Visa, the financial services giant, has recently unveiled an innovative tool designed to provide the public with more precise information on the activities of key stablecoins. In a series of social media posts on platform X, Cuy Sheffield, Visa’s head of crypto, announced that the company has partnered with data platform Allium to create the Visa Onchain Analytics Dashboard. This dashboard serves as a public resource for stablecoin transaction data.

The Visa Onchain Analytics Dashboard offers various relevant metrics, including stablecoin supply, transaction volume, and monthly active users for prominent stablecoins such as USDC, Tether (USDT), Paypal USD (PYUSD), and Pax Dollar (USDP). It covers five layer-1 blockchains and four layer-2 blockchains.

According to Sheffield, the purpose of this dashboard is to enable anyone to gain a better understanding of how fiat-backed stablecoins are being utilized across blockchain networks worldwide. It aims to demonstrate the volumes of transactions and the participants involved in this process.

Visa embarked on the development of this new methodology for tracking stablecoins due to the presence of noisy data resulting from transactions that can be initiated manually by end-users or automatically through bots. Sheffield explains that they collaborated with Allium Labs to create an adjusted transaction volume methodology. This methodology combines a single directional volume filter, which eliminates redundant internal transactions of a smart contract, with an inorganic user filter. The latter only counts volume from addresses that have engaged in transactions of less than $1,000 and a volume of less than $10 million over the last 30 days, in an attempt to filter out bot activity.

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