Visa has partnered with blockchain data provider Allium Labs to create a dashboard aimed at enhancing understanding of stablecoin activity.
The Visa Onchain Analytics Dashboard serves as an accessible, free resource that presents publicly-available aggregated blockchain data, starting with stablecoins. It offers insights into various aspects of stablecoin activity, including the number of active users, transaction volumes by coin and blockchain, and transaction sizes, alongside a growing variety of metrics.
Cuy Sheffield, Visa’s head of crypto, highlights the significance of this resource by referencing popular social media charts that compare the annual transaction volumes of major settlement networks, measured in billions of dollars, against the yearly volumes of stablecoins. These comparisons illustrate that stablecoin volumes have surpassed those of Bitcoin, PayPal, and traditional remittances, and are rapidly closing in on Visa’s volumes.
However, Sheffield notes that the data can be misleading due to the nature of blockchains, which support various transactions and use cases that can be initiated both manually by users and programmatically by bots.
The Visa dashboard reveals a more nuanced perspective than the simplified social media portrayals, showcasing three main trends:
– The stablecoin supply is nearing all-time highs of approximately $150 billion.
– The number of monthly active stablecoin users has steadily increased to 27.5 million across different chains.
– There is a significant disparity between total transfer volume and bot-adjusted transfer volume; for instance, analyzing the last 30 days, transfer volume can be adjusted from $2.65 trillion to $265 billion when excluding inorganic data.