Visa data shows stablecoin payments hit a record $1.79T in June, with USDC taking 67% share

Stablecoin payments accelerated in June to a record $1.79 trillion in adjusted transaction volume, according to Visa analytics shared in recent reporting. The figures, drawn from Visa’s stablecoin dashboard, indicate that stablecoins continued to move beyond crypto-native activity and into higher-frequency payment rails, even as the broader market outlook for digital assets has been uneven.

The same data set shows USDC capturing roughly 67% of adjusted stablecoin transaction volume for the month. Circle’s USDC accounted for about $1.21 trillion in June, while Tether’s USDt represented about 32%, or roughly $576 billion. The implication is that, at least by Visa’s adjusted transaction measure, USDC is now the dominant stablecoin used for transaction flows.

Visa’s dashboard also points to growth momentum: June’s record volume surpassed the previous high of about $1.78 trillion reached in February. June’s level was also up sharply versus the prior month, rising 63% from May’s roughly $1.1 trillion, and it was higher year over year, up 125% from the prior-year period cited by the reporting.

A key question for stablecoin adoption is what’s driving the volume, and Visa’s data suggests it is increasingly tied to specific networks rather than a single issuer. The most widely used network for stablecoin transactions in June was Coinbase’s Ethereum layer-2 scaling solution, Base, at about $565 billion (31.5% of the total). Ethereum itself contributed a comparable share, at roughly $562 billion, while Tron ranked third at about $320 billion (around 18%).

The growth in stablecoin payments comes with a methodological caveat. Visa and collaborators developed an “adjusted” approach that filters out metrics that can distort the picture, including high-frequency trading bot activity, exchange treasury rebalancing, and repeated smart contract interactions. The goal, as described in the reporting, is to focus on transaction activity that more closely reflects end-user or payment-like usage rather than internal market mechanics.

The record volume arrived with commentary from industry analysts. The reporting quoted Zach Pandl, head of research at Grayscale, saying June 2026 marked another record month and framing the result as a sign of growing real-world use across payments, decentralized finance, and cross-border transfers as stablecoin infrastructure matures.

Still, the publicly visible details around issuance, pricing, and on-chain settlement quality were not fully laid out in the cited coverage. Visa’s dashboard and the accompanying commentary focus on adjusted transaction volume and network share, and the reporting does not break down how much of the volume corresponds to merchant payments versus other categories within the adjusted methodology.

Going forward, investors and payment companies will likely watch whether the June surge holds, and whether USDC’s share continues to widen. Another watch item is whether the network mix stays concentrated on Ethereum-linked rails like Base and Ethereum, or whether other ecosystems broaden their role in stablecoin payments as infrastructure and compliance frameworks develop.