Base Network Surpasses Competitors in Stablecoin Volume

Coinbase-incubated Ethereum Layer 2 network Base has outperformed all other blockchain networks in one-day stablecoin volume, according to data from analytics firm Artemis.

On October 26, Base's one-day stablecoin transfer volume surpassed the traditional leaders Ethereum, Tron, and Solana, accounting for 30% of total stablecoin transfer volume. Solana followed with 25% and Ethereum with 20% of the total $60 billion worth of stablecoins transferred on that day.

The majority of the volume transferred was in Circle's USDC stablecoin, amounting to $37.3 billion, which makes up over 62% of the total volume. Tether's USDT accounted for nearly 30% with approximately $18 billion, while DAI secured a distant third at $4.5 billion, reflecting just 7.4% of the total.

While Solana leads year-to-date cumulative stablecoin volume with $8.6 trillion compared to Ethereum's $6.1 trillion, the month-to-date ranking differs. As of October, Base narrowly leads Solana by less than $4 billion in volume. Base's cumulative stablecoin transfer volume stands at $361 billion, while Solana's is at $357.2 billion, based on Artemis’s data.

Johnny_TVL, Base's Head of Defi, expressed on X, "Stablecoins provide a great opportunity to increase economic freedom. [Base] enables builders to create great products using stablecoins, and those products are rapidly gaining traction."