Circle's USD Coin (USDC) has recently demonstrated a significant lead over Tether's USDT in stablecoin transaction volume, according to fresh data released from Visa's Onchain Analytics dashboard. This shift comes as the overall stablecoin market experienced a record-breaking month in June 2026, with adjusted transaction volume soaring to $1.79 trillion.
The latest figures reveal that USDC accounted for a dominant 67% of this adjusted volume, totaling approximately $1.21 trillion for the month. In contrast, USDT, while still the largest stablecoin by market capitalization, represented about 32% of the transaction volume, or $576 billion. This divergence highlights a growing preference for USDC in high-value transfers, even as USDT continues to see a higher count of individual transactions, suggesting its broader use in smaller, more frequent transfers.
The surge in stablecoin activity in June marks a substantial 63% increase from May's $1.1 trillion, and an even more impressive 125% rise compared to June 2025. This robust growth underscores the accelerating adoption of stablecoins for various financial operations, including payments, decentralized finance (DeFi), and cross-border transfers. The data, meticulously filtered by Visa's dashboard in collaboration with Allium Labs and Artemis, aims to capture genuine economic activity by excluding inorganic movements such as bot-driven trading and wash transactions.
The networks facilitating this heightened activity were primarily Solana and Base. Coinbase's Ethereum Layer 2 network, Base, processed a significant $565 billion, making up 31.5% of the total volume, closely followed by the Ethereum mainnet at $562 billion. Solana's appeal for high-frequency stablecoin transfers is attributed to its low transaction fees and near-instant finality. The increasing institutional adoption of stablecoins for payments, settlement, and treasury operations by Wall Street banks and other financial institutions is a key driver behind this expanding volume. Companies like Standard Chartered and BNY Mellon have recently integrated services around Circle's USDC, further solidifying its role within traditional financial infrastructure.
This shift in transaction volume leadership from USDT to USDC, as reported by Visa, signals an evolving landscape within the stablecoin ecosystem. While market capitalization remains a key metric, transaction volume often provides a more direct indication of a stablecoin's utility and real-world usage. The continued expansion of stablecoin utility, coupled with their integration into mainstream financial systems, positions them as a foundational layer for the future of digital finance. The consistent growth, even amidst broader crypto market fluctuations, suggests that stablecoins are becoming an indispensable component of the global financial system.
Original announcement: Visa Onchain Analytics Dashboard