Visa lowered its adjusted stablecoin volume measure in a data refresh on September 18, while the adjusted transfer count decreased by less than 2%. This divergence stems from an expansion of labeled addresses from roughly 15 million to about 600 million, enabling the exclusion of more high-value transfers. Visa has not published comparable before-and-after totals or payment-category data for this revision. One example cited by Visa involves an automated program on Solana that moved very large amounts through thousands of throwaway wallets. The article concludes that it is impossible to determine whether actual stablecoin usage for payments changed without comparable data under the same definitions.
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