The Ethereum layer-2 network, Base, developed by Coinbase, gained significant attention on October 26, when it briefly became the leading blockchain for stablecoin transactions. On this particular day, Base captured 30.06% of the total stablecoin volume, surpassing established competitors such as Solana , Ethereum , and Tron. This achievement coincided with a record-high transaction count on the network, highlighting its growing prominence in the crypto space.
In terms of daily stablecoin volume on October 26, Solana followed closely with a 25% share, while Ethereum and Tron accounted for 20% and 16.7%, respectively. The considerable activity on Base led to speculation about the potential future impact on stablecoins, particularly USD Coin (USDC), which was projected to achieve an annual run rate of $6.6 trillion if the current momentum is sustained.
USDC was the dominant player among stablecoins on Base, making up 62% of the total volume. Tether (USDT) held a 30% share, and algorithmic stablecoin DAI contributed 7.4% to the daily figures. The increase in stablecoin volume for Base corresponds with a notable rise in overall network activity, as evidenced by a record of 5.6 million daily transactions, marking a 20% increase over the past month.
Traditionally, Solana has led the stablecoin market, capturing about 60% of the total volume until June 2023. Year-to-date, Solana remains the frontrunner with over $8.6 trillion in stablecoin transactions, followed by Ethereum with around $6.1 trillion. However, Base is making notable strides this month, showing a slight edge over Solana in terms of volume share, indicating a potential shift in dynamics within the stablecoin landscape.
