Base, Coinbase's Ethereum Layer-2 network, has reached a fresh milestone: the total market capitalization of stablecoins on the chain hit $5.2 billion in early 2026, according to DefiLlama. The figure has grown steadily from under $1 billion in mid-2024, signaling strong confidence in both the Base network and the stablecoin market amid crypto volatility.
Coinbase Integration Fuels Rapid Expansion
Coinbase's direct integration with Base — through its exchange and wallet — allows millions of users to move funds onto the network with ease. This seamless access has driven the stablecoin supply surge, with USDC accounting for roughly 90.90% of all stablecoins on Base.
Launched in 2023, Base is built on Optimism's OP Stack and uses Ethereum for security while offering cheaper and faster transactions. The network does not issue its own token; it relies on ETH for gas fees, keeping alignment with Ethereum's ecosystem.
Transaction Velocity and Active Addresses Lead Peers
Among major Ethereum L2s — including Arbitrum, Optimism, and zkSync — Base stands out in transaction throughput. The network now processes more than 10 million transactions daily, supported by roughly 600,000 to 1 million active addresses. While Arbitrum retains the highest total value locked (TVL), often reported above $10 billion, Base leads in real-world usage metrics. Daily DEX volume on Base ranges between $800 million and $3 billion.
Stablecoins as a Structural Market Need
With rising geopolitical tensions, weakening fiat currencies, and sanctions risks, stablecoins have become more than just a crypto product. They offer low-risk, cross-border value transfer. The global stablecoin market now exceeds $311 billion, supporting DeFi, hedging, and payments. Base's growing stablecoin supply further expands the use cases for payments and trading.
Crypto analysts note that Base has remained resilient even during market pullbacks, making it a key network to watch for on-chain activity trends.