Stablecoin Transaction Volume on Base Chain Briefly Surpasses All Other Chains

The Ethereum layer-2 network Base, developed by Coinbase, briefly became the top blockchain for stablecoin volume on the same day it achieved a new record transaction count. On October 26, Base accounted for 30.06% of all stablecoin volume, surpassing other chains like Solana, Ethereum, and Tron, according to data from Artemis Terminal, as cited by Peter Schroder in a post on X. Following Base in one-day stablecoin volume was Solana with 25%, Ethereum with 20%, and Tron with 16.7%. Circle CEO Jeremy Allaire commented on Base’s brief dominance, stating that if the trend continued, USD Coin (USDC) would reach an “annual run rate” of $6.6 trillion on Base alone. On October 26, USDC accounted for 62% of all stablecoin volume, while Tether (USDT) stood at 30%, and DAI made up 7.4% of the total daily volume. Base has seen an increase in network activity, with a record 5.6 million daily transactions on October 26, a 20% rise in the last month. Historically, Solana has been the dominant network for stablecoin transactions, but Base is gaining ground this month, slightly outpacing Solana in terms of volume. Currently, Base’s stablecoin volume market share stands at 20.8%, compared to Solana’s 20.6%, while Ethereum leads the month with 25.6%.