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Visa refreshed its stablecoin volume measure, transaction count slid less than 2%

Visa said the change was driven by a larger identity label set, with labeled addresses rising from about 15 million to roughly 600 million, which left payment trends unmeasured.

Reported · Written up by our desk · Market Structure

Visa updated its Visa Onchain Analytics methodology on September 18, lowering its adjusted stablecoin volume measure while its adjusted transaction count fell by less than 2%, according to CryptoSlate.

The outlet reports that the two metrics moved in different directions because the refresh altered how onchain activity is classified, leaving payment usage trends unanswered.

Visa attributed the reset to a fuller set of address labels and revised filters, saying its Allium identity set grew from about 15 million labeled addresses to roughly 600 million.

Visa also said its definition of adjusted volume was unchanged, aiming to exclude labeled exchanges, contracts, bots, bridges, other infrastructure, and minting and burning, while new heuristics for short term routing and activity identification further affected what is counted.

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