Stablecoin volume hits record $1.79T in June
Adjusted stablecoin transaction volume hit $1.79T in June, up 63% from May. USDC made up about 67% ($1.21T); USDT about 32% ($576B).
Visa’s Allium-powered analytics dashboard reported adjusted stablecoin transaction volume reached a record $1.79 trillion in June 2026, up 63% from May and 125% from June 2025. The adjusted methodology filters out high-frequency trading bots, exchange treasury rebalancing and repeated smart-contract transactions to better approximate organic activity. The June total narrowly exceeded the prior record of $1.78 trillion set in February 2026.
By issuer, Circle’s USDC accounted for about 67% of adjusted volume with roughly $1.21 trillion. Tether’s USDT made up about 32% with $576 billion. PayPal’s PYUSD registered $2.42 billion for the month. The figures show a divergence between market capitalization and transaction flows: Tether remains the largest stablecoin by market cap while USDC led on-chain activity in June.
Network-level data indicate Coinbase’s Ethereum layer-2 Base handled the largest share, with $565 billion or about 31.5% of adjusted volume, followed by Ethereum at $562 billion and Tron at $320 billion, roughly 18% of the total.
Visa developed the adjusted approach in collaboration with Artemis, Allium Labs and Castle Island Ventures. The company stated the filters remove “distracting metrics” that can overstate activity and emphasize end-user and business transactions rather than raw on-chain throughput.
Open Standard launched Open USD (OUSD) in June with backing from more than 140 payments, banking, technology and crypto companies, including Visa and Mastercard.
Zach Pandl, head of research at Grayscale, called June 2026 “another record month for stablecoin transaction volume, just ahead of February 2026.” Nick Ruck, director of LVRG Research, described the surge as evidence that stablecoins are becoming infrastructure for value transfer, liquidity provision and decentralized finance activity that persists independently of speculative price movements.
Visa added that the issuer and network breakdown will be monitored by regulators and market participants as they assess systemic risks, regulatory needs and infrastructure priorities.
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