Ethereum layer-2 Base recorded peak transaction volumes on October 26, with its stablecoin volumes overshadowing every other blockchain.
Coinbase-developed Ethereum layer-2 blockchain Base surpassed every blockchain network in terms of stablecoin transaction volumes momentarily over the weekend. This achievement transpired on October 26 as the network also observed record transaction volumes across all assets it supports.
Stablecoin transactions on Base amounted to 30.06% across all chains that day, surpassing that exhibited by popular networks like Ethereum, Solana, and Tron—chains known for their robust stablecoin usage. Artemis Terminal data reveals the exact numbers boasted by all chains. Solana followed Base’s stablecoin volume on October 26, accounting for 25% of daily stablecoin volumes and ranking second. Ethereum took third place with 20% and Tron fourth with 16.7%.
Circle’s Peter Schroeder took to X to mention Base’s dominance, saying, “For the first time ever, @base led all chains for total stablecoin transfer volume in a single day.” He added, “On October 26th, Base processed 18.1B+ in stablecoin transaction volume (99.9% was in USDC), accounting for over 30% of all stablecoin transaction volume that day.”
Jeremy Allaire, Circle CEO, also posted on X, “Wow. That’s a $6.6 trillion annual run rate for USDC on @base.” He implied that if this action continued on Base, USDC’s annual run rate would eventually reach the trillions.
Beyond Base’s dominance, USDC’s dominance was also felt on October 26, as the stablecoin accounted for the majority of the stablecoin transactions carried out—60%. Tether’s USDT followed with half that, 30%. Third place was taken by the decentralized stablecoin, DAI, clocking in at 7.4%.
Base Is Growing to Become a Top Blockchain
Still, Base had more reason to celebrate. The network’s daily transaction volume peaked at a new height of 5.6 million. Dune Analytics data shows that Base has had a 20% uptick in volume since last month.
Source: Dune Analytics
This new action witnessed by the layer-2 chain sets it up as a serious contender to established chains that have facilitated tremendous stablecoin transaction amounts thus far. Solana leads this category by year-to-date volumes, processing over $8.6 trillion in stablecoin volumes. Ethereum comes next, exhibiting $6.1 trillion in stablecoin movements.
Until mid-June, Solana remained the leader for stablecoin transactions, owing to its fast transaction processing capabilities and low fees. Solana, Ethereum, and Tron have outdone Base this year. But its growing usage could represent changing tides, which is already evident with it moving past Solana in stablecoin volumes this month.
