Stablecoins Settle $1.79T in June — Because Apparently Dollars Never Sleep 📈

Adjusted stablecoin transaction volume reached a record $1.79 trillion in June, up 63% from May's $1.1 trillion and 125% year-over-year, according to payments giant Visa's Allium-powered stablecoin analytics dashboard. June's figure narrowly surpassed the previous record of $1.78 trillion set in February. "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 surge comes despite a broader crypto bear market, with the total market cap ending the month down 18%+, the largest monthly capital outflow since February's 20% decline.

Circle's USDC dominated transaction activity, accounting for roughly 67% of the total at $1.21 trillion for the month, while Tether's USDt represented about 32% at $576 billion, per Visa. PayPal's PYUSD ranked third with $2.42 billion in June. Coinbase's Ethereum layer-2 network Base led network activity with $565 billion, or 31.5% of total volume, closely followed by Ethereum with $562 billion, and Tron with $320 billion, about 18%. Toncoin [TON] saw its native stablecoin supply rise 8% over the past week to more than $810 million.

Meanwhile, the combined market cap of USDT and USDC has declined by nearly $11 billion over the past two months, with total stablecoin market cap falling 2%+ in June, marking the largest monthly outflow since January and resulting in nearly $8 billion in stablecoin outflows. This divergence highlights a growing gap between stablecoin usage and underlying liquidity, even as transaction volume hits new highs. "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," said Nick Ruck, director of LVRG Research.

Visa collaborated with Artemis, Allium Labs and Castle Island Ventures to develop an adjusted transaction methodology that filters out high-frequency trading bots, exchange treasury rebalancing and repeated smart contract transactions to approximate organic stablecoin activity. Separately, Open Standard announced Open USD (OUSD) on Tuesday, backed by more than 140 payments, banking, technology and crypto companies, including Visa and Mastercard. Related: Revolut is set to delist USDT in August, citing regulatory and risk concerns.