Visa's stablecoin volume revision cuts dollar figure, not transaction count
Visa's expanded address labeling reduced its adjusted stablecoin dollar volume, while the adjusted transaction count dipped less than 2% and payment use stays unmeasured.
Visa has revised its adjusted stablecoin volume metric downward after expanding the set of address labels used to classify transfers, according to CryptoSlate. The change reduced the reported dollar value of stablecoin activity.
The adjusted transaction count fell by less than 2%, indicating that the revision mostly affected the size of transfers rather than the number of transfers. The metric is not a direct gauge of payments, and actual payment use remains unmeasured.
What the revision does and doesn't show
- Visa's adjusted volume tracks transfer activity, not necessarily merchant payments.
- Expanding address labels can reclassify certain transfers, cutting dollar volume.
- The small drop in transaction count suggests most activity remained counted.
Visa has not claimed that stablecoin payments declined. The revision highlights the difficulty of measuring payment-specific flows from on-chain data, where transfers can include trading, treasury moves, and other non-payment uses.
Stablecoin metrics are watched as a proxy for crypto payment adoption, but on-chain data alone cannot separate payments from other activity.