USDC Leads at 70% as Visa Shows Record $1.79T Adjusted Stablecoin Volume in June
Visa’s on-chain dashboard shows stablecoin activity accelerating. In June, adjusted stablecoin trading volume hit a record $1.79T, up 63% from May, and was 125% higher than June 2025. For the first half, adjusted stablecoin volume reached $8.82T, with USDC accounting for about 70%—extending Circle’s lead over Tether’s USDT at roughly 25%.
For traders, rising USDC volume typically improves on-chain liquidity and settlement capacity across exchanges and DeFi. If USDC keeps around a 70% share, it may support tighter spreads and smoother execution during risk-on phases, while also signaling continued migration of settlement and trading flows toward USDC.
Bullish
This is bullish for USDC because Visa’s “adjusted” stablecoin volume data points to stronger, cleaner on-chain usage rather than noise (excluding bot/exchange transfer activity). The record $1.79T in June and the 125% YoY jump suggest growing demand for stablecoin settlement and funding. Most importantly for price/market behavior of USDC, its share rose to ~70% in H1 versus USDT’s ~25%, indicating liquidity and trading flows are concentrating on USDC. In the short term, that can translate into tighter spreads and deeper order books as more liquidity sits on-chain. In the long term, continued migration of settlement and trading activity toward USDC can reinforce its role as the preferred fiat-pegged rail, supporting steadier liquidity conditions and potentially more resilient performance during risk-on periods.