Stablecoin transaction volume reached a record $1.79 trillion in June, according to the Visa analytics dashboard. The total rose 63% from May’s $1.1 trillion and showed stronger activity across payments, DeFi, and cross-border transfers during a weak crypto market as pressure continued.
The June figure topped the previous record of $1.78 trillion set in February. Visa’s Allium-powered dashboard also showed a 125% increase from the same period one year earlier.
Zach Pandl, Grayscale’s head of research, said that June 2026 was another record month. Stablecoin transaction volume slightly edged out February 2026, which had held the earlier high.
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USDC Captures Majority of Stablecoin Transaction Volume
The surge reflects a rise in use cases beyond trading. Moreover, it demonstrates that stablecoins were in demand despite a continued drop in the overall cryptocurrency market.
In June, Circle’s USDC dominated other stablecoins with adjusted activity, processing transactions worth $1.21 trillion or about 67% of stablecoin transaction volume.
Although Tether’s USDT was the largest stablecoin by market capitalization, it generated activity worth $576 billion, or about 32% of the total.
PayPal’s PYUSD was the third-largest stablecoin in terms of transaction volume. In June, it handled transactions worth $2.42 billion.
Base, Coinbase’s Ethereum Layer-2, is the top blockchain network in terms of stablecoin transactions. It handled transactions worth $565 billion, or 31.5% of the total, followed by Ethereum with $562 billion.
Tron ranked third by network, handling transactions worth $320 billion, or 18% of stablecoin transaction volume in June.
Visa’s new approach was created in collaboration with Artemis, Allium Labs, and Castle Island Ventures. This approach allows for filtering out high-frequency trading bots, exchange treasury rebalancing, and repeat smart contract transactions.
OUSD Enters Market With Visa and Mastercard Support
According to Visa, the new approach is able to better estimate the organic activity of stablecoins. This approach excludes the activity that can distort the transaction data.
The record came as Open Standard announced Open USD, or OUSD, on Tuesday. According to the project, more than 140 companies in the payments, banks, technologies, and cryptocurrency industries support the OUSD stablecoin.
Among the supporters of OUSD were such companies as Visa and Mastercard. Thus, the launch of OUSD introduced yet one more stablecoin to the market of USDC and USDT stablecoins.
Why Stablecoin Volume Growth Matters
Nick Ruck, the director of LVRG Research, noted that the transaction volume of stablecoins demonstrates good resiliency against the crypto bear market. According to him, stablecoins provide the value transfer, liquidity, and DeFi services.
Ruck also said that the trend can continue as the stablecoins become more developed. In his opinion, the transaction volume of the stablecoins will expand even more.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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