Stablecoin Transaction Volume Reaches Record $1.79 Trillion in June
BITmarkets Team
Jul 07, 2026
The June figure narrowly surpassed the previous monthly high of $1.78 trillion recorded in February and was 125% higher than the same period last year, based on Visa’s Allium-powered stablecoin analytics dashboard. “June 2026 was another record month for stablecoin transaction volume, just ahead of February 2026,” said Zach Pandl, head of research at Grayscale.
The surge points to growing real-world adoption of stablecoins across payments, decentralized finance (DeFi) and cross-border transfers. The milestone also comes despite the ongoing crypto bear market, highlighting the increasing importance of stablecoins within the digital asset ecosystem.
USDC leads transaction activity
Although Tether’s USDt remains the largest stablecoin by market capitalization, Circle’s USDC generated the highest transaction volume in June. Visa’s data shows USDC accounted for approximately $1.21 trillion, or about 67% of adjusted stablecoin transaction volume. USDt followed with $576 billion, representing roughly 32% of the monthly total. PayPal’s PYUSD ranked third, recording $2.42 billion in transaction volume during the month.
On the blockchain side, Base, Coinbase’s Ethereum Layer-2 network, processed the largest share of stablecoin activity with $565 billion, or 31.5% of total volume. Ethereum followed closely with $562 billion, while Tron ranked third with $320 billion, accounting for around 18% of all stablecoin transactions.
To improve the accuracy of its figures, Visa worked with Artemis, Allium Labs and Castle Island Ventures to develop an adjusted methodology that excludes activity such as exchange treasury transfers, high-frequency trading bots and repetitive smart contract interactions, providing a clearer view of organic stablecoin usage.
Meanwhile, competition within the stablecoin sector continues to grow. On Tuesday, Open Standard introduced Open USD (OUSD) with backing from more than 140 companies across the payments, banking, technology and crypto industries, including Visa and Mastercard.
Stablecoins continue to mature
Nick Ruck, director of LVRG Research, said the record transaction volume highlights the resilience of stablecoins even as broader crypto markets remain under pressure. “This surge underscores the growing role of stablecoins as essential infrastructure for value transfer, liquidity provision, and decentralized finance activity that persists independently of speculative price movements,” he said.
Ruck added that stablecoins are likely to play an even larger role as the industry evolves, describing them as an increasingly important foundation for the broader Web3 economy.
Sources:
https://cointelegraph.com/news/stablecoin-transaction-volume-hits-record-179-trillion-in-june-visa
