Base, Coinbase’s Ethereum Layer 2 network, briefly became the top blockchain for stablecoin transactions, holding a market share of 30.06% and processing over $18.1 billion in transaction volume. According to Artemis Terminal data, it has outperformed competitors such as Solana, Ethereum, and Tron.
Following Base, Solana secured 25% of the stablecoin volume, while Ethereum and Tron accounted for 20% and 16.7%, respectively. Commenting on Base’s performance, Circle CEO Jeremy Allaire suggested that if this trend continues, USD Coin (USDC) could reach an impressive annual run rate of $6.6 trillion per year for Base alone .
Source:X
On that day, USDC accounted for 62% of total trading volume in the stablecoin market, followed by Tether with 30% and algorithmic stablecoin DAI with 7.4%.
The surge in stablecoin trading volume coincides with a spike in activity on Base, which hit an all-time high of 5.6 million transactions per day, as noted by Dune Analytics. This is a 20% increase from last month.
Historically, Solana has led stablecoin trading, often accounting for around 60% of the market. However, Base is quickly catching up, with its stablecoin market share at 20.8% as of this month, slightly ahead of Solana’s 20.6%.
Ethereum remains in first place with 25.6%. This growth has established Base as a significant player in the cryptocurrency industry.
Also read: Coinbase to delist non-compliant stablecoins by 2024
