Stablecoin usage hit a new milestone in June, with adjusted stablecoin transaction volume reaching $1.79 trillion, according to payments analytics from Visa. The figure represents a sharp step up from May’s $1.1 trillion and breaks the prior record of $1.78 trillion set in February.

The jump, Visa says, comes from its Allium-powered dashboard tracking “adjusted” on-chain activity—designed to better reflect organic value transfer rather than short-term technical noise. For market participants, the broader implication is straightforward: even when crypto markets struggle, stablecoin rails can keep growing as on-chain payments, DeFi liquidity, and cross-border settlement continue to mature.

Key takeaways

• $1.79 trillion in adjusted stablecoin transaction volume was recorded in June, up 63% from May’s $1.1 trillion.
• USDC led by volume: Circle’s USDC accounted for roughly 67% of transactions (about $1.21 trillion), despite Tether’s USDt still being the largest stablecoin by market cap.
• Base and Ethereum dominated networks, together responsible for roughly $1.13 trillion of June stablecoin activity, with Tron third at about $320 billion.
• Visa’s methodology adjustment filters out high-frequency bots and certain repeated contract patterns to approximate more meaningful stablecoin usage.

June’s record and why Visa’s “adjusted” lens matters

Visa reported that June 2026 delivered another record month for stablecoin transaction volume, overtaking the previous high from February. The update comes through Visa’s Allium-powered stablecoin analytics dashboard, which tracks adjusted figures—intended to exclude metrics that can inflate results without representing genuine economic activity.

Visa collaborated with partners including Artemis, Allium Labs, and Castle Island Ventures to build the adjusted transaction methodology. Visa said the approach filters out “distracting metrics” such as high-frequency trading bot activity, exchange treasury rebalancing, and repeated smart contract transactions, all of which can otherwise distort the picture of organic stablecoin use.

That matters for investors and operators because it changes what “volume” is measuring. Instead of treating every on-chain movement as equal, the adjusted view is meant to better approximate how stablecoins are actually being used for transferring value and supporting payment or DeFi flows.

USDC takes most of the transaction share

While Tether’s USDt remains the largest stablecoin by market capitalization, Visa data indicates that the majority of June transaction volume belonged to USDC. According to Visa, USDC accounted for around 67% of adjusted stablecoin transaction volume, totaling approximately $1.21 trillion for the month.

USDT contributed about 32% of June volume, or roughly $576 billion, based on Visa’s figures. Visa also identified PayPal’s PYUSD as the third-largest stablecoin by transaction volume in June, with $2.42 billion.

The gap between market cap leadership and transaction share is an important nuance for readers tracking stablecoin adoption. Market cap can reflect a stablecoin’s overall supply, while transaction volume can reflect which assets are being used most frequently across on-chain rails—especially on networks where specific ecosystems and user behaviors concentrate activity.

Base and Ethereum lead; Tron remains a top alternative

Visa’s network breakdown shows that stablecoin activity in June was heavily concentrated. The most widely used network was Coinbase’s Ethereum layer-2 network Base, which recorded about $565 billion in adjusted stablecoin transaction volume—approximately 31.5% of the total. Ethereum followed closely with about $562 billion.

Tron ranked third with about $320 billion, representing roughly 18% of the adjusted total. Together, these results suggest that June’s growth was not confined to a single ecosystem, but that it remains anchored in the networks where stablecoin liquidity and on-chain usage are already dense.

Visa also highlighted that Base and Ethereum dominated stablecoin volumes in June, aligning with the broader trend that stablecoins often follow where payments and DeFi activity cluster—particularly when users want efficient settlement on widely supported chains.

What the record could signal for stablecoin resilience

Industry analysts framed June’s record as evidence that stablecoins are increasingly behaving like infrastructure, not just a speculative sidecar to wider crypto price cycles. Commenting on the figures, Zach Pandl, head of research at Grayscale, said the month was “another record month for stablecoin transaction volume,” describing it as arriving “just ahead of February 2026.”

Nick Ruck, director of LVRG Research, told Cointelegraph that the record volume demonstrates resilience during a broader crypto bear market. He argued that stablecoins’ rising role reflects persistent demand for value transfer, liquidity provisioning, and decentralized finance activity that continues independently of speculative price movements.

Ruck predicted stablecoins will continue to mature, framing them as a “foundational layer” for the Web3 economy. The key takeaway for readers is that the direction of stablecoin adoption may be less tied to market sentiment than it is to real-world settlement needs—especially as on-chain infrastructure improves and more payment workflows incorporate stablecoin settlement.

Open USD adds competitive pressure in payments

Alongside the volume milestone, the stablecoin market continues to attract new entrants. Open Standard announced Open USD (OUSD), supported by more than 140 payments, banking, technology, and crypto companies, including Visa and Mastercard, according to earlier coverage from Cointelegraph.

Even if OUSD does not yet meaningfully shift transaction shares at the scale Visa is measuring, announcements like this underscore that issuers and payments groups see continued room for growth in stablecoin rails—particularly where interoperability and compliance expectations are evolving.

Going forward, the biggest question for traders, builders, and compliance-minded users is whether record volumes are sustained and broadened across more networks and products—or whether growth remains concentrated in a handful of ecosystems. Visa’s “adjusted” methodology should help clarify that trend, but the market will still need time to confirm whether June’s surge signals durable, economy-wide adoption.

Key Takeaways

• Senator Lummis characterizes the CLARITY Act as establishing the groundwork for modern financial infrastructure
• Despite House approval and Banking Committee clearance, the legislation awaits a complete Senate floor vote
• The critical date is August 7 — failure to vote before congressional recess could postpone the bill until 2027
• Democratic lawmakers insist on ethics provisions preventing presidential and congressional officials from cryptocurrency profiteering
• President Trump’s 2025 financial filings revealed approximately $1.4 billion in cryptocurrency-related earnings, intensifying ethics concerns

Senator Cynthia Lummis is calling on her colleagues to expedite action on the CLARITY Act, legislation designed to establish comprehensive regulatory guidelines for digital assets across America. She described it as a defining moment for financial policy and emphasized the urgency of completing the legislative process.

The legislation has successfully navigated the House of Representatives and obtained Senate Banking Committee approval. The remaining obstacle is securing a vote on the Senate floor. As of now, no voting session has been officially scheduled.

Time is rapidly running out. The Senate’s final session day before entering summer recess falls on August 7. Should voting fail to occur by that deadline, the earliest opportunity for reconsideration would be 2027.

Core Provisions of the Legislation

The CLARITY Act proposes dividing cryptocurrency regulatory authority between two federal agencies. The Securities and Exchange Commission would maintain jurisdiction over investment contract assets. Meanwhile, the Commodity Futures Trading Commission would gain expanded authority over spot markets for digital commodities.

Additionally, the legislation mandates that cryptocurrency platforms and brokerages maintain segregated accounts for client assets, keeping them separate from operational funds. This requirement directly addresses concerns stemming from previous exchange failures.

The bill allocates $150 million toward investigating cryptocurrency fraud and extends Bank Secrecy Act compliance requirements to certain digital asset businesses. Advocates argue this approach replaces ad-hoc enforcement with systematic regulation. Opponents counter that the legislation lacks sufficient consumer safeguards and fails to adequately address decentralized finance concerns.

Political Conflict Centers on Ethics Provisions

The primary obstacle currently isn’t regulatory complexity — it’s political disagreement. Democratic senators demand inclusion of ethics stipulations that would prohibit the president, vice president, high-ranking government officials, and congressional members from financially benefiting from cryptocurrency ventures.

This demand intensified following President Trump‘s submission of his 2025 financial disclosure documents. These filings revealed approximately $1.4 billion in cryptocurrency earnings during the previous year. Revenue sources included licensing fees from his memecoin venture, token transactions through World Liberty Financial, and asset sales to entities in Abu Dhabi.

Senator Elizabeth Warren advocated forcefully for robust ethics language, asserting the legislation “must prevent the president” and other officials from cryptocurrency profiteering. Senator Ruben Gallego, despite supporting the bill’s committee advancement, pledged to pursue measures to “crack down on corrupt crypto dealings” while withholding commitment on his eventual floor vote.

Negotiators must reach consensus on ethics language, and any agreement requires presidential approval.

The Path Forward

Behind closed doors, Senate staff members from both the Agriculture and Banking committees continue working to harmonize competing versions of the legislation. Individuals familiar with these discussions express measured optimism while recognizing the compressed timeline.

Following text finalization, Senate floor proceedings could advance rapidly — potentially achieving the necessary 60-vote supermajority within days.

The bill’s success may ultimately hinge on House dynamics. Publications including Politico and Punchbowl News have characterized the House as experiencing operational challenges, potentially complicating final passage even with Senate approval.

All eyes remain on August 7.

Reform UK leader Nigel Farage has denied wrongdoing after The Sunday Times alleged that he accepted undisclosed gifts from a US-convicted fraudster tied to the offshore crypto gambling world. The report says the gifts included staff support, security, and travel and accommodation provided by George Cottrell, an adviser to Farage for more than a decade.

Farage said in a statement that he “followed the rules,” adding that the story amounts to a “hit job.” The controversy arrives as UK crypto policy faces rising scrutiny, including tighter controls on political donations involving digital assets.

Key takeaways

• The Sunday Times reports Farage received additional undeclared support from George Cottrell, an associate connected to an offshore crypto casino.
• Farage denies he broke disclosure rules, with the gifts reportedly dating back to before he became an MP in July 2024.
• The allegations add to a pattern of scrutiny around Farage’s links to wealthy crypto-linked figures and political finance.
• UK crypto regulation pressure is intensifying, including a ban on cryptocurrency donations announced earlier this year.
• Ongoing complaints and inquiries show the debate is not just about crypto markets, but also about political integrity and conflicts of interest.

New allegations center on George Cottrell

In its Saturday report, The Sunday Times said Farage was gifted services that were not publicly disclosed. The gifts were attributed to George Cottrell, described as an aristocrat and a close adviser to Farage for more than 10 years.

According to the outlet, Cottrell provided access to security and drivers, including personnel described as former soldiers. The report also alleges Cottrell recruited and paid staff members to assist with the Reform leader’s social media. It further claims that, following Farage’s election, he was allowed to use a rented five-story house near Buckingham Palace, although a Reform source told The Times that Farage primarily stayed at his own home and did not routinely use that property.

The story also says Farage registered only a single benefit from Cottrell when he entered Parliament—described as less than £9,300 (about $12,400) for travel, security and accommodation related to an event in Belgium.

Farage’s response, published Sunday, disputed the implication that he failed to follow requirements. As reported by The Guardian, he said he “followed the rules” over the gifts from Cottrell.

Criminal case in the US links Cottrell to fraud allegations

The credibility of the allegations rests heavily on Cottrell’s prior legal history. The Sunday Times report states that in 2016 Cottrell was arrested and charged in the United States with 21 offenses connected to a money-laundering plot. The report adds that he pleaded guilty to a single wire fraud charge after a plea deal and served eight months in prison.

The article also ties Cottrell to an offshore gambling site, Tether.bet, which uses Tether’s USDT stablecoin. While the specific operational details of that venture are not addressed in the provided coverage, the overall framing connects his crypto involvement to the controversy over political support and disclosure.

Broader scrutiny: donations, lobbying claims, and prior watchdog action

This latest development follows a separate set of concerns around Farage and crypto-linked donors. A parliamentary standards watchdog opened an inquiry in May into whether Farage failed to declare a £5 million gift from crypto billionaire Christopher Harborne, a figure reported to have stakes in Tether. Farage has previously argued that some gifts did not require disclosure because they were provided for security arrangements before he became an MP, according to earlier reporting referenced in the original coverage.

The Sunday Times claim also comes after The Guardian reported earlier this week that Farage was accused of lobbying the Bank of England regarding its digital currency plans. In that report, Phil Brickell, a Labour MP and chair of a parliamentary anti-corruption group, was quoted describing a complaint to the standards commissioner.

Brickell’s allegation, as relayed in the cited coverage, was that Farage claimed credit for influencing the Bank’s stance on a central bank digital currency. Brickell also argued that Harborne would benefit if a state-backed digital currency were softened—particularly because it could compete with private stablecoins.

For investors and users, the significance goes beyond personal politics. It highlights how governance choices—such as how central bank digital currencies may be structured—can affect the competitive position of stablecoins and the broader crypto market ecosystem. When political figures are linked to substantial crypto-related wealth, regulators and watchdogs typically treat transparency and conflict-of-interest rules as central, not peripheral.

UK policy pressure on crypto political financing continues

The episode unfolds against a backdrop of tightening UK scrutiny of crypto-related political activity. The original coverage notes that the UK Treasury temporarily banned political donations made in cryptocurrencies in March, a step aimed at reducing the influence of opaque funding channels.

Reform’s own agenda has positioned the party as one of the more pro-crypto forces in UK politics. The coverage states that Reform published draft legislation last year intended to make the UK “the world’s premier hub for cryptocurrency.” It also notes that Reform was the first UK political party to accept donations in Bitcoin. Farage has supported proposals including cutting capital gains tax on crypto and calling for a Bank of England Bitcoin reserve.

In that context, repeated disclosures and investigations around how crypto-linked individuals fund political activities take on added weight. The central question for regulators and voters is whether existing rules are being followed—and whether policy advocacy can be separated from the financial interests of large backers.

Readers should watch whether the standards investigations advance toward formal findings, and whether new disclosure obligations—especially those affecting crypto-related political donations—continue to expand. Another open point is how any alleged lobbying over central bank digital currency plans will be evaluated in light of the relationships and benefits described in the reporting.

The CLARITY Act did not become law by July 4, despite earlier hopes from White House crypto adviser Patrick Witt. Attention has now moved to Aug. 7, the Senate’s final session day before its summer break and the campaign season.

The bill remains one of the most watched U.S. crypto market structure proposals. Crypto.news reported that the CLARITY Act has passed the House, cleared the Senate Banking Committee, and sits on the Senate calendar. It still needs a full Senate vote before it can move closer to the president’s desk

Staff work continues on Senate text

Senate staff are still working to reconcile the Agriculture and Banking Committee versions. That step matters because both committees have jurisdiction over parts of digital asset policy. A single Senate text must be ready before floor action can move cleanly.

Recent crypto.news coverage said Senator Bill Hagerty revived hopes after outlining a new Senate roadmap for the CLARITY Act. The report said the Senate could release final text before lawmakers return from recess, while Bloomberg Intelligence placed the bill’s chance of passing this month near 60%.

Senator Cynthia Lummis has also pushed lawmakers to keep the bill moving. Crypto.news reported that Lummis said the bill would “lay the foundation for the financial services of the 21st century.” She also said, “The Clarity Act is this generation’s contribution to that legacy. Let’s finish the job.”

Vote math and policy disputes remain

The bill still faces a hard Senate vote count. Crypto.news has reported that the CLARITY Act likely needs 60 votes on the floor, meaning Republicans must secure Democratic support to overcome Senate rules. That requirement keeps negotiations active.

TD Cowen warned that the bill’s timeline remains uncertain before the November midterm election. Crypto.news reported that the firm pointed to ethics rules, anti-money laundering concerns, and questions over political support as issues that could slow a vote.

The bill would divide digital asset oversight between the SEC and the CFTC. Crypto.news also reported that the CLARITY Act would add exchange safeguards, customer fund rules, and funding for crypto fraud investigations.

Law enforcement language has been one of the most debated areas. Critics have focused on Section 604, which covers some non-custodial developers and software providers. Supporters say it protects builders who do not control customer funds.

Law enforcement shift gives backers room

Backers gained some room after the Major County Sheriffs of America moved to a neutral stance on the bill’s decentralized finance section. Crypto.news reported that the group withdrew its objection to the CLARITY Act’s DeFi provision while asking for more state and local law enforcement input.

The National Organization of Black Law Enforcement Executives also endorsed the bill. Crypto.news reported that NOBLE said the measure “contains several provisions” that could help law enforcement while keeping current criminal powers in place.

The next test is scheduling. If the Senate does not move before Aug. 7, the bill could face a much harder path after lawmakers return to campaign work. For now, supporters remain active, but the calendar has become the main barrier.

European regulators and central bankers are pressing for faster, more practical guardrails as agentic artificial intelligence (AI) moves from research into real-world finance. Several senior officials argued that conventional rulemaking timelines may be too slow to manage risks that can emerge within weeks or months—especially during periods of market stress.

Speaking at the European Central Bank’s annual meeting in Sintra, Portugal, Bank of England deputy governor Sarah Breeden warned that agentic systems could amplify volatility when markets are already under strain. She also raised the possibility that policymakers may need circuit-breaker-style interventions if faulty AI behavior threatens to cascade into broader market disruptions, according to her remarks at the ECB event.

Key takeaways

• Bank of England deputy governor Sarah Breeden said agentic AI could heighten volatility during market stress and floated the idea of “circuit breaker” protections for faulty models.
• Christine Lagarde, President of the European Central Bank, called AI a “major risk,” citing cybersecurity and defense gaps that have not kept pace with model acceleration.
• UK Financial Conduct Authority CEO Nikhil Rathi argued traditional rulemaking cycles are too slow for AI, urging a more collaborative approach with markets.
• The BIS warned on June 28 that AI “exuberance” could trigger boom-bust dynamics, potentially feeding into disruptive macro-financial loops.

Circuit-breaker thinking for agentic AI

Breeden framed the core policy challenge around speed and systemic consequences. At the ECB Forum on Central Banking 2026, she questioned whether guardrails should be designed to function like “circuit breakers or kill switches” that could limit or stop market-wide trading if AI systems malfunction and contribute to a broader meltdown, according to her speech.

The underlying concern is not only that AI may be wrong, but that agentic AI—systems that can take actions toward goals with limited human oversight—could behave in ways that interact with market microstructure. During calm conditions, such effects may be muted. In stress, however, the same automation can potentially intensify feedback loops, making volatility harder to contain.

Why European policymakers worry about both security and system stability

ECB President Christine Lagarde tied the regulatory discussion to a familiar set of themes—cybersecurity, hacking, and data theft—but stressed that the pace and depth of modern AI changes the threat environment. In an interview with French outlet Les Echos, she said the risk has become more serious because it is “happening very, very quickly,” while the resources needed for defenses have not yet been found.

Lagarde’s warning underscores a dual risk lens. First, AI can expand the scale and sophistication of cyber threats. Second, defenders often require time and funding to catch up—creating a window where vulnerabilities may be exploited faster than institutions can mitigate them.

In parallel, Nikhil Rathi, CEO of the UK’s Financial Conduct Authority, told CNBC’s Squawk Box that regulatory processes built for slower technological cycles do not translate cleanly to AI. He said some AI technologies move in weeks or months, and the “traditional cycle of rulemaking simply doesn’t work in that way,” adding that regulators need “new tools and a different way of working with the market in a more collaborative way,” according to his comments on July 3, 2026.

Accountability timelines may not match AI’s deployment pace

What connects these remarks is a shared critique of timing. Conventional regulation often depends on consultation, impact assessment, and phased implementation—steps that can be incompatible with rapid iteration and deployment common in the AI frontier. That mismatch creates a practical problem for both regulators and market participants: rules may arrive after the risky behavior has already spread.

Breeden’s circuit-breaker framing suggests one answer—designing operational limits that can be triggered dynamically, rather than relying solely on ex ante compliance requirements. Rathi’s call for collaboration points to another: working with markets to develop expectations and monitoring approaches while the technology evolves.

The European policy challenge is heightened by how investment capital is allocated. The article notes that US companies have been leading in AI investment and frontier model development, and that Europe’s financial system provides fewer capital channels into AI than US equity markets. It also warns that if regulation becomes overly cautious, AI firms may look for jurisdictions with lighter compliance burdens, potentially widening the gap further.

IMF, BIS: leverage, maturity mismatch, and boom-bust risk

Beyond operational guardrails, central banking authorities are also focusing on financial stability risks linked to AI-driven cycles. The Bank for International Settlements (BIS) warned on June 28 that AI “exuberance” could carry major financial consequences. According to the BIS, if policymakers tighten monetary policy to contain inflation, it could lead to a sharp pullback in AI-related asset prices after a prolonged period of exuberant risk-taking.

The BIS cautioned that such a correction could trigger “disruptive macro-financial feedback loops,” suggesting a scenario where falling asset values tighten financial conditions, which then feeds back into broader economic stress.

Breeden also pointed to rising debt financing as a factor that could increase the stability consequences of a decline in AI-related asset prices, according to her remarks. In an interview with Bloomberg dated June 30, IMF Monetary and Capital Markets Department director Tobias Adrian similarly highlighted a “potential maturity mismatch” between the duration of physical assets and the duration of debt—an issue that can become especially problematic when cash flows weaken or refinancing conditions deteriorate.

What investors and builders should watch next

The immediate takeaway is that European regulators appear to be moving from broad warnings toward specific mechanisms—whether circuit-breaker-style interventions, faster collaborative oversight, or stability-focused monitoring of leverage and market dynamics. Market participants should watch for how authorities operationalize these ideas: whether guardrails become technical standards, supervisory expectations, or risk monitoring frameworks designed to respond in real time as AI systems and market behavior change.

Reform UK leader Nigel Farage reportedly accepted gifts that he did not publicly disclose from a crypto entrepreneur convicted of fraud in the US, according to The Sunday Times. 

The news outlet reported on Saturday that Farage was gifted staff, security, transport and accommodation by George Cottrell, an aristocrat involved in an offshore crypto casino who has been a close adviser to Farage for more than 10 years.

Farage said in a statement on Sunday that he “followed the rules” over the gifts from Cottrell, which he received before he was elected a member of parliament in July 2024, and called The Times’ report a “hit job.”

It is the second time Farage has faced reports of undeclared gifts from wealthy figures tied to crypto, an industry he has advocated for while in parliament that is facing increasing regulatory scrutiny, with the Treasury having temporarily banned political donations made in cryptocurrencies in March.

A parliamentary standards watchdog opened an inquiry in May over whether Farage failed to declare a 5 million British pounds ($6.7 million) gift from crypto billionaire Christopher Harborne, who partly owns stablecoin giant Tether.

Nigel Farage appears at the Bitcoin 2025 conference holding his party’s draft crypto legislation. Source: Gage Skidmore

Farage has argued he does not need to declare Harborne’s gift, as it was given to him to pay for personal security before he was an MP.

Cottrell’s reported gifts include security, use of house

The Sunday Times reported that Cottrell, who is involved in a gambling site called Tether.bet that uses the Tether (USDt) stablecoin, provided Farage with drivers and security made up primarily of former soldiers.

Cottrell also reportedly recruited and paid for three staff members to help with the Reform leader’s social media and, since the election, has let Farage use a rented five-story house near Buckingham Palace. A Reform source told The Times that Farage almost always stayed at his own home and did not routinely use the property.

Farage registered only one benefit from Cottrell upon entering Parliament, a benefit of less than 9,300 British pounds ($12,400) for travel, security and accommodation to attend an event in Belgium.

In 2016, Cottrell was arrested and charged in the US with 21 offenses for his role in a money laundering plot. He pleaded guilty to a single wire fraud charge after a plea deal and spent eight months in prison.

Farage reported over alleged crypto lobbying

The Times’ report follows a report in The Guardian on Friday that the standards commissioner was urged to investigate whether Farage lobbied the Bank of England to drop its digital currency plans.

Related: Crypto billionaires bankroll Nigel Farage’s pro-crypto party

Labour MP and chair of a parliamentary anti-corruption group, Phil Brickell, reported Farage to the commissioner, saying he “claimed credit for persuading the Bank to soften its position” on a central bank digital currency.

Brickell said that Harborne “stood to benefit from opposition to a state-backed digital currency that could compete with private stablecoins.”

“This is not simply a debate about cryptocurrency. It is about whether an MP who has received millions from one individual should be lobbying for policies that could increase the value and profitability of that [Reform] donor’s investments,” said Brickell.

Farage and Reform have championed crypto, with the party publishing draft legislation last year with the goal of making the UK “the world’s premier hub for cryptocurrency.”

Reform was also the first UK political party to accept donations in Bitcoin (BTC). Farage has also proposed cutting capital gains taxes on crypto from 24% to 10% and called for the Bank of England to create a Bitcoin reserve.

Magazine: Guide to the top and emerging global crypto hubs: Mid-2026