Visa's Onchain Analytics dashboard recorded stablecoin transaction volume reaching $1.79 trillion in June, marking the highest monthly total ever measured. The figure represented a 63% increase from May's $1.10 trillion and 125% year-over-year growth, driven by accelerating demand for dollar-pegged digital assets across payments, trading and on-chain finance. Visa's adjusted metrics filter out inorganic activity such as bot trading, exchange treasury rebalancing and repetitive smart contract interactions to isolate genuine economic usage. The June volume narrowly surpassed the previous monthly record of $1.78 trillion set in February 2026.
USDC Processes $1.21 Trillion in June Transaction Volume
Visa's data showed USDC accounted for approximately $1.21 trillion, or 67% of June's adjusted transaction volume. USDT processed roughly $576 billion in volume, representing 32% of activity. Although Tether remains the world's largest stablecoin by market capitalization and circulating supply, Visa's adjusted data indicates USDC leads in organic on-chain payment activity.
Visa's methodology differs from raw blockchain transaction counts because it isolates genuine economic activity from automated transfers and other non-user-driven transactions. The dashboard, developed in partnership with blockchain analytics firms Allium and Artemis, has become one of the industry's most widely referenced benchmarks for measuring real stablecoin usage.
Base and Ethereum Settle Over $1.1 Trillion Combined
Network-level data showed Base processed approximately $565 billion in adjusted stablecoin transaction volume during June, narrowly surpassing Ethereum's $562 billion. Together, the two networks accounted for well over half of all adjusted stablecoin transactions during the month, reflecting growing adoption of Ethereum-compatible infrastructure for payments and decentralized finance applications.
The continued growth of Base, Coinbase's Ethereum Layer-2 network, highlights how lower transaction costs and faster settlement are reshaping where stablecoin activity takes place. Other blockchain networks, including Solana, Tron and BNB Chain, also maintained significant shares of transaction volume.
Visa's dashboard shows adjusted stablecoin volume has grown 58% over the past 12 months, while adjusted transaction counts have increased 35%. Earlier this year, Visa expanded its own stablecoin initiatives by enabling selected U.S. banks to settle transactions using USDC. Major financial institutions, including Goldman Sachs, UBS, Citi, ING, and UniCredit, have announced stablecoin-related projects or exploratory initiatives.
FAQ
What was the stablecoin transaction volume in June according to Visa?
Visa's Onchain Analytics dashboard recorded stablecoin transaction volume reaching $1.79 trillion in June, marking the highest monthly total ever measured. The figure represented a 63% increase from May's $1.10 trillion and 125% year-over-year growth.
Which stablecoin processed the most volume in June?
USDC accounted for approximately $1.21 trillion, or 67% of June's adjusted transaction volume, according to Visa's data. USDT processed roughly $576 billion in volume, representing 32% of activity.
Which blockchain networks handled the most stablecoin transactions in June?
Base processed approximately $565 billion in adjusted stablecoin transaction volume during June, narrowly surpassing Ethereum's $562 billion. Together, the two networks accounted for well over half of all adjusted stablecoin transactions during the month.
