Visa Launches New Online Analytics Dashboard for Stablecoins
Visa has unveiled a cutting-edge Online Analytics Dashboard designed specifically for stablecoins. The platform aims to provide easily accessible and understandable information about four stablecoins across nine different blockchains, cutting through the noise and simplifying the data.
In a blog post introducing the new service, Cuy Sheffield, Visa’s head of crypto, acknowledged that while stablecoin data is publicly available in real-time, it often requires interpretation before it can be compared to traditional financial network activities.
The noise in stablecoin data arises from the diverse range of use cases these digital currencies serve. Smart contracts, also known as “bot programs,” are utilized for various functions in decentralized finance (DeFi), such as arbitrage, liquidity provision, and market making. These functions are not comparable to settlement in the traditional sense. To address this, Visa filters out bot activity from its analytics.
Furthermore, stablecoin accounting differs from traditional transaction representation. Sheffield explained in an informative post that a $100 transaction would be considered as a volume in Visa analytics. The Online Analytics Dashboard showcases data on four stablecoins: USD Coin (USDC), Tether (USDT), PayPal USD (PYUSD), and Pax Dollar (USDP). Users can view supply, transactions, and user data through charts and graphs. However, it’s important to note that off-chain transactions with stablecoins are not captured in the data.
Visa has been actively engaged with cryptocurrencies and blockchain technology across various fronts. The company recently announced a project aimed at driving mainstream adoption of public blockchain networks and stablecoin payments by 2023. Additionally, Visa already supports USDC and has partnered with MetaMask to enable crypto withdrawals on its debit cards.
In 2023, Visa participated in a project with the Hong Kong Monetary Authority and two banks that explored the use of central bank digital currency and tokenized deposits. This year, the company was one of 11 financial institutions that experimented with use cases of the U.K. Regulated Liability Network.
As the world of stablecoins continues to evolve, Visa’s new Online Analytics Dashboard provides valuable insights and data to help users navigate this rapidly expanding digital asset landscape.