Visa has partnered with blockchain data provider Allium Labs to create a dashboard to help people understand stablecoin activity.
The Visa Onchain Analytics dashboard is designed to be an easy-to-understand, freely available window into publicly available aggregated blockchain data, starting with stablecoins.
From active user information to volumes by coin and blockchain to transaction sizes and an evolving set of metrics, the dashboard aims to provide clear insights into stablecoin activity.
To explain the value of the resource, Visa head of crypto Cuy Sheffield cites a chart that has been making the rounds on social media showing the volume in billions of dollars that some of the world’s largest settlement networks process annually, and this compares stablecoin volumes with the annual.
The chart shows stablecoin volume overtaking Bitcoin, PayPal and “wire transfers” – and quickly approaching Visa.
However, Sheffield notes, “There is also a lot of ambiguity in this data, as blockchains are general-purpose networks where stablecoins can be used in a range of use cases, where transactions can be initiated manually by an end user or programmatically by bots.”
The Visa dashboard paints a more complicated picture than the social media graph, showing three trends:
- Stablecoin supply is nearing an all-time high, approaching $150 billion
- Steady growth in monthly active stablecoin users to 27.5 million across all chains
- The discrepancy between total transfer volume and bot-adjusted transfer volume is huge – removing inorganic data shows that transfer volume for the last 30 days can be adjusted from $2.65 trillion to $265 billion