SKN | Stablecoin Transaction Volume Reaches Record $1.79 Trillion in June

• Adjusted global stablecoin transaction volume reached a record $1.79 trillion in June, surpassing the previous monthly high.

• Circle’s USDC accounted for approximately 67% of total transaction volume, while Tether’s USDT represented about 32%.

• Base and Ethereum were the leading blockchain networks for stablecoin transactions during the month.

• The growth highlights increasing real-world adoption of stablecoins across payments, decentralized finance and cross-border settlements despite the broader crypto market downturn.

Global stablecoin usage continued to expand in June as adjusted transaction volume climbed to a record $1.79 trillion, according to data published by payments company Visa.

The monthly total represented a 63% increase from May’s adjusted volume of approximately $1.1 trillion and narrowly exceeded the previous record set in February. Compared with the same period a year earlier, stablecoin transaction volume more than doubled, reflecting continued growth in blockchain-based payments and financial services.

The increase comes even as cryptocurrency markets remain under pressure, suggesting stablecoins are increasingly serving practical financial and commercial use cases rather than purely speculative trading.

USDC Leads Stablecoin Payments

While Tether’s USDT remains the world’s largest stablecoin by market capitalization, Circle’s USDC generated the majority of transaction activity during June.

USDC accounted for roughly $1.21 trillion, representing about 67% of adjusted transaction volume. USDT followed with approximately $576 billion, or around 32% of the monthly total.

PayPal’s PYUSD ranked a distant third, recording approximately $2.4 billion in transaction volume during the month.

The figures indicate that USDC continues to play a dominant role in institutional payments, decentralized finance applications and regulated blockchain-based financial activity.

Base and Ethereum Dominate Network Activity

Coinbase’s Ethereum layer-2 network Base processed the largest share of stablecoin transfers during June, handling approximately $565 billion in transaction volume.

Ethereum followed closely with roughly $562 billion, while Tron ranked third with approximately $320 billion.

The concentration of activity across these networks highlights the growing importance of scalable blockchain infrastructure for digital payments and tokenized financial services.

To better reflect genuine economic activity, Visa’s transaction methodology excludes high-frequency trading, exchange treasury movements and repetitive smart contract interactions that could otherwise inflate blockchain transaction statistics.

Stablecoins Continue Expanding

The stablecoin market continues to attract new participants as financial institutions and technology companies increase investment in blockchain-based payment infrastructure.

During the week, Open Standard introduced Open USD (OUSD), a new stablecoin initiative backed by more than 140 companies across the payments, banking, technology and digital asset sectors.

The launch reflects continued industry interest in regulated digital payment solutions as businesses seek faster, lower-cost settlement systems.

Industry Sees Long-Term Growth

Market observers believe stablecoins are evolving into a core component of digital financial infrastructure.

Growing adoption across cross-border payments, decentralized finance, treasury management and onchain settlements suggests stablecoins are becoming increasingly important even during periods of weakness in broader cryptocurrency markets.

As regulatory frameworks mature and institutional participation expands, stablecoins are expected to play an increasingly significant role in connecting traditional finance with blockchain-based financial services.

Outlook

June’s record stablecoin transaction volume underscores the sector’s continued evolution beyond cryptocurrency trading into mainstream financial applications. With increasing institutional adoption, expanding payment infrastructure and broader regulatory clarity, stablecoins appear well positioned to remain one of the fastest-growing segments of the digital asset ecosystem.