Visa Stablecoin Volume Drops Amid Classification Changes

Visa's September 18 data refresh has led to a reported decrease in stablecoin volume, but the company claims that this does not necessarily reflect a drop in payments. According to Visa, its adjusted stablecoin volume measure was lowered due to changes in how recorded activity is classified.

The company attributes the reset to a fuller set of address labels and revised filters. This change has resulted in more transfers being excluded from the adjusted measure, leading to a decrease in reported volume. However, the number of transactions remains relatively stable, with an adjustment of less than 2%.

Visa's example illustrates how high-value pass-through activity can skew the volume series. The company explains that one automated program on Solana cycled the same stablecoins through thousands of throwaway wallets, moving large amounts in a small number of transactions.