Visa cuts reported stablecoin volume but there’s no proof payments fell
Summary
Visa’s September data refresh lowered adjusted stablecoin volume while reducing adjusted transaction counts by less than 2%. The change reflects expanded address labels and revised filters that exclude more activity, including high-value automated pass-through transfers; it does not show that real-world stablecoin activity declined. Visa has not published comparable before-and-after totals or chain-level breakdowns, so the revision’s size and effects on network rankings remain unknown. Adjusted transfers are not necessarily payments, and transfer counts do not reveal the value or purpose of activity. Assessing changes in payment use or chain leadership requires matched data using consistent definitions.
