Circle’s USDC stablecoin processed more than twice the adjusted transaction volume of Tether’s USDT in June, capturing a dominant 67% share of the market as overall stablecoin activity reached an all-time high. According to Visa’s Onchain Analytics dashboard, which filters out bot trading and other inorganic transfers, total adjusted stablecoin volume hit a record $1.79 trillion during the month — a 63% jump from May and a 125% year-over-year increase.
USDC accounted for approximately $1.21 trillion of that total, while USDT handled roughly $576 billion, representing just 32% of activity. Despite Tether’s larger market capitalization, visa’s adjusted data shows that USDC now leads in organic on-chain payment activity. The two largest networks for settlement were Base and Ethereum, which together processed over $1.1 trillion in adjusted volume. Base alone narrowly surpassed Ethereum with $565 billion, highlighting the growing role of low-cost Layer 2 solutions.
The milestone came as Circle’s stock (CRCL) rebounded from a sharp sell-off triggered by the launch of rival stablecoin OUSD and its removal from several Russell indexes. Shares rose 4% on July 2 and continued climbing in pre-market trading on July 6, even after Jefferies issued a bearish note warning that the new competitor could pressure Circle’s market position. Doubts later surfaced over OUSD issuer Open Standard’s claims of 140 partners after Samsung and Dunamu publicly distanced themselves from the project.
Institutional support also helped cushion the stock. ARK Invest disclosed purchases of roughly $17.8 million worth of CRCL on the same day Jefferies published its caution. From a technical standpoint, CRCL found support near the $61.73 level and is attempting to reclaim the Supertrend resistance at $75.66, which would signal a potential trend reversal.
The record June figures build on a broader trend of accelerating stablecoin adoption. Grayscale Head of Research Zach Pandl noted that the $1.78 trillion in adjusted volume narrowly surpassed the previous record from February 2026. Visa’s dashboard shows adjusted stablecoin volume has grown 58% over the past year, with transaction counts up 35%, indicating that usage continues to expand independently of crypto market cycles. Major institutions such as Goldman Sachs, UBS, Citi, ING, and UniCredit have all announced stablecoin-related initiatives.
