Visa Crypto Unit Launches Stablecoin Analytics Dashboard

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As someone who closely follows the crypto space, I’m excited about Visa’s entry into the stablecoin analytics ecosystem with their new platform, Visa Onchain Analytics Dashboard. Having seen Nic Carter’s line chart comparing stablecoin volume to established payment networks, I can understand why Visa was motivated to collaborate with Allium Labs to create this public resource.

I’ve noticed an increased interest in the stablecoin ecosystem lately, leading Visa’s crypto division to introduce a new tool called Visa Onchain Analytics Dashboard.

Visa Joins The Stablecoin Transparency Push

At X event, Cuy Sheffield, Visa’s Crypto Head, shared that the company was inspired to develop its stablecoin analysis tool following a glance at a line graph generated by well-known crypto advocate Nic Carter.

Allium Labs, a blockchain company, teamed up with Visa to develop a new collaborative platform for debit cards.

I’ve observed the Visa executive explain the new platform as a transaction filtration system. This methodology refines the volume data by integrating a unidirectional filter that eliminates unnecessary internal transactions of smart contracts. Additionally, it includes an organic user filter that tallies up the volume solely from addresses with less than 1,000 transactions and under $10 million in volume over the previous 30 days to minimize bot activity.

Upon observing the line graph generated by @nic__carter depicting consistent stablecoin volumes versus recognized payment systems, we chose to collaborate with @AlliumLabs in developing the Visa Onchain Analytics Dashboard as a readily accessible platform for gaining deeper insights into stablecoin transactions.

— Cuy Sheffield (@cuysheffield) April 25, 2024

With a user-friendly design, this dashboard enables you to effortlessly track the actions pertaining to stablecoins whenever it suits you.

Users can obtain essential data such as the quantity of stablecoins in circulation, trading activity, and monthly active users. At present, details regarding USDC, USDT, PYUSD, and USDP – all being USD-pegged stablecoins – are accessible on five primary blockchain networks and four layer-2 platforms where these coins originate.

Visa To Tackle Crucial Stablecoin Challenge

Sheffield points out that Visa has acknowledged certain hurdles in dealing with stablecoins, specifically the issue of excessive data noise. This predicament arises due to the diverse applications of digital currency, which encompass transactions instigated by users and automated bots alike.

To address the issues identified, developers aim to introduce automated programs as a response. These tools take on tasks such as arbitrage, liquidity provision, and market making within the Decentralized Finance (DeFi) system. Despite being essential for maintaining the DeFi ecosystem’s functionality, these processes differ from traditional settlement methods.

I’ve observed an intriguing discovery that led Visa to partner with Allium Labs. This collaboration is anticipated to yield a refined tool for estimating stablecoin settlement volumes more precisely, along with other valuable features. In the coming days, Visa intends to enhance its analytics dashboard significantly, taking into account users’ suggestions closely.

In the meantime, an increasing number of businesses are entering the realm of stablecoins. For instance, Ripple Labs, a well-known player in crypto payments, announced its intention to introduce a stablecoin whose value is tied to the US dollar.

As an observer, I’ve noticed that even the influential BRICS bloc, which aims to challenge the dominance of the US dollar, is now pondering over the idea of introducing a stablecoin of their own.

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2024-04-25 18:04