Coinbase’s Ethereum layer-2 network, Base, briefly became the top blockchain for stablecoin transactions

Coinbase’s Ethereum layer-2 network, Base, briefly became the top blockchain for stablecoin transactions, claiming a 30.06% market share

Coinbase’s layer-2 network for Ethereum, Base, had a brief stint as the leading blockchain for stablecoin transactions. According to data from Artemis Terminal, Base processed over $18.1 billion in volume, claiming 30.06% of the market share on Feb. 23.

Solana followed closely behind Base with 25% of the stablecoin volume, while Ethereum and Tron also had significant portions with 20% and 16.7%, respectively.

As Base continues to attract attention, Circle CEO Jeremy Allaire highlighted its potential impact on USD Coin (USDC).

"If this Base stablecoin volume continues, pro-rated USDC volume on Base alone is now annualized at $6.6 trillion," stated Allaire.

On that particular day, USDC maintained its dominance in the stablecoin market, accounting for 62% of the total volume. Tether (USDT) came in second with 30%, and the decentralized algorithmic stablecoin DAI closed out the top three with 7.4%.

Meanwhile, Base also saw a surge in activity, reaching a new all-time high of 5.6 million daily transactions. This marks a 20% increase over the past month, according to Dune Analytics.

Interestingly, Solana has historically led the way in terms of stablecoin transactions, often commanding around 60% of the market. But Base is rapidly catching up, currently holding a stablecoin market share of 20.8% this month, just ahead of Solana's 20.6%.

As the dust settles, Ethereum still maintains the lead with 25.6%. However, Base's growth is certainly positioning it to become a major player in the crypto landscape.

Related: Coinbase to Delist Non-Compliant Stablecoins by 2024