Adjusted stablecoin transaction volume reached a record $1.79 trillion in June, narrowly surpassing the previous high of $1.78 trillion set in February, according to Visa’s Onchain Analytics dashboard. The new peak underscores the growing role of stablecoins as transaction infrastructure across public blockchains.
The June figure was up 63% from May’s $1.1 trillion and 125% higher than the same period a year earlier. Visa’s adjusted-volume methodology is designed to filter out some inorganic activity, including bot-driven trading, exchange treasury rebalancing and repeated smart contract transactions.
USDC Leads Stablecoin Activity by Volume
USDC accounted for about 67% of June’s adjusted stablecoin volume, representing approximately $1.21 trillion in transactions. The figure kept USDC well ahead of other stablecoins by reported adjusted throughput for the month.
USDT ranked second with roughly 32% of total June volume, equal to about $576 billion. PYUSD followed as the third-largest stablecoin by volume, though at a much smaller scale, with $2.42 billion in reported activity.
The split shows a highly concentrated stablecoin market by transaction volume, with USDC and USDT together representing nearly all adjusted activity captured in the dashboard. While smaller stablecoins remain part of the broader ecosystem, their current transaction footprint remains limited compared with the two largest assets.
Base and Ethereum Dominate Network-Level Flow
At the network level, Base led June stablecoin activity with $565 billion in adjusted transaction volume, representing 31.5% of the total. Ethereum followed closely with $562 billion, leaving the two networks nearly tied as the largest venues for stablecoin movement.
Tron ranked third with $320 billion in adjusted volume, or about 18% of June’s total. The network’s position reflects its continued relevance in stablecoin transfers, even as Base and Ethereum accounted for the largest reported flows during the month.
The record adds to a broader pattern of rising stablecoin throughput, but the adjusted methodology requires careful interpretation. The dashboard’s figure is best read as a measure of filtered transaction activity, not a complete count of every raw on-chain transfer.
For now, the June data points to a sharp acceleration in stablecoin settlement activity across leading networks and issuers. The next question is how much of the increase reflects durable organic usage, as opposed to other flows that may still appear within adjusted transaction datasets.