Stablecoins Hit Record $1.79 Trillion June Volume as Market Cap Slips $10 Billion
Updated
Updated · Forbes · Jul 27
Stablecoins Hit Record $1.79 Trillion June Volume as Market Cap Slips $10 Billion
2 articles · Updated · Forbes · Jul 27
Summary
$1.79 trillion in adjusted June transaction volume marked a stablecoin record, even as total market capitalization fell about $10 billion from its May peak to roughly $300 billion.
The divergence reflects a yield shift: the GENIUS Act bars yield on payment stablecoins, pushing idle balances into tokenized Treasury funds that have grown to nearly $16 billion while coins are held mainly for active payments.
June's supply drop was about $7.7 billion—the biggest monthly decline since Terra's 2022 collapse—but the overall pullback was only around 3%, with USDT slipping to about $184 billion and USDC to roughly $74 billion.
Higher turnover is offsetting lower supply: Standard Chartered estimated stablecoin velocity at about six times a month, and Visa said first-half 2026 adjusted volume reached $8.82 trillion, putting the year on pace for roughly $17.6 trillion.
That shift is also reshaping competition and economics, with USDC carrying about 70% of first-half adjusted volume despite smaller supply, while transaction-driven networks and processors stand to gain more than issuers reliant on reserve income.