Coinbase-Developed Ethereum L2 Network Base Briefly Becomes Number One Blockchain for Stablecoin Volume

Notching a record market share of stablecoin volume on Oct. 26, Base accounted for 30.06% of all stablecoin volume, beating out other chains

Coinbase-developed Ethereum layer-2 network Base briefly became the number one blockchain for stablecoin volume on the same day it hit a new all-time-high transaction count.

Notching a record market share of stablecoin volume on Oct. 26, Base accounted for 30.06% of all stablecoin volume, beating out other chains, including Solana, Ethereum, and Tron, for the number one spot, according to data from Artemis Terminal, cited by Peter Schroder in an Oct. 27 post to X.

Base accounted for 30% of all stablecoin volume on Oct. 26. Source: Artemis

Following Base in one-day stablecoin volume was Solana, which accounted for 25%, while Ethereum came in third with 20%, and Tron came in fourth with 16.7%.

In an Oct. 27 post to X, Circle CEO Jeremy Allaire weighed in on Base’s brief dominance, saying that if this trend continued, USD Coin (USDC) would reach an “annual run rate” of $6.6 trillion on Base alone.

USDC accounted for 62% of all stablecoin volume on Oct. 26, while Tether (USDT) stood at 30%. In third place was the algorithmic stablecoin DAI (DAI), which made up 7.4% of the total daily volume.

The uptick in stablecoin volume market share comes amid a consistent uptick in network activity on Base.

On Oct. 26, Base notched a record 5.6 million daily transactions, a 20% increase in the last month, according to data from Dune Analytics.

Base notched a record 5.6 million daily transactions on Oct. 26. Source: Dune Analytics

Related: Tether CEO breaks down reserves backing USDT stablecoin

Historically, Solana has been the dominant network for stablecoin transactions until mid-June this year, routinely accounting for around 60% of total stable volume across all major blockchain networks.

Overall Solana stands as the leader in terms of volume year-to-date, witnessing over $8.6 trillion in stablecoin volume, ahead of Ethereum’s $6.1 trillion.

While Solana, Ethereum, and Tron have outdone Base so far this year, the layer-2 network is gaining ground this month, with Base slightly outpacing Solana in terms of volume.

At the time of publication, Base’s stablecoin volume market share stands at 20.8% compared to Solana’s 20.6%. Ethereum leads the month with 25.6%.

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