Bittime - Visa has just launched an “Online Analytics Dashboard” specifically for monitoring stablecoin activity. This platform aims to make it easier for its users to understand complex data regarding stablecoins.
Stablecoins themselves are a type of crypto asset whose value is pegged to other assets, such as the United States dollar (USD). Even though the data is publicly available and continuously updated, the fact is that the data is not always easy to understand.
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Cuy Sheffield, crypto team leader at Visa, explained on their blog that stablecoin data can be accessed freely, but needs to be analyzed further so that it can be compared with traditional financial systems. This is due to the use of different stablecoins.
Stablecoin transactions in the world of decentralized finance (DeFi) typically involve bot programs or smart contracts for arbitrage, liquidity provision and market making activities. This is of course very different from the settlement function in the traditional financial system.
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To address this complexity, Visa employs several methods to filter activity performed by bots. By removing inorganic activity, the stablecoin transaction volume over the past 30 days is more accurate, at $265 billion, not $2.65 trillion as previously seen.
Also read: Visa Launches Web3 Loyalty Program with SmartMedia
It should be noted that the calculation of stablecoin transactions is also different from regular cash transactions. For example, if a user exchanges $100 USDC for PYUSD on Uniswap (a crypto asset exchange), the total recorded volume will be $200.
This happens because $100 USDC moves from the user's wallet to the Uniswap contract, and at the same time, $100 PYUSD moves from the contract to the user's wallet. In fact, the actual value exchanged is still $100.
According to Visa's analytics team, a transaction like this would only count as $100. Additionally, the Visa Analytics Dashboard also displays graphs and data regarding the supply, transactions, and number of users of the four stablecoins.
The four stablecoins are USD Coin (USDC), Tether (USDT), PayPal USD (PYUSD), and Pax Dollar (USDP). It should be noted that this data does not include the off-chain activity of the stablecoin.
Visa itself has been actively involved in various projects related to crypto assets and blockchain technology. In 2023, they started an initiative to support the use of public blockchain networks and payments via stablecoins.
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Visa has also processed transactions using USDC. In addition, Visa is also working with Transak to enable withdrawals of crypto assets in more than 145 countries.
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You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
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Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
What are the Functions of Stablecoins?
Tether, the Controversial Stablecoin
What are Algorithmic Stablecoins?
What is BIDR (BIDR)? Indonesian Stablecoin Solution
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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