Stablecoin Transaction Volume Hits Record $1.79 Trillion in June

Adjusted stablecoin transaction volume hit a record $1.79 trillion in June, up 63% from May’s $1.1 trillion, according to payments giant Visa.

June’s record stablecoin transaction volume surpassed the previous record of $1.78 trillion in February, and is up 125% from the prior-year period, according to 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, on Sunday.

The sharp increase in stablecoin transaction volume suggests growing real-world use in payments, decentralized finance and cross-border transfers as crypto infrastructure matures. It comes despite a broader crypto bear market, suggesting that stablecoins have become a driving force in the industry.

USDC has the lion’s share of volume

Despite Tether’s USDt being the largest stablecoin by market cap, the majority of the transaction volume, around 67%, was Circle’s USDC, with $1.21 trillion for the month. USDT accounted for around 32%, or $576 billion, according to Visa.

PayPal’s PYUSD is the third-largest in terms of transaction volume, with $2.42 billion in June.

There was just under $1.8 trillion in adjusted stablecoin transaction volume in June. Source: Visa

The most widely used network for stablecoin transactions in June was Coinbase’s Ethereum layer-2 network Base with $565 billion, or 31.5% of the total, closely followed by Ethereum with $562 billion. Tron was the third-highest with $320 billion, or about 18% of the total.

Related: Revolut to delist USDT in August, citing regulatory and risk concerns

Visa collaborated with Artemis, Allium Labs and Castle Island Ventures to develop an adjusted transaction methodology that filters out “distracting metrics” such as high-frequency trading bots, exchange treasury rebalancing and repeated smart contract transactions to help better approximate organic stablecoin activity, the company said.

Base and Ethereum dominated stablecoin volumes in June. Source: Visa

Meanwhile, another player has entered the crowded stablecoin market as Open Standard announced Open USD (OUSD) on Tuesday, with support from more than 140 payments, banking, technology and crypto companies, including Visa and Mastercard.

Trend to continue as stablecoins mature

Nick Ruck, director of LVRG Research, told Cointelegraph that the record volume demonstrates the resilience of these assets amid the broader crypto bear market.

“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 predicted that the trend would continue with stablecoins “maturing into a foundational layer of the Web3 economy,” and are positioned for even greater reach as the market evolves.