Stablecoin Surge- USDC Dominates Stablecoin Volume on Base Network
Stablecoin Surge– The Ethereum layer-2 network Base, developed by Coinbase, recently made headlines by briefly becoming the leading blockchain for stablecoin volume, coinciding with an all-time high in transaction count.
Record Stablecoin Market Share
On October 26, Base captured a remarkable 30.06% of the total stablecoin volume, outpacing prominent blockchains such as Solana, Ethereum, and Tron. According to data from Artemis Terminal, as cited by Peter Schroder in an October 27 post on X, Solana followed with 25%, Ethereum ranked third with 20%, and Tron secured fourth place at 16.7%.
Circle CEO Jeremy Allaire commented on Base’s temporary dominance in an October 27 post, suggesting that if the current trend persists, USD Coin (USDC) could achieve an annual run rate of $6.6 trillion solely on Base.
Breakdown of Stablecoin Volume
On October 26, USDC accounted for 62% of the total stablecoin volume, while Tether (USDT) contributed 30%. The algorithmic stablecoin DAI rounded out the top three with 7.4% of the daily volume. This surge in stablecoin volume coincides with a noticeable increase in network activity on Base.
Base recorded a staggering 5.6 million daily transactions on October 26, marking a 20% increase from the previous month, according to Dune Analytics. Historically, Solana dominated stablecoin transactions until mid-June, typically comprising around 60% of the total volume across all major blockchain networks.
Year-to-Date Volume Comparisons
Despite Base’s recent achievements, Solana remains the year-to-date leader in stablecoin volume, amassing over $8.6 trillion, while Ethereum trails with $6.1 trillion. However, Base is gaining momentum this month, slightly surpassing Solana in stablecoin volume. As of the latest data, Base holds a 20.8% market share compared to Solana’s 20.6%, with Ethereum leading the month at 25.6%.
This shift highlights the growing competitive landscape among blockchains in the stablecoin space.
FAQs
What percentage of stablecoin volume did Base achieve on October 26?
On October 26, Base achieved a record market share of 30.06% of all stablecoin volume, surpassing other major blockchains such as Solana, Ethereum, and Tron.
How did USD Coin (USDC) perform in terms of stablecoin volume on Base?
On October 26, USD Coin (USDC) accounted for 62% of the total stablecoin volume on Base, indicating its strong presence within the network and contributing to Base’s overall stablecoin dominance.
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