In a remarkable achievement, the Coinbase-developed Ethereum layer-2 network, Base, briefly claimed the title of the number one blockchain for stablecoin volume on October 26. This milestone coincided with Base reaching an all-time high in transaction count, marking a significant moment for the network.
Base Outperforms Leading Blockchains
According to data from Artemis Terminal shared by Peter Schroder on X, Base accounted for an impressive 30.06% of all stablecoin volume on that day, outperforming notable competitors such as Solana, Ethereum, and Tron. After Base, which led in one-day stablecoin volume, Solana captured 25%, while Ethereum ranked third with 20% and Tron closely followed at 16.7%.
Circle CEO Jeremy Allaire commented on Base’s rapid ascent in the stablecoin market. He stated in his October 27 post, “If this trend continues, USD Coin (USDC) would reach an annual run rate of $6.6 trillion on Base alone.” This prediction highlights the significant role Base could play in the stablecoin ecosystem, particularly as USDC accounted for a staggering 62% of all stablecoin volume on October 26, while Tether (USDT) made up 30%. The algorithmic stablecoin DAI rounded out the top three with a 7.4% share.
Increasing Network Activity Fuels Growth
The uptick in stablecoin volume for Base aligns with a consistent increase in network activity. On the same day, Base recorded a record-breaking 5.6 million daily transactions, representing a 20% increase in activity over the past month, as per data from Dune Analytics. This surge in transactions reflects a growing interest and usage of the network, signaling its potential to become a major player in the blockchain space.
Historically, Solana has been the top network for stablecoin transactions, consistently making up about 60% of the total stablecoin volume across major blockchain networks. However, as of now, Solana remains the leader in year-to-date stablecoin volume, having processed over $8.6 trillion, while Ethereum follows with $6.1 trillion.
Base Gaining Momentum This Month
Despite being overshadowed by Solana, Ethereum, and Tron for much of the year, Base is gaining ground in October. Currently, Base’s stablecoin volume market share stands at 20.8%, just ahead of Solana’s 20.6%. Ethereum maintains its lead for the month with a 25.6% market share.
This recent surge highlights Base’s potential to disrupt the stablecoin market, especially as more users and developers engage with the network. The ongoing evolution of Base reflects a broader trend within the crypto space, where innovation and user engagement continue to drive competition and growth among blockchain networks.
Conclusion: A New Era for Stablecoins?
As Base continues to gain traction and demonstrate its capabilities, the future of stablecoins may see significant shifts. With increasing transaction volumes and an expanding user base, Base is poised to become a formidable contender in the blockchain ecosystem. The days ahead may reveal whether this layer-2 network can sustain its momentum and further establish itself in the competitive world of stablecoin transactions.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
My work centers on understanding how blockchain, AI, and digital identity are reshaping global industries. At Spearmint, I help lead the direction of initiatives that bring clarity, structure, and meaningful user experiences to complex technological environments. I focus on bridging vision with execution, ensuring that innovation remains practical, scalable, and aligned with long-term growth.
As an author at Coinography, I create insights that translate fast-moving Web3 developments into clear, useful narratives. I explore topics such as decentralized governance, digital identity, creator economies, token models, protocol design, and the shifting cultural patterns around emerging technology. My aim is to make digital transformation more understandable and approachable for a wider audience.
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