Catenaa, Monday, July 13, 2026- Coinbase-backed Layer-2 blockchain Base processed more adjusted stablecoin transaction volume than Ethereum in June, marking a milestone in the competition for blockchain-based payment infrastructure as tokenized dollar usage continues expanding beyond cryptocurrency trading.
According to Visa Onchain Analytics, Base handled approximately $565 billion in adjusted stablecoin transaction volume during June, narrowly surpassing Ethereum’s roughly $562 billion. Total adjusted stablecoin volume across all supported blockchains reached about $1.79 trillion during the month, exceeding the previous record set in February.
The figures are based on Visa’s adjusted methodology, which filters out blockchain activity considered less representative of genuine payments, including bot transactions, internal smart contract movements, high-frequency transfers and intra-exchange activity. The approach seeks to measure transactions that more closely resemble real-world settlement.
Although Base’s lead over Ethereum amounted to only about $3 billion, the result reflects a broader shift toward Layer-2 networks designed to deliver faster transaction processing and lower fees while maintaining Ethereum’s security.
Unlike independent blockchains, Base operates on top of Ethereum, meaning the two networks are complementary rather than direct competitors. However, the latest data suggests payment applications are increasingly choosing Layer-2 infrastructure for stablecoin transfers instead of executing transactions directly on Ethereum’s main network.
The report also highlighted the growing dominance of USDC in payment-related stablecoin activity. USDC represented approximately 67% of adjusted stablecoin volume in June, while USDT accounted for about 32%, reinforcing USDC’s position as the preferred settlement asset across payment-focused blockchain applications.
The findings align with a longer-term trend identified by Visa, which noted that Layer-2 networks collectively surpassed Ethereum in monthly stablecoin transaction counts as early as August 2024. Base has been among the fastest-growing beneficiaries following its launch in 2023, driven largely by expanding USDC adoption and increasing integration with wallets, decentralized applications and payment services.
The narrow margin between Base and Ethereum indicates the market remains highly competitive. Analysts say sustained leadership across multiple months will be a stronger indicator of whether Layer-2 networks are becoming the preferred infrastructure for tokenized dollar payments rather than a temporary fluctuation.
The latest figures suggest blockchain competition is increasingly shifting away from native token valuations toward payment infrastructure performance. As stablecoins gain wider adoption for cross-border payments, payroll, merchant settlement and corporate treasury operations, transaction costs, settlement speed and application integration are becoming more influential than the underlying blockchain brand.
For Ethereum, the development reflects the success of its scaling strategy rather than a loss of ecosystem activity. Most Base transactions ultimately settle on Ethereum, strengthening the broader Ethereum ecosystem while moving user activity to lower-cost execution layers.
Base is a Layer-2 blockchain developed by Coinbase using the OP Stack. It enables users to transact with significantly lower fees than Ethereum’s main network while inheriting Ethereum’s security through rollup technology. Visa’s Onchain Analytics platform, developed with data partners including Allium, publishes adjusted stablecoin metrics to better estimate real economic activity by excluding transactions unlikely to represent genuine payments. As stablecoin adoption expands across financial institutions and payment providers, these adjusted metrics are becoming an increasingly important indicator of blockchain utility beyond speculative trading.
