Visa expands address labels 40x: stablecoin adjusted volume drops, transaction count falls under 2%
- —Address label set expanded from ~15 million to ~600 million
- —Adjusted transaction count fell by less than 2%
- —Visa cited a Solana case where thousands of one-time wallets moved the same stablecoin
- —BIS: about 60% of USDT, USDC and PYUSD transfers on Ethereum occurred within complex multi-step transactions
Why it matters: Stablecoin volume metrics depend heavily on filtering, so assessing real payment activity requires like-for-like comparisons.
Source: TokenPost