Base Surpasses Ethereum in Stablecoin Transactions by $3 Billion

Stablecoin activity has become a competition between blockchains to move the most tokenized dollars. According to Visa Onchain Analytics, the adjusted stablecoin transaction volume reached about $1.79 trillion in June, surpassing its February high and rising sharply from May.

The key network split was tight: Base ranked first at about $565 billion in adjusted volume, just ahead of Ethereum at roughly $562 billion. While the edge Base might have over Ethereum is small, it's still a significant achievement for the layer-2 network built around cheaper and faster Ethereum activity.

Visa's dashboard separates adjusted and unadjusted activity because raw blockchain volume can include bots, high-frequency wallets, internal smart contract movement, and intra-exchange transfers. Its adjusted methodology tries to strip out that noise and get closer to activity that looks and feels like real settlement.