VISA launches a new stablecoin dashboard for easy analytics

12 days ago

Introduction

The crypto space is getting more interesting as mainstream industry giants get involved. Visa is the latest to launch a powerful tool that will help anyone see in comprehensive fashion blockchain data about fiat-based stablecoins. This tool comes handy as it is always confusing to isolate pieces of data about blockchain transactions. Visa is focusing on real time data about stablecoins which would be useful for crypto traders, users and everyone in the space.

The need for clearer stablecoin analytics

Visa has identified a real problem in the crypto space and they are offering a simple solution. Blockchain data is often complex and any untrained eye would quickly get confused looking at at those endless rows of numbers. It does not make sense. As proponents of blockchain technology are pushing for mass adoption, there is an urgent need to make blockchain data comprehensive and easy to grasp even by a newbie. This is a big problem which Visa is attempting to solve starting from Stablecoin data.

So basically, the new Visa dashboard for stablecoins would isolate key figures with regards to stablecoin transactions. The dashboard is there to show concrete figures of stablecoins transacted across the different blockchains. It will show users and their daily volume of stablecoin transferred or receive cross-chain. Below is how Visa themselves describes the dashoboard:

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. Click through the different tabs to learn more about Stablecoin Supply, Stablecoin Transactions, and Stablecoin Users. source

Key features of the dashboard

There are many stablecoins out their across several blockchains. However, Visa has chosen to focus on 4 major ones. They are USDT, USDC, USDP and PYUSD. The dashboard features stablecoin data from layer 1 and layer 2 blockchains. The following layer 1 blockchains will have their stablecoin data included in the dashboard - Ethereum, Solana, Binance Smart Chain, Tron and Avalanche.

The dashboard will also include stablecoin data from layer 2 blockchains. That includes the following - Optimism, Base, Polygon, and Arbitrum. Once a user visits the dashboard, they should quickly see key stablecoin figures that makes sense even to a crypto newbie. Some of those data includes the monthly volume of stablecoin transactions. It also includes how many transactions where done in a month. How many users performed the transactions and other key figures.

Anticipating that people that are new to crypto will probably visit the dashboard, Visa included a glossary of terms related to stablecoins and their meanings. This will make it easy for the visitor to understand each item the figures are trying to describe. For example, a new user could quickly look up the definition of the term "stablecoin". There are manu other such terms that are defined on the dashboard.

The dashboard makes it easy to see concrete data related to stablecoins. For example from the user page, we can see data related to how many users are transacting stablecoins in the last 30 days. As at the time of writing, the dashboard showed that 21.6 million users sent stablecoin to other users in the last 30 days. Also, it showed that there are a total of 27.5 million unique wallets that participated in stablecoin transactions in the last one month.

Visa stablecoin dashboard could be invaluable

One might wonder what value this dashboard might bring to users in the crypto space. Well, this tool could prove too useful to various users in the crypto space depending on who they are and what they do. Consider some of the potential deliverables of this project:

Comprehensive data for newbies: When it comes to making stats and figures, simplicity is key. With many new users already feeling intimidated by the complexities of blockchain technology, the dashboard could make their onboarding journey super easy. At a glance, new users could see stablecoin key figures without having to wonder what they mean.

The dashboard simplicity would be key to pushing mass adoption of blockchain. If new users are able to easily grasp otherwise complex stats as they are presented on the dashboard, they would be more inclined to learn more about blockchains. After all, they wont see it as a complex technology

Accuracy of data: Most times, blockchain data is duplicated and all are presented as separate data. If a user sends 1000 USDT and another account receives, the transaction volume is seen on the blockchain as 2000 USDT. The amount sent and the one received are treated as separate enties. In actuality, they are just two aspects of one transaction. The dashboard tries to correct this mistake. It records such transactions as they truly are - 1000 USDT volume transaction. It thus tries to represent data more accurate than it is on public blockchains.