Financial services company Visa has just launched a new tool to provide the public with more accurate data on major stablecoin activities.
In a series of posts on social media platform say the payments company partnered with data platform Allium to create the Visa Onchain Analytics Dashboard as a public source for stablecoin transaction data.
The dashboard shows relevant metrics such as stablecoin supply, transaction volume and monthly active users for USDC, Tether (USDT), Paypal USD (PYUSD) and Pax Dollar (USDP) across five layer-1 and four layer-2 blockchains.
explains Sheffield,
“This Onchain Analytics Dashboard is open to everyone to better understand how fiat-backed stablecoins move across blockchain networks worldwide, and to demonstrate the volumes and participants involved in the process.”
Sheffield says Visa wanted to develop a new methodology for tracking stablecoins due to noisy data resulting from transactions that can be initiated manually by an end user or programmatically via bots.
“[W]e worked with Allium Labs to create a custom transaction volume methodology that combines a single directional volume filter that removes excess internal transactions from a smart contract with an inorganic user filter that only counts volume from addresses that have made <$1,000 transactions and <$ 10 million in volume from the last 30 days to try to remove bot activity.
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