For the first time, Base, the Layer 2 network built by Coinbase, has surpassed Ethereum mainnet in monthly adjusted stablecoin transaction volume. Data from Visa Onchain Analytics shows that in June, Base processed approximately $565 billion in stablecoin transfers, narrowly edging out Ethereum’s $562 billion. The milestone reflects a growing migration of real-world payment activity to cheaper, faster Layer 2 solutions.
Total adjusted stablecoin volume across all blockchains hit a new all-time high of $1.79 trillion in June, surpassing the previous peak set in February. The adjusted methodology, developed by Visa in collaboration with Allium, filters out transactions from centralized and decentralized exchanges, lending protocols, minting/burning addresses, and bots. This stripped‑down metric aims to capture organic peer‑to‑peer and merchant settlement flows, giving a purer picture of actual stablecoin utility.
Circle’s USDC dominated the June flows, accounting for roughly 67% of adjusted volume, while Tether’s USDT represented about 32%. Although USDC remains the backbone of stablecoin settlement — especially on Base — the more telling shift is where the dollars are moving. Ethereum had long been the default layer for stablecoin transfers, but Base’s lead, however slim, underscores how L2 networks optimized for low fees and rapid finality are now capturing the high‑frequency, low‑value transaction market.
The trend has been building for months. Visa’s analytics previously noted that L2 networks collectively surpassed Ethereum in monthly stablecoin transaction count as early as August 2024. June’s dollar‑denominated data confirms that the same pattern is now playing out in settlement value. Base, launched in 2023 on the OP Stack, benefits from direct integration with Coinbase’s vast user base, making it a natural bridge for stablecoin payments.
While the milestone does not spell irrelevance for Ethereum — the mainnet still hosts the bulk of decentralized finance value and smart contract activity — it highlights a functional division of labor. Ethereum is increasingly the security and settlement layer for complex applications, while networks like Base are becoming the workhorse for everyday transfers. As stablecoins integrate deeper into global payments, the competition among settlement layers will only intensify, with fees, wallet distribution, and app integrations deciding which chain carries the dollars.
