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Coinbase’s Ethereum layer-2 network, Base, recently made headlines by surpassing major blockchains in daily stablecoin volume, briefly claiming the top spot. According to Artemis Terminal data, Base captured 30.06% of the total stablecoin transaction volume that day, beating out long-standing giants like Solana, Ethereum, and Tron. Solana trailed with a 25% share, while Ethereum and Tron followed with 20% and 16.7%, respectively.
This milestone coincided with Base achieving a record-breaking 5.6 million daily transactions, marking a 20% increase from the previous month, as noted by Dune Analytics. As stablecoin transactions have traditionally been dominated by Solana, which held a consistent 60% share until mid-June, Base’s emergence as a front-runner signals significant traction for the Ethereum-based layer-2 solution.
USDC Drives Stablecoin Volume on Base
Circle’s USD Coin (USDC) played a major role in Base’s transaction surge, accounting for 62% of its stablecoin volume on October 26. Circle CEO Jeremy Allaire commented on X that if this momentum continues, USDC transactions on Base alone could potentially reach an “annual run rate” of $6.6 trillion. Tether (USDT) held the second-largest share at 30%, while the algorithmic stablecoin DAI (DAI) took third with 7.4%.
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Stablecoins serve a critical role in the crypto ecosystem, allowing traders to transact across exchanges and blockchains without exposure to price volatility. Base’s dominance in this sector shows a growing preference among stablecoin users, a trend that could further bolster USDC’s role as a leading asset in this expanding network.
Rising Competition
While Solana, Ethereum, and Tron have historically commanded stablecoin volume year-to-date, Base’s rapid growth this month is narrowing the gap. As of the report, Base maintained a stablecoin volume share of 20.8% compared to Solana’s 20.6%, with Ethereum slightly ahead at 25.6% for the month.
Though Solana remains the overall leader in stablecoin transactions with $8.6 trillion in volume year-to-date, followed by Ethereum at $6.1 trillion, Base’s swift ascent poses a compelling development in the competitive blockchain space. If Base can sustain or even extend its market share in the coming months, it may reshape the landscape for stablecoin transactions on blockchain networks.
