Stablecoins Moved a Record $1.79 Trillion in June as USDC Pulled Ahead
Stablecoin adjusted transaction volume reached a record $1.79 trillion in June 2026, up 63% from May. USDC handled about 67% of that total, while USDT accounted for roughly 32%.
Stablecoin volume set a new record in June 2026
Adjusted stablecoin transaction volume reached a record $1.79 trillion in June 2026, according to Visa's Allium-powered onchain analytics dashboard. The figure rose 63% from May's $1.1 trillion and increased 125% from June 2025. June narrowly passed the previous high of $1.78 trillion, set in February 2026. It marks the strongest month on record for onchain stablecoin settlement, and the second record in five months.
USDC led adjusted volume ahead of USDT
USD Coin (USDC) accounted for about 67% of adjusted volume, or roughly $1.21 trillion. Tether's USDT made up around 32%, at $576 billion. Together the two tokens handled almost all measured activity, and USDC's share kept it ahead of USDT for the month. PayPal's PYUSD recorded $2.42 billion in June transactions. That total is a small share of the market, but it points to wider participation from regulated issuers.
Base narrowly led networks by transaction volume
Coinbase's Base network handled the most stablecoin activity in June, with $565 billion, or 31.5% of the total. Ethereum followed closely at $562 billion. Tron ranked third at $320 billion, about 18% of adjusted volume. The narrow gap between Base and Ethereum shows how layer-2 networks now rival the main Ethereum chain for stablecoin transfers.
USDC and USDT anchor the stablecoin market
Stablecoin supply stays concentrated in the two largest tokens. USDC traded at $1.00 with a market capitalisation near $73 billion at the time of publication (CoinPaprika, 6 July 2026). USDT held a market cap close to $184 billion (CoinPaprika, 6 July 2026). Tether keeps the larger circulating supply, even though USDC led June transaction volume on the adjusted measure.
The data comes from Visa's onchain dashboard
The figures come from Visa's onchain analytics dashboard, developed with Artemis, Allium Labs and Castle Island Ventures. The dashboard tracks adjusted stablecoin transaction volume across major networks and issuers. Visa reports the data as an estimate of genuine onchain settlement activity, rather than raw transfer counts.
Analysts tie the surge to broader adoption
Analysts linked the record to expanding real-world use of stablecoins. Zach Pandl, Head of Research at Grayscale, called June another record month for transaction volume, just ahead of February. Nick Ruck, Director of LVRG Research, pointed to the growing role of stablecoins in value transfer, liquidity and decentralised finance (DeFi).
"June 2026 was another record month for stablecoin transaction volume, just ahead of February 2026.", 6 July 2026. — Zach Pandl, Head of Research, Grayscale
"This surge underscores the growing role of stablecoins as essential infrastructure for value transfer, liquidity provision, and decentralized finance activity.", 6 July 2026. — Nick Ruck, Director, LVRG Research
The June surge extended a broad rise in stablecoin transfers through 2026. Monthly volume has more than doubled since June 2025, and two of the year's highest months fell in February and June. The increase pointed to growing use in payments, decentralised finance and cross-border transfers, according to market commentary. Both analysts framed stablecoins as maturing infrastructure for moving value on public blockchains.
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