Base stablecoin transaction volume briefly surpasses all other chains

Base, the Ethereum layer-2 network developed by Coinbase, briefly became the top blockchain for stablecoin volume on the same day it achieved a record-breaking transaction count. According to data from Artemis Terminal, Base accounted for 30.06% of all stablecoin volume on October 26, surpassing other chains such as Solana, Ethereum, and Tron. Solana followed closely behind with a 25% share, while Ethereum and Tron held 20% and 16.7% respectively. Circle CEO Jeremy Allaire commented on Base’s momentary dominance, stating that if this trend continued, USD Coin (USDC) alone would reach an annual run rate of $6.6 trillion. On October 26, USDC represented 62% of all stablecoin volume, with Tether (USDT) accounting for 30% and DAI making up 7.4%. Base has experienced consistent growth in network activity, recording a record-breaking 5.6 million daily transactions on October 26, a 20% increase in the past month. Previously, Solana had been the dominant network for stablecoin transactions, but Base has been gaining ground this month, slightly outpacing Solana in terms of volume. As of now, Base’s stablecoin volume market share stands at 20.8%, just ahead of Solana’s 20.6%, while Ethereum leads the month with 25.6%.