Visa’s crypto division has recently unveiled a groundbreaking platform known as the Visa Onchain Analytics Dashboard, in response to the growing interest and discussions surrounding stablecoins. This innovative platform was born out of inspiration from a line chart created by renowned crypto enthusiast Nic Carter. Cuy Sheffield, the Head of Crypto at Visa, was so intrigued by the chart that he decided to collaborate with the blockchain company Allium Labs to develop the stablecoin analytics dashboard.
The Visa executive describes this new platform as an enhanced approach to stablecoin transaction volume. It boasts a range of comprehensive statistics that allow users to monitor stablecoin activity at their convenience. Notable features include the ability to track monthly active users, stablecoin supply, and transaction volume. Furthermore, the platform integrates advanced filters to ensure accurate data representation. This includes a one-way volume filter that eliminates redundant smart contract transactions, as well as an inorganic user filter that excludes bot activity. The latter filter only considers volume from addresses with less than 1,000 transactions and less than $10,000 in the past 30 days.
The Visa Onchain Analytics Dashboard provides valuable insights into stablecoin performance and usage. Particularly, data on stablecoins tied to the US dollar, such as USDC, USDT, PYUSD, and USDP, is accessible across five Layer-1 blockchains and four Layer-2 blockchains.
Sheffield acknowledges that there are certain challenges associated with stablecoins, with the most significant being the abundance of noise in the data. The usage of digital assets in various contexts, initiated by both humans and bots programmatically, contributes to this issue. However, Visa is dedicated to addressing these challenges and providing a reliable and accurate platform for stablecoin analytics.
In other crypto news, the TON Foundation has recently announced a generous $600K airdrop for NFT traders and holders, further highlighting the exciting developments in the cryptocurrency industry.
