Coinbase’s Base Leads All Layer-2 Networks in Stablecoin Volume, Transaction Count

On October 26, Coinbase’s Ethereum layer-2 network Base briefly emerged as the top blockchain in terms of stablecoin volume, achieving this feat on the same day it reached a record transaction count.

Base captured 30.06% of total stablecoin volume across major blockchains, outpacing established networks like Solana, Ethereum, and Tron, according to data from Artemis Terminal.

In a recent post on X, Peter Schroder said the milestone underscores Base’s growing influence in the sector.

For the first time ever, @base led all chains for total stablecoin transfer volume in a single day.

On October 26th, Base processed 18.1B+ in stablecoin transaction volume (99.9% was in USDC) accounting for over 30% of all stablecoin transaction volume that day. pic.twitter.com/OXKdSLgWUR

— Peter Schroeder (@peterschroederr) October 27, 2024

Solana and Ethereum Trail Behind Base

Trailing Base’s stablecoin volume on that day, Solana held 25%, Ethereum accounted for 20%, and Tron secured 16.7%.

Commenting on Base’s short-lived dominance, Circle CEO Jeremy Allaire speculated that if the trend continues, the network could reach an annualized stablecoin transaction volume of $6.6 trillion for Circle’s USD Coin (USDC) alone.

On October 26, USDC represented 62% of Base’s total stablecoin volume, while Tether (USDT) held 30%, and DAI contributed 7.4%.

The growth in stablecoin transactions aligns with increased activity on Base.

Wow. That’s a $6.6 trillion annual run rate for USDC on @base https://t.co/AMbsBIj4bg

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) October 27, 2024

Data from Dune Analytics shows that Base processed 5.6 million transactions on October 26—a 20% increase from the previous month.

Historically, Solana has led in stablecoin transactions, routinely capturing around 60% of the market until mid-2024.

However, recent trends suggest a shift as Base challenges this dominance.

Despite Solana’s year-to-date leadership with over $8.6 trillion in stablecoin volume, followed by Ethereum at $6.1 trillion, Base has quickly gained traction.

Currently, Base holds a 20.8% market share in stablecoin volume for October, narrowly edging out Solana’s 20.6%, though Ethereum remains in the lead with 25.6%.

As reported, Base has crossed the $2 billion milestone in total value locked (TVL), making it the second-largest optimistic rollup by deposits, just behind Arbitrum.

Launched in August 2023, Base operates as an optimistic rollup, which processes transactions off the Ethereum mainnet and only periodically posts data on-chain.

Coinbase Asks Court to Pressure SEC Over Crypto Regulations

Just recently, Coinbase urged a federal appeals court in Philadelphia on Monday to pressure the US Securities and Exchange Commission (SEC) to create new crypto rules.

Coinbase appealed to the court, that the SEC had made it impossible for it to operate and comply with regulations.

Eugene Scalia, a lawyer for Coinbase, said the SEC had been “arbitrary and capricious.”

The regulator has not been giving Coinbase clarity on how to register and comply with U.S. laws, Scalia added.

Coinbase sued the SEC last year, demanding rules that clarify standards for determining when cryptos are securities.

However, the SEC denied its claims in December, disagreeing that the current crypto regulations are “unworkable.”

Last month, the exchange secured a partial victory against the SEC, potentially gaining access to critical documents regarding the agency’s classification of tokens as securities.