Base one-day stablecoin transfer volume outranks all other chains for first time

Coinbase-incubated Ethereum Layer 2 network Base outranked all other blockchain networks in one-day stablecoin volume, data from analytics firm Artemis shows. 

First noted by Peter Schroeder on X, Oct. 26 marked the first time Base's one-day stablecoin transfer volume outranked the typical leaders of Ethereum, Tron, and Solana, accounting for 30% of all stablecoin transfer volume. 

In second place was Solana with 25%, followed by Ethereum with 20% of the $60 billion worth of stablecoins transferred on Saturday, according to Artemis. 

The majority of the transferred volume was in Circle's USDC stablecoin, whose $37.3 billion worth of tokens accounted for over 62% of the volume. In second place, with nearly 30% of the volume, was nearly $18 billion worth of Tether's USDT tokens, with DAI stablecoins in a distant third with $4.5 billion, reflecting just 7.4% of the total. 

While Solana holds a significant lead over all other chains for the year-to-date cumulative stablecoin volume, with its $8.6 trillion in volume coming ahead of Ethereum's $6.1 trillion year-to-date, the month-to-date ranking is quite different: Base actually narrowly outranks Solana so far in the month of October by fewer than $4 billion in volume. Base has seen a cumulative stablecoin transfer volume of $361 billion so far in October compared to Solana's $357.2 billion, according to Artemis. 

"Stablecoins provide a great opportunity to increase economic freedom. [Base] enables builders to create great products using stablecoins, and those products are rapidly gaining traction," wrote X user Johnny_TVL, Base's Head of Defi, on X.