Visa Launches User-friendly Online Analytics Dashboard for Stablecoins
Summary:
Visa has unveiled an Online Analytics Dashboard for stablecoins, designed to simplify and clarify data about four stablecoins on nine different blockchains. The dashboard, which omits inorganic data activity, considers stablecoin transactions differently than standard procedures, focusing on face value. Current data includes transactions, users, and the supply of USDC, USDT, PYUSD, and USDP. However, off-chain transactions are outside its scope. This move is part of Visa's broader involvement within the crypto and blockchain industry.
Visa has launched a new Online Analytics Dashboard, specifically aimed at stablecoins. The digital interface has been designed to dissect the complex data associated with four stablecoins on nine different blockchain networks, and deliver user-friendly data. As per Visa's crypto head, Cuy Sheffield, although stablecoin data is accessible in real time, it requires comprehension and simplification to equate it to the activity in conventional financial networks.
The complexity in stablecoin data is due to its diverse applications. DeFi operations such as liquidity provision, arbitrage, and market creation, facilitated through smart contracts, may not be directly analogous to traditional financial settlements. Visa has created a mechanism that eliminates such inorganic data activity.
As Sheffield notes, once this factor is considered, the recent 30-day stablecoin transfer volume reduces from $2.65T to $265B. Additionally, the way stablecoin transactions are recorded varies from standard transactions. For example, if a user exchanges $100 of USDC to PYUSD on Uniswap, this counts as $200 in full stablecoin volume. However, Visa's platform considers such a transaction at face value: $100.
The dashboard provides data about transactions, users and the supply of USD Coin (USDC), Tether (USDT), PayPal USD (PYUSD), and Pax Dollar (USDP), using easy-to-understand charts and graphics. However, off-chain transactions with stablecoins are outside the scope of data compilation.
Visa, a major player in crypto and blockchain technology, intends to encourage the mainstream acceptance of public blockchain networks and stablecoin payments in 2023. As of date, it supports USDC transactions and has joined forces with MetaMask to facilitate crypto withdrawals using their debit cards.
In 2023, Visa, in collaboration with the Hong Kong Monetary Authority and two banks, initiated a project involving central bank digital currency and tokenized deposits. This year, it was amongst the 11 financial institutions experimenting with the potential applications of the U.K. Regulated Liability Network.
Published At
4/25/2024 8:35:15 PM
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