Visa Launched On-Chain Analytics Dashboard for Stablecoins

Visa launched an on-chain analytics service aggregating key organic data on stablecoins. The service uses filters to exclude information that doesn’t reflect real user transactions.

Visa, one of the world’s largest payment providers, introduced Visa Onchain Analytics Dashboard, an on-chain analytics service that aggregates data on the fiat-pegged stablecoin market. The project’s technical partner is Allium Labs, a company specializing in processing publicly available blockchain data.

In a press release dedicated to the launch of the service, Cuy Sheffield, Head of Crypto at Visa, noted that one of the project’s key features is the use of information “noise” filters, which allows obtaining reliable data regarding the real indicators of the stablecoin market. The service filters automated processes carried out programmatically, such as:

• stablecoin arbitrage;
• liquidity provision;
• exchange operations, etc.

Thus, Visa Onchain Analytics Dashboard displays only organic user activity in the stablecoin market, excluding transactions that don’t represent settlements in the traditional sense. It also considers the specifics of exchange services when estimating the total transaction volume. The service doesn’t consider off-chain transactions using stablecoins.

Currently, the service is available to everyone. It displays data on four stablecoins, namely:

• USD Coin (USDC);
• Tether (USDT);
• PayPal USD (PYUSD);
• Pax Dollar (USDP).

Data is collected on five L1 blockchains — Ethereum, Binance Smart Chain, Solana, Avalanche, and Tron — and four L2 blockchains — Polygon, Arbitrum, Optimism, and Base.

The scale of using stablecoins is actively growing. According to “The 2024 Crypto Spring Report,” prepared by Chainalysis analysts, the volume of purchases of stablecoins worldwide in March 2024 amounted to more than $40 billion. Besides Visa Onchain Analytics Dashboard reports that over the past 30 days, the volume of organic transactions with the four stablecoins tracked by the service exceeded $2.5 trillion. Over this period, the total number of active users of stablecoins worldwide amounted to about 27.6 million.

Visa has long been experimenting with various aspects of Web3. In 2023, with the help of Visa Token Service, 1 billion payment tokens were issued, which replaced the traditional 16-digit bank card number. In addition, the company, in partnership with Transak, launched the ability to exchange over 40 cryptocurrencies for fiat money without using third-party services. This is available to Visa customers from 145 countries.

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