Stablecoin transaction volume hit a record $1.79T in June
DeFi & Yields ·
Adjusted stablecoin flows rose 63% month-over-month, with USDC and Base leading the gains.
Adjusted stablecoin transaction volume reached $1.79 trillion in June, according to Visa Onchain Analytics data reported by wublockchain.xyz, marking a 63% increase from May's $1.10 trillion and edging past the prior record of $1.78 trillion set in February. The figure represents adjusted volume, a metric intended to filter out non-economic transfers and isolate genuine transactional activity across stablecoin networks.
USDC accounted for the largest share of that volume, at roughly 67%, or $1.21 trillion. USDT followed with $576 billion, about 32% of the total. The gap between the two largest stablecoins by transaction volume underscores a shift in which asset is carrying the bulk of onchain economic activity, even as both remain far ahead of smaller competitors.
Network-level data showed Base narrowly ahead of Ethereum, with $565 billion in volume compared to Ethereum's $562 billion. Tron ranked third, though its specific figure was not disclosed. The near-tie between Base and Ethereum suggests stablecoin activity is increasingly distributed across multiple chains rather than concentrated on a single network.
The June figures align with other signals pointing to USDC's growing footprint. One account noted that USDC trading volume has surpassed USDT as the broader stablecoin market reached record highs. Separately, data on Optimism showed a more mixed picture at the network level: USDT led with $205 million there, while USDC volume declined 8.92% over a 30-day period, even as real-world-asset-backed stablecoins gained a larger presence. These divergent network-level trends indicate that USDC's overall dominance in adjusted volume does not necessarily hold uniformly across every chain.
What remains unclear is how much of the June jump reflects a durable shift in stablecoin usage patterns versus a temporary spike tied to specific onchain events or seasonal effects. It is also not yet established how Tron's volume compares numerically to Base and Ethereum, or whether the RWA-backed stablecoin growth seen on Optimism will extend to larger networks. Further monthly data will indicate whether the record set in June holds or is itself surpassed, and whether USDC's lead over USDT persists across networks beyond Base and Ethereum.