WalletConnect facilitated $207.82B in total network volume (TNV) in the first half of 2026, across roughly 19.08 million onchain transactions. That's a meaningful jump from the roughly $400B WalletConnect moved across the whole of 2025, putting H1 2026 on pace to comfortably exceed last year's total volume in half the time.
Here's a wide-angle view of where that volume moved, which chains and tokens carried it, and what the trend through the first six months of the year actually looks like.
Stablecoins now carry the large majority of network volume
Of the $207.82B total, stablecoin volume came to $171.35B, or 82.5% of everything moving through the network. Non-stablecoin activity made up the remaining $36.47B, or 17.5%. That split confirms something that's been building for a while: stablecoins aren't a secondary use case on WalletConnect anymore; they're the dominant form of value moving through it, by a wide margin over every other category combined.
The trend through H1: stablecoin share climbed steadily
Looking at the six months individually tells a fuller story than the total on its own. March was the peak month for total network volume, at $41.3B. Stablecoin share of that volume climbed over the course of the half: 74% in January, 78% in February, 82% in March, 78% in April, 88% in May, and 87% in June. That's a genuine upward trend, not a flat line with noise around it, and it lines up with the broader demand signal we've written about before: stablecoin usage isn't plateauing, it's still actively growing as a share of overall network activity.
Where the volume moves: chains and tokens
Ethereum Mainnet carries the large majority of stablecoin volume, at roughly $159.8B, around 93% of the stablecoin total. Arbitrum, Solana, and BNB Chain follow behind it, each meaningfully smaller in dollar terms but active and growing corridors in their own right. That Ethereum weighting reflects where the largest dollar amounts are currently concentrated, not a limitation in what the network supports elsewhere. WalletConnect's connectivity spans 125+ chains regardless of where any single chain's volume happens to sit in a given half.
On the token side, USDC leads by a wide margin at $155.9B across roughly 1.09 million transactions, the broadest usage pattern of any stablecoin in the dataset by transaction count. sUSDS follows at $101.2B, and USDT sits at $9.4B across roughly 976,000 transactions, effectively the long-tail retail stablecoin on the network with a high transaction count relative to its total dollar volume. Worth a quick note on data hygiene: USDT0 and USD₮0 show up as separate line items due to a Unicode character variant in the symbol; they're economically the same token, combined they total around $1.88B.
The apps carrying that volume
Stablecoin volume on WalletConnect flows through a wide mix of applications, spanning DeFi lending and vault platforms, decentralised exchanges, and everyday wallets, apps like Aave, Uniswap, Hyperliquid, and Morpho all show up in the activity, alongside a long tail of smaller apps and institutions. It's a genuinely broad ecosystem, reflecting how many different use cases stablecoins on the network now support, from lending and trading to straightforward payments and transfers. That breadth is part of why the physical point-of-sale integrations we've announced, like the one with iMin and the Ingenico terminal partnership, matter: they extend that same stablecoin activity into retail checkout, a use case sitting alongside the DeFi and trading volume captured in this dataset.
What this means for PSPs and merchants
The steady climb in stablecoin share and the sheer diversity of apps and use cases carrying that volume both point in the same direction: stablecoins are becoming the default way value moves through the network, not a niche alongside it. For PSPs and merchants evaluating stablecoin acceptance, that's the signal worth paying attention to, as we've covered in more detail elsewhere: the infrastructure and the volume are already there, and the momentum through H1 2026 suggests that trend is continuing rather than levelling off. It's also worth reading alongside the honest look at where stablecoin payments still hit friction operationally, since strong network volume doesn't mean every part of the stablecoin payment experience is fully solved yet, it means the underlying demand and usage are real and growing.
A note on methodology
Total Network Volume measures onchain USD value flowing through WalletConnect-connected wallets, using max-flow attribution. Stablecoin TNV specifically attributes each transaction to its dominant token, the highest-USD leg involved, to avoid double-counting multi-token swaps where a single transaction touches more than one asset. All figures use the project's UTC timezone as the reference frame for the H1 2026 window.
Frequently asked questions
What was WalletConnect's total network volume in H1 2026?
$207.82B across approximately 19.08 million onchain transactions between January 1 and June 30, 2026, with stablecoins accounting for $171.35B, or 82.5%, of that total.
Which blockchain and stablecoin carried the most volume in H1 2026?
Ethereum Mainnet carried roughly 93% of stablecoin volume ($159.8B), and USDC led among stablecoins at $155.9B, followed by sUSDS at $101.2B and USDT at $9.4B.
Did stablecoin volume grow over the course of H1 2026?
Yes. Stablecoin share of total network volume climbed from 74% in January to as high as 88% in May, settling at 86% in June, a steady upward trend across the half.
What kinds of apps carry stablecoin volume on WalletConnect?
A broad mix, including DeFi lending and vault platforms, decentralised exchanges, and everyday wallets, apps like Aave, Uniswap, Hyperliquid, and Morpho all contribute to the activity, alongside a long tail of smaller apps and institutions.