The stablecoin market continues to show confident growth despite the overall volatility of the crypto industry. In June, the adjusted transaction volume of "stablecoins"—excluding activity from high-frequency bots, exchange treasury rebalancing, and repetitive smart contract operations—soared to an all-time high of $1.79 trillion. This is 63% higher than May's figure ($1.1 trillion) and 125% higher than the result from June of last year.
Notably, the new record only slightly surpassed the previous peak set in February ($1.78 trillion). However, the dynamics themselves point to structural demand for stablecoins from both the corporate sector and retail users.
USDC Dominates, USDT Loses Ground
The key driver of growth was Circle's USDC stablecoin: it accounted for approximately $1.21 trillion, or 67% of the total June volume. Tether's USDT posted $576 billion (32%), while PayPal's PYUSD recorded a modest $2.42 billion. This distribution confirms a trend: institutional investors and DeFi protocols are increasingly favoring regulated assets like USDC.
Base Overtakes Ethereum and TRON
Among blockchains, Coinbase's Base network unexpectedly led with a volume of $565 billion (31.5% of the monthly turnover). Ethereum took second place with $562 billion, and TRON came in third with $320 billion (18%). This breakdown highlights the growing role of L2 solutions in stablecoin infrastructure: lower fees and higher throughput make Base attractive for large transfers.
Interestingly, the growth in stablecoin turnover occurs against the backdrop of a prolonged correction in the cryptocurrency market. This indicates that "stablecoins" are increasingly being used not only for speculation but also for real-world payments—from international transfers to financing DeFi protocols.
Expert Commentary: The record volume in June is not a coincidence but a natural stage in the market's evolution. USDC and Base clearly show that regulated stablecoins and scalable L2 networks are becoming the foundation for the next growth cycle in the crypto industry. If the trend continues, we could see a monthly turnover of $2 trillion by the end of the year.