Visa's Onchain Analytics dashboard logged $1.79 trillion in adjusted stablecoin transaction volume in June, a record, with USDC taking roughly 67% of activity. Most of the flow ran across Solana and Base.
Stablecoins posted their biggest month on record in June, and Visa has the data. The payments giant's Onchain Analytics dashboard recorded $1.79 trillion in adjusted stablecoin transaction volume for the month, narrowly topping the previous record of $1.78 trillion set in February. Visa filters out inorganic activity such as bot-driven trading and wash transactions, so the figure aims to reflect real users and institutions moving money.
USDC leads the volume
The breakdown by token points to shifting dominance. USDC accounted for roughly 67% of the total adjusted volume at $1.21 trillion, the dollar-pegged stablecoin issued by Circle. Tether's USDT, the longstanding leader by supply, captured about 32% at $576 billion.
The activity was heavily concentrated on two networks. Solana offers sub-cent transaction fees and near-instant finality, which make it a natural home for high-frequency stablecoin transfers. Base, Coinbase's Layer 2 network built on Ethereum, has become a preferred rail for USDC, reflecting Coinbase's role as a co-founder of the USDC ecosystem through its relationship with Circle.
A 125% jump year-over-year
The month-over-month move was steep, but the annual comparison is larger. Volume rose 63% from May to June and 125% year-over-year, a pace Crypto Briefing reads as accelerating stablecoin adoption. Cumulative adjusted volume over the trailing 12 months has reached approximately $10.2 trillion, according to the dashboard, which is powered by blockchain data firm Allium.
Visa has tracked stablecoin performance since 2019, using a methodology built with Allium Labs and Artemis to capture organic flows rather than inflated on-chain metrics. The rolling 30-day figure as of early July was hovering near $1.8 trillion, suggesting June was part of a sustained trend rather than a one-off spike.
Context frames the scale. The total market capitalization of stablecoins has crossed $322 billion. Visa's own stablecoin settlement pilot has expanded across nine blockchain networks, reaching an annualized run rate of $7 billion as of April, against the more than $12 trillion the company processes each year on its card network.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
