WuBlockchain
Adjusted stablecoin transaction volume reached a record $1.79 trillion in June, up 63% from $1.10 trillion in May and surpassing the previous high of $1.78 trillion set in February, according to Visa Onchain Analytics.
Why it matters
The mix behind the headline is the more interesting read. USDC alone accounted for roughly 67% of June's flow at $1.21 trillion, with USDT at $576 billion (32%). USDC's share has steadily climbed as institutions, payment-rail integrations, and Base-native liquidity have rotated toward the regulated, fully-reserved dollar.
Market impact
The network split flipped a long-running ranking. Base processed $565 billion in adjusted volume, narrowly ahead of Ethereum's $562 billion, with Tron in third. It is the first time a Layer 2 has outpaced mainnet in Visa's dataset, and it confirms what on-chain DEX flows have shown for months: the practical hub of dollar liquidity is migrating off Ethereum L1, even as Ethereum still settles the bulk of the high-value transfers.
Source: [Transactions | Visa Onchain Analytics Dashboard](https://visaonchainanalytics.com/transactions)
Frequently asked questions
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How much did stablecoin volume grow in June?
Adjusted stablecoin transaction volume hit $1.79T in June, up 63% from $1.10T in May and above the prior record of $1.78T set in February, per Visa Onchain Analytics.
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Which stablecoin dominated June's volume?
USDC accounted for roughly 67% of June's flow at $1.21T, with USDT at $576B, or about 32% of the total.
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Did Base really beat Ethereum in stablecoin volume?
Yes. Base processed $565B in adjusted stablecoin volume in June, narrowly ahead of Ethereum at $562B, marking the first time a Layer 2 outpaced mainnet in Visa's dataset. Tron placed third.
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Why is USDC's share of stablecoin volume rising?
USDC's share has steadily climbed as institutions, payment-rail integrations, and Base-native liquidity rotate toward the regulated, fully-reserved dollar, displacing USDT in on-chain payment and DEX settlement flows.
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What does the Base-over-Ethereum flip signal?
It signals that the practical hub of dollar liquidity is migrating off Ethereum L1, even as Ethereum still settles most high-value transfers. The shift confirms a drift on-chain DEX flows have shown for months.
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