A fresh platform was introduced as an enhanced method to observe stablecoin transaction volume. Users will have the ability to view monthly active users, stablecoin supply, and transaction volume. Due to the recent interest in stablecoins, Visa’s division specializing in cryptocurrencies brought forth a new system named the Visa Onchain Analytics Dashboard.

The idea for developing the company's stablecoin analytics dashboard came to Cuy Sheffield, the Head of Crypto at Visa, after seeing a line graph created by well-known crypto enthusiast Nic Carter. Visa collaborated with the blockchain company Allium Labs to create their latest platform.

Detailed Metrics

Furthermore, the new platform was described by the Visa executive as an upgraded method for tracking transaction volume. It incorporates a one-way volume filter to eliminate unnecessary smart contract transactions and an inorganic user filter to filter bot activity. It counts volume only from addresses with fewer than 1,000 transactions and less than $10,000 in the last 30 days.

Users can monitor stablecoin activity at their convenience through this dashboard. Essential information available includes monthly active users, stablecoin supply, and transaction volume. Data for stablecoins tied to the US dollar like USDC, USDT, PYUSD, and USDP is accessible across five Layer-1 blockchains and four Layer-2 blockchains.

Sheffield also mentioned that Visa has identified several challenges with stablecoins, primarily the presence of a lot of noise in the data. This issue arises from the use of digital assets in various scenarios, where transactions can be initiated by humans or programmatically by bots.