The evidence
Visa’s September 18, 2026 changelog said a full refresh expanded the address labels and heuristics behind its stablecoin dashboard. Adjusted volume decreased, while the adjusted transaction count fell by less than 2%. Visa said the definition of adjusted volume itself was unchanged.
The update included better identification of automated routing. Visa described one Solana program cycling stablecoins through many temporary wallets, activity that was subsequently removed from adjusted figures.
Source: Visa Onchain Analytics changelog, September 18, 2026.
FOLITIC analysis
A historical chart can move because measurement improves, not because users suddenly changed behavior. This is especially important when a headline compares a freshly revised dataset with an older screenshot that used different labels.
Imagine the same funds passing through several service addresses before reaching a recipient. Gross transfer value can be large even though the underlying payment happened only once. Removing those intermediate movements changes the chart’s interpretation, not the original transactions.
For investors, adoption is better assessed through a combination of adjusted value, transaction count, recurring users and use case evidence. A single volume total cannot distinguish settlement, trading and repeated internal routing with equal reliability.
What to watch
Record the dashboard version and access date when comparing periods. Treat breaks caused by revisions separately from market changes, and avoid describing adjusted transfers as a complete census of real world payments.
Image: File photograph of an Ethernet switch and cables, illustrating connections between financial systems. Credit: Raysonho @ Open Grid Scheduler / Grid Engine via Wikimedia Commons. Image license: CC0. Displayed with a responsive crop. This illustrative image does not depict the reported transaction.
