As an observer with a background in finance and technology, I find Visa’s latest move to launch the Online Analytics Dashboard for stablecoins intriguing. Cuy Sheffield’s tweet reveals that they have been closely monitoring stablecoin activity, inspired by Nic Carter’s line chart comparing stablecoin volume to established payment networks.
Visa, a leading American multinational payments company, introduces an Online Analytics Dashboard specifically designed for stablecoins. This new tool aims to streamline data access and interpretation by focusing on four selected stablecoins and analyzing them across nine different blockchains. The dashboard is engineered to eliminate unnecessary information, providing accurate insights instead.
Upon observing the line graph generated by @nic__carter depicting consistent stablecoin volume in contrast to well-established payment networks, we made the decision to collaborate with @AlliumLabs in developing the Visa Onchain Analytics Dashboard as a freely accessible tool for gaining deeper insights into stablecoin transactions.
— Cuy Sheffield (@cuysheffield) April 25, 2024
Cuy Sheffield, the crypto chief at Visa, explained that they employ a straightforward method to eliminate unnatural data. He revealed that the transfer volume during the past thirty days could be revised from $2.65 trillion to $265 billion.
In contrast to conventional financial transactions, the accounting for stablecoins like USDC to PYUSD conversions through platforms such as Uniswap is distinct. For instance, a conversion of $100 from USDC to PYUSD is recorded with a volume value of $100, rather than $200. Our dashboard presents information regarding the supply, transactions, and users of USD Coin, Tether, PayPal USD, and Pax Dollar.
Visa is actively involved in the crypto sphere through initiatives promoting widespread use of blockchain technology and stablecoins, backing US Dollar Coin (USDC), and collaborating with companies such as MetaMask for facilitating cryptocurrency withdrawals.
As a researcher studying Visa’s role in central bank digital currencies (CBDCs) and tokenized deposits, I can share that Visa worked alongside the Hong Kong Monetary Authority and local banks on these initiatives. In the year 2024, I discovered that Visa participated in testing the applications of the U.K. Regulated Liability Network together with other financial institutions.
The Online Analytics Dashboard for stablecoins that Visa has introduced demonstrates their forward-thinking stance on making cryptocurrencies more accessible and transparent. This action implies a significant strategic step towards integrating blockchain technology into their operations.
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2024-04-26 09:52