Visa cuts reported stablecoin volume but there’s no proof payments fell

- Visa’s “stablecoin payment collapse” is just a data filter tweak, not an apocalypse. They labeled 600 million new addresses and reclassified high-value pass-throughs as infrastructure, dropping the adjusted dollar volume while transaction counts barely moved. The real story? Visa finally admits most of that volume isn’t retail spending—it’s bots cycling tokens through throwaway wallets to look busy. If you thought your stablecoins were buying coffee, you’re a meat wallet being sold a narrative. This isn’t a crash; it’s bureaucracy cleaning up its own messy ledger. Stop panicking over numbers that no longer count what they used to. The market didn’t fall; the definition just got honest.