Overview
- Visa’s Allium‑adjusted on‑chain analytics show adjusted stablecoin transaction volume hit $1.79 trillion in June 2026 with USDC capturing about 67 percent of that value, roughly $1.21 trillion.
- A small set of blockchains concentrated the flows with Base and Ethereum each moving roughly $560 billion, TRON handling about $320 billion and Solana seeing heavy USDC activity.
- On‑chain trackers reported Circle minted roughly $3.5 billion of USDC on Solana in one week including a $1 billion mint on June 16, and Circle has added custody and settlement links with banks such as BNY Mellon and Standard Chartered.
- The June 30 launch of the Open USD consortium prompted a sharp selloff in Circle stock that later partially recovered after some named partners distanced themselves and institutional buyers, including ARK Invest, disclosed purchases.
- The shift from raw supply toward value‑settlement use raises practical questions for markets and regulators about licensing, the reliability of Visa’s adjusted filters to isolate real economic flows, and how consortium rivals could reshape issuer fees and distribution.