Base moves $565B in stablecoins, edges past Ethereum

Visa Onchain Analytics recorded about $565 billion in adjusted stablecoin volume on Base in June, compared with roughly $562 billion on Ethereum. The platform reported total adjusted stablecoin transfers for the month of about $1.79 trillion.

The adjusted figures remove transfers that are unlikely to represent settlement, including high-frequency wallet churn, internal smart-contract flows and intra-exchange transfers. Visa developed the adjustment methodology with partners, including Allium.

Visa noted the filters are provisional and will be refined as labeling coverage improves. The adjusted metric is intended to better approximate payment-like stablecoin activity rather than raw on-chain token movement.

Base is a layer-2 network built on Ethereum that targets lower fees and faster settlement. The network launched in 2023 and experienced rapid USDC growth after its introduction.

Issuer data for June showed USDC accounted for about 67% of adjusted volume while USDT made up about 32%. The difference between Base and Ethereum was about $3 billion; both networks processed more than $500 billion in adjusted volume for the month.

Visa reported that June’s adjusted total exceeded a February high and rose sharply from May. The report also noted that layer-2 networks collectively surpassed Ethereum in monthly stablecoin transaction counts in August 2024.

Visa indicated it will continue monitoring activity and updating its filters to improve the precision of adjusted stablecoin measures.