Adjusted stablecoin transaction volume climbed to a record $1.79 trillion in June, up 63% from May and 125% from a year earlier, according to Visa’s Onchain Analytics dashboard powered by Allium Labs. The total narrowly topped the previous $1.78 trillion record set in February. Visa and Allium filter out bot-driven transfers, exchange treasury rebalancing, intra-exchange transfers and repeated smart-contract cycles to better isolate what Visa’s Head of Crypto, Cuy Sheffield, described as the "organic signal" in stablecoin activity. Visa says the methodology remains a best-effort approach and will continue to evolve as labeling coverage improves. USDC accounted for $1.21 trillion of June’s adjusted volume, or 67%, while USDT handled about $576 billion, or 32%, and PayPal’s stablecoin recorded $2.42 billion. Over the first half of 2026, Visa’s on-chain data showed USDC holding about 70% of adjusted stablecoin transaction volume, compared with about 25% for USDT, amid broader use by banks and financial institutions including Standard Chartered and BNY. By network, Base led adjusted dollar volume at $565 billion, just ahead of Ethereum at $562 billion, while Tron processed $320 billion. The narrow Base-Ethereum gap suggests layer-2 networks are beginning to capture not just transaction count but meaningful stablecoin settlement flows, extending a trend Visa previously highlighted when L2s surpassed Ethereum in monthly stablecoin transaction count in August 2024.