Base stablecoin trading volume reached US$565 billion in June, surpassing Ethereum

The focus of blockchain competition in the field of stablecoin payments is shifting from the supply of tokens to the actual use scenarios of digital dollars.

The latest on-chain data shows that in June 2026, the Base network\'s stablecoin transaction volume slightly exceeded Ethereum, marking an important moment for the popularity of Layer-2 and the future development of blockchain payments.

According to data from Visa Onchain Analytics, Base handled approximately US$565 billion in adjusted stablecoin transactions in June, compared with approximately US$562 billion for Ethereum.

Although the gap is only about US$3 billion, data shows that users are increasingly inclined to choose networks with lower fees and faster transaction processing when making daily stablecoin transfers.

Base stablecoin transaction volume surpasses Ethereum

For many years, Ethereum has been the main settlement layer for stablecoins such as USDC and USDT. However, the latest data shows that payment activity is gradually shifting to Ethereum\'s expanded network.

According to data from Visa Onchain Analytics, adjusted stablecoin trading volume in June was close to US$1.79 trillion, surpassing the all-time high set earlier this year.

Among all supported networks, Base ranks first with stablecoin transaction volume of approximately US$565 billion, slightly higher than Ethereum.

This result is noteworthy because Base is built on Ethereum rather than competing directly with it. Instead, it relies on Ethereum security while providing users with lower transaction costs.

As more payment applications, wallets and financial services integrate Layer-2 technology, transaction activity will naturally flow to networks that can process transfers more efficiently.

This does not mean that Ethereum is losing importance. Instead, it highlights the fact that its expanded ecosystem is beginning to take on a larger proportion of payment traffic.

Base stablecoin transaction volume reflects real payments

Original blockchain activity often only explains part of the problem.

Large exchanges often transfer assets between internal wallets, automated trading robots generate thousands of transactions, and smart contracts constantly interact, but these do not represent real economic payments. These activities can exaggerate the total amount of transactions on the chain.

Visa Onchain Analytics, developed in partnership with blockchain data provider Allium, applies filters to clear most of this background activity. The adjusted dataset is designed to better reflect transfers between users, businesses and financial applications that resemble real payments.

Visa also pointed out that the methodology will continue to improve as the accuracy of wallet identification and blockchain tokens improves. Although no filtering system is perfect, the adjusted transaction volume can more clearly reveal the areas in which stablecoins are actually used.

USDC continues to dominate payment activities

The latest report also shows that USDC remains the leading stablecoin the field of payment settlement.

According to Visa Onchain Analytics, USDC accounted for approximately 67% of adjusted transaction volume in June, while USDT accounted for approximately 32%.

USDC\'s strong position reflects its growing popularity among payment platforms, fintech companies and institutional users, who prioritize regulatory transparency and predictable settlements.

The latest data shows that people are no longer just paying attention to which stablecoins have the largest market value, but are increasingly paying attention to the flow of these digital dollars and how often they are used in actual transactions.

Layer-2 network is becoming a payment infrastructure.

Base\'s performance is in line with the general trend of development over the past two years.

Visa previously reported that the Layer-2 network collectively surpassed Ethereum in the number of monthly stablecoin transactions in 2024. Adjusted trading volume data for June suggests that this shift has now expanded from the number of transactions to the real dollar value.

Lower network fees, faster confirmation times and more convenient wallet integration make the Layer-2 network ideal for cross-border payments, merchant settlements, payroll, remittances and corporate transfers. As stablecoins expand beyond cryptocurrency trading, these practical advantages are becoming increasingly important.

Developers are also building payment applications that rely on low-cost transactions, making networks such as Base attractive to both consumers and businesses.

Ethereum is still powering the ecosystem

Although Base has taken the lead, the competition is still fierce.

A lead of approximately US$3 billion accounts for less than 1% of the total transaction volume processed by the two networks. Future monthly reports are likely to see Ethereum regain its top spot.

More importantly, Base\'s growth should not be seen as Ethereum losing market share. Each Base transaction is ultimately settled within Ethereum\'s broader ecosystem, which reinforces Layer-2 \'s role as a scale-up rather than a replacement for the main chain.

If Base\'s stablecoin volume continues to lead over several months and under different market conditions, this will provide stronger evidence that payments activity is steadily migrating toward Layer-2 infrastructure. [TAG

For now, June\'s data provides another indication that blockchain payments are getting faster, cheaper, and increasingly dependent on scaling networks built around Ethereum rather than relying solely on mainchains.

Summary

According to data from Visa Onchain Analytics, Base slightly surpassed Ethereum in June 2026, processing approximately US$565 billion in adjusted stablecoin transactions, compared with approximately US$562 billion for Ethereum.

These data show that more and more users and businesses are choosing the faster and lower-cost Layer-2 network for digital dollar payments.

USDC remains the dominant stablecoin, accounting for approximately 67% of adjusted trading volume.

Even if Base takes the lead, Ethereum still powers the broader ecosystem behind these transactions.

Key Terms

1. Base
Base is a blockchain network built on top of Ethereum that allows people to send digital funds faster and at a lower cost. You can think of it as a fast lane to help avoid traffic on congested roads.

2. stablecoins
A stablecoin is a cryptocurrency designed to keep the value close to that of traditional currencies such as the U.S. dollar. This makes it more predictable in payments and transfers.

3. Ethereum
Ethereum is one of the largest blockchain networks in the world. It supports digital payments, decentralized applications, and many other blockchain projects, including Base.

4. Layer-2 Network
Layer-2 Network works in conjunction with the larger blockchain to speed up transactions and reduce costs. It\'s like a fast lane that helps you reach your destination faster.

5. USDC
USDC is a digital dollar (stablecoin) designed to maintain the value of 1 dollar. Many people and businesses use it to quickly transfer money between blockchain networks.

6. stablecoin transaction volume
refers to the total value of stablecoin transferred on the blockchain over a specific period of time. Higher transaction volume usually means more payment activity is processed by the network.

7. Adjusted transaction volume
Adjusted transaction volume does not calculate every blockchain transfer, but filters out automated activities and internal transfers. This can more clearly reflect the scale of actual payment activities.

8. Blockchain settlement
Blockchain settlement is the moment when a transaction is completed and permanently recorded on the blockchain. It is similar to receiving confirmation that a bank transfer has been successfully processed.

FAQs on Base stablecoin trading volume

1. Why does Base process more stablecoin payments than Ethereum?
Base offers faster transaction speeds and lower fees, making it a practical choice for payments. Visa\'s June 2026 data shows that these advantages help it slightly outperform Ethereum.

2. Will Base replace Ethereum?
No. Base is built on Ethereum and relies on its security. It just helps process transactions more efficiently, while Ethereum remains the foundation of the network.

3. Why does Visa use adjusted stablecoin transaction data?
The adjusted data removes activity from robots, internal wallet transfers and other automated transactions, thereby more accurately reflecting the actual use of stablecoins for payments.

4. Will Base maintain a lead in stablecoin trading volume?
It\'s too early to draw conclusions. If adoption rates, payment activity and developer support continue to grow, Base may remain ahead, but future monthly data will provide clearer answers.