Visa data refresh cuts adjusted stablecoin volume; transaction count slips under 2%

CryptoSlate reported that Visa's September 18 data refresh lowered its adjusted stablecoin transfer value while the adjusted transaction count fell by less than 2%. Visa's Onchain Analytics changelog attributes the reset to a fuller set of address labels and revised filters, with the underlying Allium identity set growing from about 15 million labeled addresses to roughly 600 million. Visa says the definition of adjusted volume stayed the same, still aiming to exclude labeled exchanges, contracts, bots, bridges, other infrastructure, and minting and burning, so with more addresses identified more transfers now fall outside the adjusted measure. The refresh also added heuristics for short-term routing and changed how organic and payment activity is identified. Visa has not published comparable before-and-after dollar totals or payment-category data, and CryptoSlate notes that Visa's live transaction methodology still describes over 3 million labeled addresses, a figure that does not match the roughly 600 million in the dated changelog's full identity set. Only one outlet has covered the story, so these figures come from CryptoSlate's reading of Visa's own published materials.