USDC Now Runs 70% of Real Stablecoin Volume as June Hits a Record $1.79 Trillion

Stablecoins just posted a number that looks less like a crypto side market and more like payment infrastructure.

Visa’s onchain analytics data showed adjusted stablecoin transaction volume reaching a record $1.79 trillion in June 2026.

The key word is adjusted. Visa’s dashboard attempts to filter out bot activity, exchange transfers, and other transactions that do not reflect real economic activity.

That makes the June figure a cleaner signal than raw blockchain transfer volume, though it still should not be confused with Visa’s own card-network volume or its separate stablecoin settlement pilot.

DATA: @Circle’s $USDC accounted for roughly 70% of adjusted stablecoin transaction volume in the first half of 2026, compared with about 25% for @Tether’s $USDT, according to Visa data.

Read the full story by Olivier Acuna on CoinDesk pic.twitter.com/DM7AYaIYSJ

— CoinDesk (@CoinDesk) July 6, 2026

CoinDesk reported on July 6 that Circle’s USDC accounted for about 70% of adjusted stablecoin transaction volume in the first half of 2026.

The same report said Tether’s USDT represented roughly 25% of adjusted volume over that period. That is a major activity-share shift in a market where USDT remains one of the biggest stablecoins by supply and exchange liquidity.

CoinDesk said June adjusted stablecoin transaction volume hit a record $1.79 trillion. The figure was up 63% from May’s $1.1 trillion and 125% from about $795 billion in June 2025.

The first six months of 2026 totaled $8.82 trillion in adjusted stablecoin transaction volume. CoinDesk noted that this already exceeded the $5.8 trillion recorded during all of 2024 and sat about $2 trillion below the $10.8 trillion recorded during all of 2025.

Those comparisons show why banks and payment companies are treating stablecoins as settlement infrastructure rather than a trading-only product. The adjusted activity is now large enough that ignoring it means ignoring a major dollar-transfer network.

CryptoBriefing added the June token and network breakdown.

Its report said USDC accounted for roughly 67% of June adjusted stablecoin volume, or about $1.21 trillion. USDT accounted for about 32%, or roughly $576 billion, putting USDC at more than double USDT’s adjusted activity for the month.

The report also said activity was heavily concentrated on Solana and Base. Solana’s low fees and fast finality make it attractive for high-frequency transfers, while Base has become a major venue for USDC activity because of Coinbase’s connection to the Circle ecosystem and Circle’s dollar-token distribution.

CryptoBriefing said the June total narrowly beat the previous $1.78 trillion record from February. It also said the 63% month-over-month gain and 125% year-over-year gain point to acceleration rather than a flat mature market.

The same report said trailing 12-month adjusted stablecoin volume reached approximately $10.2 trillion. It also said stablecoin market capitalization had crossed $322 billion.

CryptoBriefing also separated the market data from Visa’s own business lines. It noted Visa’s stablecoin settlement pilot has a $7 billion annualized run rate, while Visa’s card network processes more than $12 trillion annually.

That separation keeps the June record in the right lane: broad onchain stablecoin movement, not Visa’s own processing volume.

The stablecoin race therefore has two separate scoreboards. Supply and exchange depth still matter, and USDT remains huge there.

Adjusted transaction activity shows a different picture, where USDC has opened a large lead in measured economic transfers.

Network effects and general platform utility combined with liquidity and regulatory clarity. https://t.co/QvieZeirnK

— Jeremy Allaire – jerallaire.arc (@jerallaire) July 6, 2026

Visa Onchain Analytics is the dashboard environment behind the adjusted stablecoin metrics.

The dashboard is powered by Allium and tracks stablecoin volume, transaction count, addresses, supply, lending, and chain-level activity. Its public insights explain the use of adjusted stablecoin metrics instead of simply counting every blockchain transfer at face value.

The public dashboard includes separate views for supply, transactions, addresses, lending, and insights. Its insights page also points users to Allium’s stablecoin adjusted data sources for volume and transaction charts.

The dashboard explains that adjusted stablecoin metrics have grown consistently since 2019. It also highlights layer-two activity and USDC on Base as areas where lower-cost networks have become more visible in stablecoin transfer data and smaller-value transfer counts.

That dashboard structure gives traders and operators a way to compare tokens, chains, and usage patterns without relying on raw transfer counts alone.

That distinction matters because stablecoins can move for many reasons. Some transfers represent payments, settlement, treasury movement, or DeFi activity.

Others can be bot-driven, exchange-internal, or otherwise noisy.

Visa’s adjusted-volume approach tries to get closer to economic activity. It is still a model, but it gives the market a better lens than raw transfer totals alone.

Visa has also been expanding its own stablecoin settlement infrastructure, which is related but separate from the dashboard data.

In an April 29 release, Visa said its stablecoin settlement pilot reached a $7 billion annualized run rate and grew 50% quarter over quarter. The company also said the pilot expanded to nine supported blockchains.

The release listed Arc, Base, Canton, Polygon, and Tempo as newly supported networks, joining Avalanche, Ethereum, Solana, and Stellar. Visa said the expansion gives partners more choice while relying on Visa as a common settlement layer.

The company framed the move as part of stablecoins becoming a practical settlement complement for financial institutions, fintechs, and payment providers. It also pointed to years of live pilots and regional rollouts behind the expansion.

That pilot is not the same thing as the $1.79 trillion June adjusted market-volume number. One measures broad stablecoin activity across chains.

The other measures Visa’s own settlement pilot run rate.

Taken together, they show the same direction of travel. Stablecoins are moving from crypto trading balances into infrastructure used by payment firms, banks, fintechs, and settlement networks.

The next market question is whether that activity keeps concentrating around USDC on fast, low-cost networks or spreads across new bank-backed and consortium stablecoins now entering the field.

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