Base edges out Ethereum in June stablecoin volume

Visa Onchain Analytics data show Base handled about $565 billion in adjusted stablecoin volume in June, narrowly ahead of Ethereum’s roughly $562 billion.

Adjusted stablecoin transaction volume across all chains totaled about $1.79 trillion in June, up from May and above a February peak. The adjusted figures aim to capture settlement-like transfers after filters are applied to raw on-chain movements.

Visa’s adjusted methodology removes bot traffic, high-frequency wallets, internal smart-contract rearrangements and transfers between exchange addresses. The approach was developed with partners including Allium and continues to be refined as labeling coverage expands.

USDC accounted for about 67% of June’s adjusted volume and USDT about 32%. USDC’s share was larger on Base, where apps and wallets have integrated the token for payments and settlements on a network designed for lower fees and faster finality.

Base launched in 2023 and attracted USDC activity after integrations by wallets and applications. Layer-2 networks collectively surpassed Ethereum in monthly stablecoin transaction count in August 2024; in June 2026 Base recorded higher adjusted dollar flows than Ethereum.

Payment use cases such as cross-border transfers, stablecoin-linked cards and corporate payouts depend on chain characteristics that affect fees, wallet coverage, app integration and settlement speed. The network used to move tokenized dollars influences those operational factors.

Base’s lead over Ethereum in June was about $3 billion, with both networks clearing more than $500 billion in adjusted volume. Market observers note the margin is narrow and the adjusted methodology has limits. Additional monthly data will indicate whether the pattern persists.