Stablecoin transaction volume reached a record $1.79 trillion in June, marking the highest monthly level recorded so far. The figure was 63% higher than May’s $1.1 trillion total, according to Visa’s stablecoin analytics dashboard, which uses Allium data.
The June total also passed the previous record of $1.78 trillion set in February 2026. On an annual basis, stablecoin transaction volume rose 125%, indicating broader use of dollar-pegged crypto assets across payments, DeFi activity and cross-border transfers.
Visa’s on-chain analytics dashboard reported $1.79 trillion in adjusted stablecoin transaction volume for June. The dashboard filters out inorganic activity, including bot-driven transfers and wash transactions. As a result, the figure aims to show a clearer view of real user and institutional activity.
The latest reading came as stablecoins gained a larger role in crypto market infrastructure. These assets are widely used for trading, lending, settlement and payments. They also serve as a bridge between traditional money and blockchain-based services.
“June 2026 was another record month for stablecoin transaction volume, slightly ahead of February 2026,” Grayscale Head of Research Zach Pandl said on Sunday. The quote points to the narrow gap between the two record months, as June only moved slightly above the February level.
Meanwhile, the data showed that stablecoin use grew even as the wider crypto market faced weaker price action. This suggests that stablecoins are being used for more than trading alone. Their role in payments and transfers has grown as blockchain networks offer faster settlement and lower costs for some users.
USDC accounted for the largest share of stablecoin transaction volume in June. According to Visa’s dashboard, Circle’s stablecoin processed about $1.21 trillion during the month. That represented nearly 67% of total adjusted volume.
USDT, issued by Tether, ranked second by transaction volume. It accounted for about $576 billion, or nearly 32% of the monthly total. PayPal’s PYUSD followed in third place, with $2.42 billion in June volume.
USDT still has the largest stablecoin market value, but June’s volume data showed stronger transaction activity for USDC. Regulatory conditions in Europe have added pressure on some stablecoins after the Markets in Crypto-Assets rules came into force. Several European platforms have reduced or ended support for tokens that do not meet the new requirements.
Circle has positioned USDC for regulated markets, including Europe. This has made the token more useful for exchanges, payment firms and institutions seeking clearer compliance standards. Meanwhile, Tether has increased USDT supply, including a recent $2 billion mint on Ethereum.
Base, Coinbase’s Ethereum Layer 2 network, processed the largest share of stablecoin transaction volume in June. It handled about $565 billion, equal to 31.5% of the total. Ethereum followed closely with around $562 billion in volume.
Tron ranked third among networks, with about $320 billion in stablecoin transaction volume. That represented close to 18% of the monthly total. Solana also saw strong activity, supported by low fees and fast settlement times.
The network data shows that stablecoin use is spread across several blockchain systems. Ethereum still plays a central role while Base has grown quickly as a major rail for USDC transfers. Tron also continues to serve users who move stablecoins across borders and between exchanges.
The broader stablecoin market has also expanded. Total stablecoin market value has crossed $322 billion, while Visa’s dashboard shows about $10.2 trillion in adjusted stablecoin volume over the past 12 months. In addition, Visa has expanded its stablecoin settlement pilot across several blockchain networks, with an annualized run rate of about $7 billion as of April.
The June record shows that stablecoins have become a key part of digital asset activity. Payments, DeFi use, exchange transfers and cross-border flows all contributed to the higher volume.
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