Key facts
- Adjusted stablecoin transaction volume hit a record $1.79 trillion in June.
- This volume is up 63% from May's $1.1 trillion and 125% from the prior year.
- USDC dominated transaction volume with 67% ($1.21 trillion), followed by USDT at 32% ($576 billion).
- The Ethereum layer-2 network Base saw the highest transaction volume ($565 billion), closely followed by Ethereum itself ($562 billion).
- The growth suggests increasing real-world use in payments, DeFi, and cross-border transfers.
Adjusted stablecoin transaction volume reached an all-time high of $1.79 trillion in June, marking a significant 63% increase from May's $1.1 trillion, according to data from payments company Visa. This record surpasses the previous high of $1.78 trillion set in February and represents a 125% increase year-over-year.
The surge in stablecoin activity indicates growing adoption for real-world applications such as payments, decentralized finance (DeFi), and cross-border transfers, even amidst a general cryptocurrency bear market. This suggests stablecoins are becoming a foundational element of the crypto ecosystem.
Within the transaction volume, Circle's USDC accounted for the largest share, representing approximately 67% or $1.21 trillion. Tether's USDT followed with about 32% ($576 billion), while PayPal's PYUSD recorded $2.42 billion.
The most utilized network for these transactions in June was Coinbase's Ethereum layer-2 network, Base, which handled $565 billion (31.5% of the total). Ethereum itself processed $562 billion, with Tron following at $320 billion (18%).
Visa developed an adjusted transaction methodology with Artemis, Allium Labs, and Castle Island Ventures to filter out non-organic activity like high-frequency trading bots, thereby providing a clearer picture of genuine stablecoin usage. Open Standard also announced its new stablecoin, Open USD (OUSD), with support from numerous industry companies.
Nick Ruck, director of LVRG Research, stated that the record volume demonstrates stablecoins' resilience and their essential role in value transfer and DeFi, independent of speculative price movements. He anticipates this trend will continue as stablecoins mature into a foundational layer of the Web3 economy.