Visa Stablecoin Volume Adjusted Down After Data Refresh

Visa's adjusted stablecoin volume decreased after the company updated its data on September 18, 2026. The revised figures show that the labeled-address set expanded from around 15 million to roughly 600 million addresses. Meanwhile, the number of adjusted transactions declined by less than 2%. However, it is unclear whether the actual use of stablecoins for payments increased or decreased.

The definition of adjusted volume excludes labeled exchanges, contracts, bots, bridges, and other infrastructure, as well as stablecoin minting and burning. The updated data added labels for maximum extractable value activity and third-party contracts, introduced new short-term-routing rules, and updated the identification of organic activity and payments.

A Solana program was found to have cycled the same stablecoins through thousands of temporary wallets, moving large amounts through relatively few transactions. This pattern highlights how dollar volume can change significantly while transaction counts remain relatively stable.