Ethereum is losing ownership of crypto payments as Base moves $565B in stablecoins
Base’s slim lead over Ethereum in adjusted stablecoin volume points to a bigger shift in how tokenized dollars move across blockchain networks. Senior AnalystCryptoSlateJul. 7, 2026at 10:05 pm GMT2 min. . .
Base’s slim lead over Ethereum in adjusted stablecoin volume points to a bigger shift in how tokenized dollars move across blockchain networks. Senior AnalystCryptoSlateJul. 7, 2026at 10:05 pm GMT2 min readBase recorded about $565 billion in adjusted June stablecoin volume, narrowly beating Ethereum’s roughly $562 billion. That lead suggests tokenized dollar activity is shifting toward networks optimized for cheaper, faster payments and settlement. Visa’s adjusted method still filters noise, so the key question is whether Base can keep this edge over time. Stablecoin activity is becoming a contest over which blockchains move the most tokenized dollars. Visa Onchain Analytics showed that theadjusted stablecoin transaction volumereached 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 ofEthereumat roughly $562 billion. While the edge Base might have over Ethereum might be small, it's still a significant achievement. Base is a layer-2 network built around cheaper, faster Ethereum activity. When it rises to the top of an adjusted stablecoin flow table, it shifts attention from token supply to payment distribution: wallets, fees, app integrations, and settlement availability. 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. Itsadjusted methodology, developed with Allium and other partners, tries to strip out that noise and get closer to activity that looks and feels like real settlement. The filters are still a best-guess approach, and Visa says it will keep improving its methodology as labeling coverage expands. Even with that limitation, adjusted volume is more useful for the Base-Ethereum comparison than raw transfer volume alone, as it shows where meaningful stablecoin movement is happening. The issuer split reinforced USDC’s role in stablecoin settlement. USDC accounted for roughly 67% of June's adjusted volume, whileUSDTaccounted for about 32%. That keepsUSDCat the center of stablecoin flows, particularly on Base, but the more important shift remains how volume is distributed across networks. CryptoSlate Daily BriefDaily signals, zero noise. Market-moving headlines and context delivered every morning in one tight read. 5-minute digest100k+ readersFree. No spam. Unsubscribe any time. You’re subscribed. Welcome aboard. Visa's broader stablecoin explainer describes stablecoins aspayment infrastructurefor cross-border transfers, stablecoin-linked cards, corporate payouts, and seven-day settlement. In that world, the chain that carries the dollars becomes the essential part of the product. Fees, wallet distribution, app integrations, and settlement availability all shape whether stablecoins feel usable outside trading venues. Visa'sinsights pagehad already pointed to a much longer L2 trend, noting that L2 networks collectively surpassed Ethereum in monthly stablecoin transaction count in August 2024 and that Base saw rapid USDC growth after launching in 2023. June’s volume data shows that the same pattern is beginning to appear in adjusted dollar flows. However, the lead remains narrow. Base topped Ethereum by only about $3 billion, with both networks clearing more than half a trillion dollars in adjusted volume. The next signal is whether L2s continue to capture payment-like stablecoin activity across multiple months and market conditions. Mentioned in this articlePosted in