The stablecoin market has seen significant growth in recent months, with adjusted volume reaching $1.79 trillion in June, surpassing its February high. In this landscape of increasing competition, Base has emerged as a top contender, moving a staggering $565 billion in stablecoins and narrowly edging out Ethereum by just $3 billion.
The split between the two networks is significant, particularly given that Base is built around cheaper and faster Ethereum activity. As it gains momentum, attention shifts from token supply to payment distribution, including wallets, fees, app integrations, and settlement availability.
Visa's methodology for adjusted volume aims to strip out noise such as bot activity and internal smart contract movement, providing a clearer picture of meaningful stablecoin movement. The filters are still evolving, but the results indicate that Base is gaining ground in this critical aspect of the market.