Visa’s Data Partner Allium Labs Raises $16.5M as Their New Findings Show Stablecoin Activity is Back Up

As a seasoned analyst with extensive experience in the blockchain and fintech industries, I find Allium Labs’ recent Series A funding round of $16.5 million led by Theory Ventures to be an exciting development. Theory Ventures’ founder Tomasz Tunguz’s belief that “the demand for cryptocurrencies and tokens has just started” aligns with my observations in the market. Allium Labs’ ability to provide enterprise-grade blockchain data, which is essential for accurately tracking digital currency volumes and understanding trends like stablecoin activity, will surely foster broader adoption of these emerging technologies.

The data platform Allium Labs, known for supplying businesses such as Visa, Stripe, and Uniswap Foundation with top-tier blockchain data, recently secured $16.5 million during their Series A financing, according to a statement released on Thursday.

The venture capital firm Theory Ventures, headed by founder Tomasz Tunguz, spearheaded our latest funding round. Following the investment, Tunguz will take a seat on our board. Expressing his enthusiasm for the burgeoning market of cryptocurrencies and tokens, Tunguz shared his belief that “the demand has merely begun.” He looks forward to leveraging Allium’s data to fuel wider acceptance within this emerging sector.

Kleiner Perkins and Amplify Partners additionally took part in the funding round. Allium Labs has amassed a total of $21.5 million in investments, which they intend to utilize for enhancing their data infrastructure and refining their strategy to provide financial institutions with the means to adopt digital assets.

Ethan Chan, the CEO and Co-founder of Allium, stated, “At present, it’s crucial to precisely monitor digital currency volumes. This entails regularly adjusting data from over 40 blockchain networks and interpreting countless smart contracts, resulting in petabytes of data. Our aim is to ensure that our clients are free from dealing with any of this complexity.”

As a researcher at Allium Labs, I am excited to share our latest findings from our collaboration with Visa on the OnChain Analytics Dashboard. In the past week, we’ve observed two significant trends in the stablecoin market. The first trend is a resurgence of demand for stablecoins in 2024, as evidenced by the circulating supply approaching $150 billion. Secondly, there has been a consistent expansion in monthly active stablecoin users, with a total of 27.5 million users across all blockchains.

In their May 2024 report, it was mentioned that out of the approximately $2.2 trillion in total transactions recorded in April, only around $149 billion were attributable to “organic payments activity.” However, recent findings from the past 30 days indicate that out of about $2.65 trillion in transfer volume, as much as $265 billion can be attributed to this same organic category.

As a researcher studying the latest developments in the digital currency sphere, I’m thrilled to share that Visa’s OnChain Analytics Dashboard is specifically crafted to provide our valued clients with enhanced insights into crypto-related transactions. Moving forward, we’re eager to collaborate with esteemed partners like Allium and continually enhance our dashboard features and metrics, empowering our clients as they delve deeper into the intricacies of stablecoins in the burgeoning payment ecosystem.