Adjusted stablecoin transaction volume hit $1.79 trillion in June. That’s a new record, according to Visa’s on-chain analytics dashboard.
It’s up 63% from May’s $1.1 trillion. And it just barely edges out the previous record of $1.78 trillion set back in February. Year-over-year, volumes are up 125%.
Who’s driving all this volume? Mostly Circle’s USDC, which handled about 67% of the total — $1.21 trillion. Tether’s USDT accounted for roughly 32%, or $576 billion. PayPal’s PYUSD is a distant third with $2.42 billion.
The most popular network for stablecoin transfers? Coinbase’s Ethereum layer-2, Base, with $565 billion. Ethereum itself came in just behind at $562 billion. Tron was third at $320 billion.
Nick Ruck, director of LVRG Research, told Cointelegraph the numbers show stablecoins are becoming real infrastructure — not just speculative tools. “This surge underscores the growing role of stablecoins as essential infrastructure for value transfer, liquidity provision, and DeFi activity that persists independently of speculative price movements,” he said.
The kicker? This growth is happening during a broader crypto bear market. That suggests stablecoins aren’t riding the hype cycle anymore. They’re becoming something more durable.
Visa built its adjusted methodology with Artemis, Allium Labs, and Castle Island Ventures. The goal was to filter out bots, exchange rebalancing, and repeated smart contract transactions — the noise that makes raw volume figures misleading.
Meanwhile, a new player just entered the market. Open Standard launched Open USD (OUSD) this week, backed by more than 140 companies including Visa and Mastercard.
Stablecoins are maturing. The numbers say so.
