Stablecoin demand cools as Visa and Stripe expand rails

Public interest in stablecoins dropped in June even as payments and treasury infrastructure continued to expand. Google Trends’ partial-month read through June 25, annualized, showed a roughly 54% month-over-month decline in searches for stablecoins. DeFiLlama data put the aggregate stablecoin market capitalization at about $313.2 billion on June 27, a roughly 2.5% decline over the prior 30 days. Year-to-date supply growth stood at about 0.23% compared with 46% growth in 2025.

Visa reported in April that its stablecoin settlement pilot had reached a $7 billion annualized run rate, a 50% increase from the previous quarter. The company said the pilot supports nine blockchains and links to more than 130 stablecoin-linked card programs spanning over 50 countries.

Stripe expanded its Treasury product to allow businesses in 101 previously unsupported countries to hold USDC-denominated balances. The product connects those balances to ACH, wire transfers, SEPA and stablecoin send-and-receive capabilities across eight blockchains, with plans to add more coins and rails.

Regulators and policymakers have increased engagement with dollar-pegged tokens, treating them as part of payments and financial infrastructure. Payment processors and treasury platforms are integrating token settlement and account balances into existing financial workflows so firms can move value via stablecoins without requiring end users to purchase tokens.

Market participants note that settlement volume on rails and pilot activity can rise before outstanding stablecoin supply grows. Payments routed through processors or used for transient settlement flows do not always result in larger issuer balances. Durable increases in supply would appear as persistent on‑balance holdings by businesses or recurring settlement flows that expand token holdings over time.

Observers will monitor three public indicators for changes in demand: search interest for retail attention, aggregate supply figures for outstanding float, and operational metrics from payment and treasury pilots for institutional uptake. The next data points to watch include monthly supply figures, updates to Visa and Stripe pilot metrics, and any public reporting on treasury balances held by businesses.