The stablecoin market is showing impressive momentum: the adjusted transaction volume of "stablecoins" reached a record $1.79 trillion in June. This metric, calculated by excluding activity from high-frequency bots, exchange treasury rebalancing, and recurring smart contract transactions, confirms the sector's steady growth.
Compared to May, the volume increased by 63% (from $1.1 trillion), and year-over-year growth amounted to 125%. Interestingly, the June result only slightly surpassed the previous record of $1.78 trillion in February, indicating market consolidation at high levels.
Volume Leaders: USDC Dominates, USDT Lags Behind
The main contributor to June's turnover was Circle's USDC — $1.21 trillion, accounting for about 67% of the total volume. Tether's USDT provided $576 billion (32%), while PayPal's PYUSD took third place with $2.42 billion. This distribution highlights growing trust in regulated stablecoins, especially in the corporate segment.
Blockchain Infrastructure: Base and Ethereum Lead
Among blockchains, the leaders were Base ($565 billion), Ethereum ($562 billion), and TRON ($320 billion). Base accounted for 31.5% of the monthly volume, while TRON accounted for 18%. This indicates active use of Layer-2 solutions for scaling stablecoin transactions, reducing the load on the main Ethereum network.
Despite the prolonged correction in the crypto market, stablecoin turnover has been growing almost continuously. Positive dynamics are observed both in the corporate environment and in retail. In June, Bitwise's CIO noted a shift in financial advisors' interest from Bitcoin to stablecoins and tokenized assets, confirming a long-term trend.
Expert Commentary: The record stablecoin turnover is a signal of market maturity and a transition from speculation to real-world use of digital assets. USDC, as a regulated instrument, is becoming the preferred choice for institutional players, which could intensify competition with Tether. However, given the dominance of Base and Ethereum, infrastructure blockchains will continue to benefit from volume growth.