Adjusted stablecoin transaction volume reached a record $1.79 trillion in June, surging 63% from May’s $1.1 trillion, according to data published by payments giant Visa via its Allium-powered onchain analytics dashboard. The figure also beats the previous all-time high of $1.78 trillion set in February 2026, and stands 125% above the same period a year earlier.
USDC Claims the Lion’s Share
Despite Tether’s USDt holding the top spot by market capitalisation, Circle’s USDC dominated actual transaction flow. USDC accounted for roughly 67% of June volume, totalling $1.21 trillion. USDt captured around 32%, or approximately $576 billion. PayPal’s PYUSD ranked third with $2.42 billion for the month.
On the network side, Coinbase’s Ethereum layer-2 Base processed $565 billion, or 31.5% of the total, narrowly edging out Ethereum mainnet at $562 billion. Tron ranked third with $320 billion, representing about 18% of total volume.
Methodology Filters Out Noise
Visa developed its adjusted transaction methodology in collaboration with Artemis, Allium Labs, and Castle Island Ventures. The methodology strips out what Visa calls ‘distracting metrics,’ including high-frequency trading bot activity, exchange treasury rebalancing, and repeated smart contract executions, aiming to isolate genuine organic stablecoin usage.
Zach Pandl, head of research at Grayscale, noted on Sunday: ‘June 2026 was another record month for stablecoin transaction volume, just ahead of February 2026.’
Volume Climbs Despite Broader Bear Market
The record comes even as broader crypto markets remain under pressure. Nick Ruck, director of LVRG Research, said the milestone highlights stablecoins’ independence from speculative price cycles.
‘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,’ Ruck said.
Ruck added that stablecoins are ‘maturing into a foundational layer of the Web3 economy,’ and are positioned for even greater reach as conditions evolve.
New Entrant Joins Crowded Market
Alongside the volume milestone, Open Standard announced Open USD (OUSD) this week, backed by more than 140 payments, banking, technology, and crypto companies, including both Visa and Mastercard. The launch signals continued institutional appetite for dollar-pegged digital payment rails even amid crypto market weakness.
