Stablecoin

The <a href="https://coingape.com/global-stablecoin-settlements-already-at-50-to-that-of-visa-and-mastercard/" rel="noopener noreferrer nofollow">stablecoin ecosystem</a> is receiving lots of attention this season and this has moved the crypto arm of popular financial service provider <a href="https://coingape.com/visa-provides-web3-loyalty-solution-to-solidify-customer-base/" rel="noopener noreferrer nofollow">Visa</a> to launch a platform dubbed Visa Onchain Analytics Dashboard.
<h2 id="strong-visa-joins-the-stablecoin-transparency-push-strong">Visa Joins The Stablecoin Transparency Push</h2>
Cuy Sheffield, Head of Crypto at Visa explained on X that the firm decided to pursue its stablecoin analytics dashboard after viewing a line chart created by Nic Carter, a popular crypto enthusiast.
Visa’s new platform was a collaborative effort between the debit card manufacturer and blockchain outfit Allium Labs.&nbsp;
The Visa executive described the new platform as “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 &lt; 1k transactions and &lt; $10M in volume over last 30 days to attempt to remove bot activity.”
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 1/ After seeing this line chart created by <a href="https://twitter.com/nic__carter?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@nic__carter</a> showing stablecoin volume compared to established payment networks, we decided to partner with <a href="https://twitter.com/AlliumLabs?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@AlliumLabs</a> to create the Visa Onchain Analytics Dashboard as a public resource to take a closer look at stablecoin activity. <a href="https://t.co/NInVklRKph" rel="noopener noreferrer nofollow">pic.twitter.com/NInVklRKph</a>
 — Cuy Sheffield (@cuysheffield) <a href="https://twitter.com/cuysheffield/status/1783471909533106610?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 25, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This dashboard is designed to help users monitor the activities of stablecoins at their convenience.&nbsp;
Users will gain access to key metrics including stablecoin supply, transaction volume, and monthly active users. In the meantime, information is available for United States dollar-pegged stablecoins like USDC, USDT, PYUSD, and USDP across five Layer-1 blockchains and four Layer-2 where the stablecoins are issued.
<h2 id="strong-visa-to-tackle-crucial-stablecoin-challenge-strong">Visa To Tackle Crucial Stablecoin Challenge</h2>
According to Sheffield, Visa has identified some common challenges with stablecoin, particularly the problem of “lots of noise” with its data. He highlighted that this challenge is a consequence of using digital currency across a range of use cases with transactions that can be initiated manually by an end user or programmatically through bots.&nbsp;
As an effort to proffer solutions to these shortcomings, developers target the introduction of automated programs that can perform activities like arbitrage, liquidity provision, and market making. All these are crucial for sustaining the Decentralized Finance (DeFi) ecosystem but at the same time, they do not portray settlement in a traditional sense.
This discovery prompted Visa’s alliance with Allium Labs. It is believed that this tool will provide users with a more accurate estimate of stablecoin settlement volume amongst other functionalities. Visa plans to improve on the analytics dashboard in the near future with much consideration given to users’ feedback.
Meanwhile, more firms are moving into the stablecoin ecosystem. Crypto payments company <a href="https://coingape.com/ripple-ceo-brad-garlinghouse-reveals-reasons-behind-stablecoin-launch/" rel="noopener noreferrer nofollow">Ripple Labs unveiled its plan</a> to launch a stablecoin that would be pegged to the USD.&nbsp;
Even <a href="https://coingape.com/just-in-brics-countries-mulls-stablecoin-for-trade-settlement/" rel="noopener noreferrer nofollow">BRICS</a>, the popular bloc that is trying to break the hegemony of the dollar is also currently considering launching its stablecoin. 
The post <a href="https://coingape.com/visa-crypto-unit-launches-stablecoin-analytics-dashboard/" rel="noopener noreferrer nofollow">Visa Crypto Unit Launches Stablecoin Analytics Dashboard</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Visa Crypto Unit Launches Stablecoin Analytics Dashboard

Table of Contents

Coingape News Media

Other articles published on Apr 25, 2024

XRP Price Prediction for April 25

DeeStream attracts interest from AVAX, XRP fans amid Bitcoin halving

Tangem Wallet Expands Payment Options to Include Shiba Inu

HK Spot Bitcoin and Ethereum ETF Start Trading April 30 with Structure different from U.S. Counte...

CoinPoker Announces Zero Withdrawal Fees, $500 CSOP Main Event Crypto Giveaway

EU Adopted New Rules to Require Due Diligence for Crypto Firms

Join our free newsletter for daily crypto updates!