On October 26, Coinbase’s Base network achieved a noteworthy milestone by surpassing major blockchains like Solana, Ethereum, and Tron in terms of stablecoin transaction volume. On the same day, Base’s daily transaction volume reached a record high, underscoring the company’s growing role in the blockchain ecosystem.
Data from the Artemis Terminal shows that Base made up a significant 30.06% of the total volume of stablecoins, surpassing Solana at 25%, Ethereum at 20%, and Tron at 16.7%. In response to this increase, Circle CEO Jeremy Allaire stated that if these patterns continue, the yearly transaction volume for USD Coin (USDC) on Base alone may reach a staggering $6.6 trillion.
With 62% of all stablecoin transactions on October 26, USDC led the field, followed by Tether (USDT) at 30% and DAI at 7.4%. According to Dune Analytics, Base processed a record-breaking 5.6 million transactions last month, a 20% rise from the previous month, which is consistent with the spike in network activity and Base’s market share.
In the past, Solana has consistently had a dominant position in stablecoin transactions, frequently controlling about 60% of the whole volume across networks. Base’s recent gains nevertheless suggest a possible change. With $8.6 trillion in total stablecoin volume so far this year, Solana continues to lead the field, followed by Ethereum ($6.1 trillion). However, Base’s performance in October suggests a closing deficit, as its stablecoin transaction volume has recently narrowly surpassed Solana’s.
With Ethereum dominating at 25.6% for the month, Base retains a stablecoin volume market share of 20.8%, according to the most recent data, which is slightly higher than Solana’s 20.6%. This quick expansion demonstrates Base’s developing position in the stablecoin ecosystem, as users and developers continue to be interested in utilizing the network’s potential.
