As someone who closely follows the world of cryptocurrencies and stablecoins, I am thrilled to see Visa’s latest move in providing an Online Analytics Dashboard for stablecoins. The need for easily accessible and digestible data on this rapidly growing sector is crucial for understanding its true potential and comparing it to traditional financial networks.
Expert: Visa has launched a user-friendly Online Analytics Dashboard specifically designed for tracking stablecoins. This innovative platform aims to filter out complexities, offering clear and succinct information about the performance of four distinct stablecoins across nine different blockchains.
In a recent blog announcement, Visa’s crypto chief, Cuy Sheffield, explained that while stablecoin data is openly accessible in real-time, it needs to be deciphered and analyzed before being able to draw accurate comparisons with transactions on conventional financial systems.
From an outside perspective, I observe that the unpredictability in stablecoin data stems from their multifaceted applications. In the realm of decentralized finance (DeFi), smart contracts function as “automated bots” performing tasks such as arbitrage, liquidity provision, and market making. These activities, while essential, don’t align with traditional settlement processes. Visa, in an attempt to maintain order, employs filters to distinguish and exclude bot activity.
“When we apply a simple heuristic that removes inorganic data, we see that transfer volume for the last 30 days can be adjusted from $2.65T to $265B.”
As an observer, I’d add that stablecoins, unlike traditional transactions, have distinct accounting representations. Sheffield pointed out in a post on X that:
“If a consumer converts $100 of USDC to PYUSD on Uniswap, this is counted as $200 of total stablecoin volume ($100 of USDC from the consumer’s wallet to the Uniswap contract, and $100 of PYUSD from the contract to the consumers wallet).”
In the visa analytics, that particular transaction is categorized as having a value of $100 when measuring volume. On their website, you can access information about USD Coin (USDC), Tether (USDT), PayPal USD (PYUSD), and Pax Dollar (USDP) through charts and graphs. However, off-chain transactions involving stablecoins are not included in the data provided.
I’ve noticed that Visa is actively involved in the world of cryptocurrencies and blockchain technology. In fact, they declared their intention to foster widespread usage of public blockchain networks and stablecoin payments as early as 2023. And they’re already on board with USDC. Furthermore, they have teamed up with MetaMask to enable crypto withdrawals using Visa debit cards.
In 2023, Visa collaborated with the Hong Kong Monetary Authority and two banks on a project involving central bank digital currency and tokenized deposits. This year, the institution became one of the 11 financial entities to explore applications of the U.K.’s Regulated Liability Network.
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2024-04-25 20:46