Visa Updates Stablecoin Analytics Methodology, Clarifying Volume Data

Visa refreshed its on-chain analytics data on September 18, resulting in a decrease in adjusted stablecoin volume while transaction counts remained relatively stable. The company attributed the adjustment to an expanded database of address labels, which grew from 15 million to approximately 600 million, leading to more transfers being excluded from the adjusted metric. Visa clarified that its definition of adjusted volume—which excludes exchanges, bots, and infrastructure—remains unchanged. Because the company did not publish comparative pre- and post-refresh totals, the exact impact on volume figures remains unclear, and the data does not provide a direct measure of real-world payment activity changes.