Stablecoin transaction volume hit a record $1.79 trillion in June, according to new data from Visa. This marks a 63% increase from May’s $1.1 trillion and beats the previous high set in February. The report found that Circle’s USDC saw more transaction activity than Tether’s USDT, and Ethereum’s Base network handled the most transfers. These numbers show that stablecoins are being used more for payments, cross-border transfers, and decentralized finance, even though the overall crypto market is still fairly quiet.
Visa, along with Artemis, Allium Labs, and Castle Island Ventures, collected the data, which shows a big change in how stablecoins are used. Instead of just being trading pairs on crypto exchanges, stablecoins are now acting more as digital payment tools.
Zach Pandl, Head of Research at Grayscale, called June another record month for stablecoin activity, with transaction volumes topping February’s previous peak. This steady growth, even with a calm crypto market, shows that stablecoins are becoming a key part of blockchain financial services.
A standout finding in the report was USDC’s lead in transaction volume. While USDT is still the largest stablecoin by market value, USDC made up about $1.21 trillion, or 67% of all adjusted stablecoin transactions in June. USDT handled about $576 billion, and PayPal’s PYUSD was a distant third at $2.42 billion.
The data also showed shifts in user preferences. Coinbase’s Ethereum Layer-2 network, Base, processed about $565 billion in stablecoin transfers, just ahead of Ethereum’s main blockchain at $562 billion. Tron came in third with around $320 billion, keeping its strong role in stablecoin payments.
Visa said it used a new method to calculate these figures, removing artificial activity like bot trading, exchange treasury moves, and repeated smart contract transactions. This updated approach is meant to give a clearer view of real user activity on blockchain networks.
At the same time, competition in the stablecoin space is heating up. Open Standard has launched Open USD (OUSD), a new stablecoin supported by over 140 organizations from payments, banking, and crypto, including Visa and Mastercard.
Nick Ruck, Head of LVRG Research, said the record transaction volume shows that stablecoins are quickly becoming key infrastructure for digital payments, liquidity management, and decentralized finance. As more institutions get involved, these numbers support the idea that stablecoins are now one of the most widely used blockchain applications.
🚨 BREAKING: STABLECOIN TRANSFER VOLUME HITS RECORD $1.79 TRILLION
Stablecoin transaction volume reached a new all-time high of $1.79 trillion in June, according to Visa’s onchain analytics.
The figure is up 125% year-over-year and 63% from May, highlighting continued growth in… pic.twitter.com/D0FTQYLte6
— The Daily Block (@thedailyblock) July 6, 2026
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