100. The website provides information 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 engaged with crypto and blockchain technology on several fronts. In the year It has announced a project to “drive mainstream adoption of public blockchain networks and stablecoin payments” by 2023 and already supports the USDC. It has also partnered with MetaMask to allow crypto withdrawals on its debit cards.
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Visa has partnered with the Hong Kong Monetary Authority and two banks on a project to use the central bank's digital currency and deposits in 2023. It was one of 11 financial institutions tested this year for UK regulated liability network use cases.
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