Stablecoin transaction volume nears $1.8 trillion in one month
Stablecoin transaction volume reached a record $1.79 trillion in June. This was 63% higher than the May figure of $1.1 trillion, according to data from payments company Visa.
The new high surpassed the previous record set in February 2026, when transaction volume stood at $1.78 trillion. In annual terms, the figure increased by 125%, according to Visa’s stablecoin analytics dashboard, which is powered by Allium data.
“June 2026 was another record month for stablecoin transaction volume, slightly ahead of February 2026,” Grayscale Head of Research Zach Pandl said on Sunday.
The sharp increase in volumes points to broader real-world use of stablecoins in payments, decentralized finance and cross-border transfers as crypto infrastructure continues to mature. At the same time, the rise in activity came against the backdrop of a broader bear market in the crypto industry, showing that stablecoins are becoming one of the sector’s key driving forces.
USDC captures the market
Although Tether’s USDT remains the largest stablecoin by market capitalization, most of the transaction volume in June came from Circle’s USDC. According to Visa, USDC accounted for about 67% of the volume, or $1.21 trillion for the month.
USDT accounted for around 32% of the market, with about $576 billion in volume. PayPal’s PYUSD ranked third by transaction volume, reaching $2.42 billion in June.
The most widely used network for stablecoin transactions in June was Base, Coinbase’s Ethereum Layer 2 network. It accounted for $565 billion, or 31.5% of total volume. Ethereum processed nearly the same amount at $562 billion. Tron ranked third with $320 billion, or about 18% of the total.
Meanwhile, the stablecoin market continues to expand. On Tuesday, Open Standard announced the launch of Open USD (OUSD), with support from more than 140 companies across payments, banking, technology and crypto, including Visa and Mastercard.
Why USDT may lose its leadership status
USDT is losing ground not only because of competition from USDC, but also because of regulatory pressure in Europe. After the MiCA rules came into force, major European platforms began restricting or fully ending support for stablecoins that do not meet the new requirements. For Tether, this became a serious blow: USDT can no longer operate freely in one of the key regulated markets, while part of its liquidity and user base is being forced to move into other instruments.
USDC, by contrast, found itself in a stronger position. Circle adapted to European rules in advance and obtained the approvals needed to operate under MiCA. This made USDC a more convenient choice for exchanges, payments companies and institutional players that value not only liquidity, but also regulatory certainty.
As a reminder, Tether increased USDT issuance by minting $2 billion on Ethereum.
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
