Fri, April 26, 2024 at 18:52

Joy
- Hey Annie, guess what?
- Visa, the financial services giant, just launched a new tool to provide the public with more accurate data on key stablecoin activities.
- Isn't that cool?😎
Annie
- Oh really?
- That's interesting.
- So, what exactly does this tool do?🤔
Joy
- Well, it's called the Visa Onchain Analytics Dashboard.
- It's a public resource for stablecoin transaction data.
- It shows relevant metrics like stablecoin supply, transaction volume and monthly active users for USDC, Tether (USDT), Paypal USD (PYUSD) and Pax Dollar (USDP) across five layer-1 and four layer-2 blockchains.
Annie
- Wow, that sounds like a lot of data!
- But why did Visa decide to create this tool?🧐
ADward
- Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅
Joy
- Great question!
- Visa's head of crypto, Cuy Sheffield, explained that they wanted to develop a new methodology for tracking stablecoins because of noisy data arising from transactions that can be initiated manually by an end user or programmatically through bots.
- So they partnered with Allium Labs to create this tool.
Annie
- Hmm...so it's like they're trying to filter out the noise and provide more accurate data?
- That sounds useful.
- But how exactly does it work?🤔
Joy
- Exactly!
- They've created an adjusted transaction volume methodology that combines a single directional volume filter that removes redundant internal transactions of a smart contract with an inorganic user filter that only counts volume from addresses that have made less than $1,000 transactions and less than $10 million in volume over the last 30 days to attempt to remove bot activity.
Annie
- Wow, that sounds pretty complex.
- But I can see how it would be useful for getting a clearer picture of stablecoin activity.😮
Joy
- Absolutely!
- And the best part is, this Onchain Analytics Dashboard can be accessed by anyone to better understand how fiat-backed stablecoins are moving across blockchain networks globally, and demonstrate the volumes and participants involved in the process.
Annie
- That's really cool!
- So, is this good news or bad news for the market?🤔
Joy
- Definitely good news!
- This tool will provide more transparency and accuracy in the crypto market, which could potentially attract more investors and boost confidence in stablecoins.
- So yeah, it's a big win for everyone!🎉
- To sum up, this article is considered a 😍Bullish for investors!!