Visa reports record $1.79T stablecoin transaction volume in June, led by USDC on Solana and Base

Stablecoins just had their biggest month ever, and Visa has the receipts. The payments giant’s Onchain Analytics dashboard recorded $1.79 trillion in adjusted stablecoin transaction volume during June, narrowly eclipsing the previous record of $1.78 trillion set back in February.

Visa filters out inorganic activity like bot-driven trading and wash transactions, meaning this figure represents something closer to actual humans and institutions moving actual money.

USDC is running the show

The breakdown by stablecoin tells a clear story of market dominance shifting. USDC, the dollar-pegged stablecoin issued by Circle, accounted for roughly 67% of the total adjusted volume at $1.21 trillion. USDT, Tether’s longstanding market leader by supply, captured about 32% at $576 billion.

The activity was heavily concentrated on two networks: Solana and Base. Solana’s appeal is straightforward, offering sub-cent transaction fees and near-instant finality that make it a natural home for high-frequency stablecoin transfers. Base, Coinbase’s Layer 2 network built on Ethereum, has quietly become a preferred rail for USDC activity, which makes sense given Coinbase’s role as a co-founder of the USDC ecosystem through its relationship with Circle.

The 63% jump from May to June is striking on its own, but the year-over-year comparison is even more dramatic. A 125% increase signals that stablecoin adoption isn’t just growing. It’s accelerating.

The bigger picture: $10.2 trillion in twelve months

Cumulative adjusted stablecoin volume over the trailing 12 months has reached approximately $10.2 trillion, according to Visa’s dashboard, which is powered by blockchain data firm Allium.

Visa has been tracking stablecoin performance since 2019. The company’s methodology, built in partnership with Allium Labs and Artemis, specifically aims to capture organic user flows rather than inflated on-chain metrics.

The dashboard’s rolling 30-day figure as of early July was hovering near $1.8 trillion, suggesting June wasn’t a one-off spike but part of a sustained upward trajectory.

The total market capitalization of stablecoins has crossed $322 billion. Visa’s own stablecoin settlement pilot has expanded across nine different blockchain networks, achieving an annualized run rate of $7 billion as of April. The company processes more than $12 trillion annually across its card network.

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