Stablecoins are moving more money while crypto’s cash pile gets smaller
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Adjusted stablecoin transaction volume reached a record $1.79 trillion in June, according to Visa Onchain Analytics, up 63% from May's $1.10 trillion and 125% higher than a year earlier.
Key facts
USDC handled about $1.21 trillion of June's adjusted total, or 67%, while Tether's USDT accounted for roughly $576 billion, or 32%
CEX.IO's Q2 report put total supply at roughly $312 billion, down more than $3 billion from Q1's record $315 billion and the first quarterly contraction since Q3 2023
Adjusted stablecoin transaction volume reached a record $1.79 trillion in June, according to Visa Onchain Analytics, up 63% from May's $1.10 trillion and 125% higher than a year earlier
Adjusted volume in the first half of 2026 totaled $8.82 trillion, already exceeding the $5.8 trillion recorded in all of 2024
Summary
01 Adjusted stablecoin transaction volume hit a record $1.79 trillion in June, even as circulation fell $7.7 billion. 02 That means the same dollars are turning over faster in a smaller pool, warning of thinner crypto liquidity and sharper price moves. 03 Transaction counts, ETF outflows, and weaker demand all moved at once, leaving unsettled where stablecoin dollars will settle next. The market has been treating that record volume as confirmation that money is pouring into crypto, but a closer look at the data tells them that it's a much, much more complicated market than that.