On October 26, Coinbase’s Ethereum layer-2 network, Base, briefly surged to the top spot in stablecoin transaction volume, marking a milestone in blockchain activity. Base captured 30.06% of all stablecoin transactions, outpacing prominent blockchains like Solana, Ethereum, and Tron. This spike coincided with Base setting a new record of 5.6 million daily transactions, reflecting a 20% increase from the previous month, according to Dune Analytics.
Solana followed Base in daily stablecoin volume at 25%, with Ethereum and Tron at 20% and 16.7%, respectively. Circle’s CEO, Jeremy Allaire, highlighted the significance of this growth for USD Coin (USDC), predicting an annualized transaction rate of $6.6 trillion on Base if this trend continues. USDC made up 62% of Base’s stablecoin volume on October 26, while Tether (USDT) held 30%.
While Solana holds the year-to-date record at $8.6 trillion, Base’s recent surge indicates the network’s potential to keep up with major players in the stablecoin market.