Base stablecoin volume topped Ethereum's in June

Adjusted stablecoin trading volume on Base, Coinbase's Layer 2 network, reached approximately $565 billion in June, narrowly surpassing Ethereum's $562 billion, CryptoSlate reported, citing data from VisaOnChainAnalytics. The outlet noted that this shift suggests stablecoin transactions are migrating to blockchain networks optimized for cheaper and faster settlement. Total adjusted stablecoin volume across all networks hit a new high of about $1.79 trillion in June, exceeding the previous peak from February. Base ranked first among all networks, with Ethereum in second place. VisaOnChainAnalytics' adjusted volume metric excludes addresses associated with centralized and decentralized exchanges, lending and investment funds, minting and burning activities, and bots to remove potential distortions from its calculations.