Base leads all L2 chains for stablecoin transfers
Stablecoin exercise has shifted over the previous yr, with Base rising because the busiest L2 chain. Pushed by buying and selling and DeFi, Base has left different L2s behind.
Base is one other fast-growing hub for stablecoin transfers. The chain is carrying $USDC, one of the crucial lively stablecoins prior to now yr.
As Cryptopolitan reported earlier, Solana additionally noticed a breakout of stablecoin exercise, signaling customers appreciated quick networks with low charges, in addition to user-oriented apps. The shift to stablecoin utilization signifies chains are returning to monetary infrastructure, after abandoning earlier narratives.
The provision of $USDC and different stablecoins reached a document on Base this January.
Stablecoins on Base spiked to a brand new document in January, primarily pushed by new $USDC inflows. | Supply: Dune Analytics
Circle additionally grew to become a high 3 app on the chain. Base stays tokenless, so stablecoins are key to constructing liquidity pairs. The chain additionally noticed Uniswap rise as essentially the most extensively used function, additional boosting demand for stablecoins.
The chain reacted to expectations that stablecoins would turn into the primary use case for crypto. Whereas yield continues to be not formally allowed, Base hosts a number of yield-bearing alternatives.
Base carries $USDC primarily
Over 90% of the stablecoin provide on Base is within the type of $USDC. Base carries a complete of $4.81B in stablecoins, getting forward of Arbitrum with $3.75B and Hyperliquid with $4.6B. Polygon nonetheless lags with $3.4B in stablecoin provide, regardless of its bid to turn into a fee community.
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The current focus of stablecoins reveals L2 has misplaced its attraction attributable to liquidity fragmentation. Moreover, bridging is normally seen as cumbersome attributable to charges or danger of losses. Bridging and utilizing stablecoins on different L2 chains has largely coincided with durations of airdrop farming and has slowed down prior to now yr.
Base is positioning the community as a platform for fee apps, just like Solana, Polygon, and others. With the rise of stablecoin funds worldwide, older chains deserted different much less lively use instances like $NFT or gaming.
Base takes up finance as its fundamental use case
Whereas Base was created as an affordable chain for enjoyable on-chain exercise, together with NFTs, memes, and DEX buying and selling, in 2026, the chain switched towards decentralized finance.
Just a little over 30% of Base exercise is devoted to monetary operations, based mostly on L2 information.
Over 30% of Base exercise is devoted to monetary operations. | Supply: GrowThePie
Base additionally received a lift from expanded lending, largely by means of the Morpho and Aave protocols. The wave of decentralized lending adopted the earlier interval, the place Base was primarily used for perpetual futures buying and selling by means of Aerodrome.
Base is the primary hub for curated lending vaults, with Gauntlet and Steakhouse additionally among the many most lively apps. Demand for vaults and transactions additionally boosted $USDC as the primary supply of liquidity.
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