Base overtakes Ethereum in stablecoin payments

• Base processed about US$565 billion in adjusted stablecoin transactions during June, narrowly surpassing Ethereum's US$562 billion.
• The data suggests stablecoin payment activity is increasingly shifting to lower-cost layer-2 blockchain networks.
• USDC remained the leading stablecoin for adjusted settlement volume, accounting for about 67% of June's activity.

Visa Onchain Analytics reported that Base processed about US$565 billion in adjusted stablecoin transaction volume during June, narrowly exceeding Ethereum (CRYPTO:ETH) at approximately US$562 billion.

Adjusted stablecoin transaction volume reached about US$1.79 trillion during June, surpassing February's previous high, while Visa's methodology aims to remove bot activity, internal transfers and other non-economic transactions.

Visa said its adjusted methodology, developed with Allium and other partners, is designed to better reflect genuine settlement activity, although it noted the approach will continue to evolve as blockchain data coverage improves.

USDC (CRYPTO:USDC) accounted for about 67% of adjusted stablecoin transaction volume during June compared with about 32% for USDt (CRYPTO:USDT), and no direct market reaction accompanied the report.

The findings suggest payment activity is increasingly moving to lower-cost layer-2 networks, with Base benefiting from faster transactions, lower fees and growing integration with wallets and blockchain applications.

Visa previously reported that layer-2 networks surpassed Ethereum in monthly stablecoin transaction counts during August 2024, and June's adjusted volume data suggests that trend is now extending to the value of stablecoin payments as well.

At the time of reporting, Ethereum price was $1,776.76.