Coinbase’s Ethereum layer-2 network Base briefly became the top blockchain for stablecoin volume on the same day it achieved a new all-time record for transaction count. On October 26, Base claimed 30.06% of all stablecoin volume, surpassing other chains such as Solana, Ethereum, and Tron, according to data from Artemis Terminal, as reported by Peter Schroder in an October 27 post to X.
Following Base in terms of one-day stablecoin volume, Solana accounted for 25%, while Ethereum came in third with 20%, and Tron held fourth place with 16.7%.
In another post to X on October 27, Circle CEO Jeremy Allaire commented on Base’s brief dominance, suggesting that if the trend continued, USD Coin (USDC) would reach an “annual run rate” of $6.6 trillion on Base alone. On October 26, USDC represented 62% of all stablecoin volume, while Tether (USDT) stood at 30%. The algorithmic stablecoin DAI (DAI) occupied third place with 7.4% of the total daily volume.
The increase in stablecoin volume market share coincides with a steady rise in network activity on Base. On October 26, Base achieved a record 5.6 million daily transactions, marking a 20% increase in the past month, according to data from Dune Analytics.
Historically, Solana had been the predominant network for stablecoin transactions until mid-June of the current year, consistently accounting for approximately 60% of total stable volume across all major blockchain networks. Overall, Solana remains the leader in terms of volume year-to-date, with over $8.6 trillion in stablecoin volume, ahead of Ethereum’s $6.1 trillion.
While Solana, Ethereum, and Tron have surpassed Base so far this year, the layer-2 network is making strides this month, with Base slightly outpacing Solana in terms of volume. As of the time of publication, Base’s stablecoin volume market share stands at 20.8% compared to Solana’s 20.6%, with Ethereum leading the month at 25.6%.