Morning Edition · Tuesday, July 14, 2026Published at 1:28 AM EDT · New York
Stablecoins Settled a Record $1.79 Trillion in June Even as Circulating Supply Contracted
USD Coin handled about two-thirds of adjusted volume and Coinbase's Base network processed the most activity, while the total stablecoin float shrank by $7.7 billion.
Adjusted stablecoin transaction volume reached a record $1.79 trillion in June, according to Visa's onchain analytics dashboard, narrowly passing the prior high of $1.78 trillion set in February. The figure rose 63% from May's $1.10 trillio…
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Control of Stablecoin Payment Rails Becomes the Prize
As tokenized dollars scale, the contested and value-capturing layer shifts from issuance to the wallet-to-merchant routing path, concentrating fees and gatekeeping power among the firms that own settlement connectivity.
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