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.
