Base Now Handles 62% of Stablecoin Volume as Activity Surges 10x

Base, the largest layer 2 (L2) with a total value locked (TVL) of over $4.3bn, now accounts for roughly 62% of all stablecoin transaction volume, up from just 1% in mid-2024, according to data from on-chain analytics platform Artemis. 

Stablecoins are digital dollars used for trading, payments, and on-chain settlement, and have become a core driver of activity across crypto markets.

Leon Waidmann, the head of research at Lisk, explained in a post on X that the jump marks one of the fastest market share gains in crypto, with Base climbing from a 1% share in Q2 2024 to 18% by late 2024, 27% in Q4 2025, to its current majority share of the market.

The surge highlights a shift in where stablecoin activity is happening, as users and applications move towards faster, lower-cost networks. And Base, which was launched by cryptocurrency exchange Coinbase in August 2023, has quickly emerged as a high-throughput network for stablecoin transfers.

Base's growth

The Base network has been one of the most active L2s since launch, with its TVL standing at more than double Arbitrum One’s $1.6bn, and ahead of Polygon PoS' $1.2bn, per CoinGecko data.

The L2 also processes significantly higher activity, with around $650mn in daily volume – far ahead of competing chains. 

Artemis data shows that growth has been driven largely by stablecoins. Base now holds roughly $4.8bn in stablecoin supply, up 5% over the past month, with USDC accounting for the large majority at $4.5bn. 

Earlier this year, the network also began moving away from the Optimism OP Stack – the platform it was built on – to develop its own infrastructure. Analysts said at the time that the decision highlights Base's growing independence and scale. 

The rise of stablecoins

The surge further coincides with the broader stablecoin market's rapid expansion. As of 28 Apr, the stablecoin sector's total market cap stands at $320bn, up from $230bn in April 2025, according to DeFiLlama.

Tether's USDT remains the dominant stablecoin with a 59% market share, followed by Circle’s USDC. 

A large part of the growth of stablecoins is being driven by demand for faster, cheaper, 24/7 payments that bypass traditional banking systems. It's also partly being driven by clearer regulation developments in the US: the GENIUS Act – the first federal framework for stablecoins – was signed into law in July 2025. However, it has yet to take effect, with rules potentially rolling out in early 2027.