May 13, 2024 - Economy
Charted: Stables venues
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It hasn't been a full year since Circle's USDC stablecoin became natively available on Coinbase's layer-2 network, Base, but circulating supply recently jumped on that venue, surpassing Solana.
What's happening: Transaction volume has surged on Base following the mid-March Ethereum upgrade, Coinbase has said.
- Franklin Templeton Digital Assets highlighted that activity in a recent report saying, "It's Base Season."
Yes, but: The surge of USDC supply on Base also corresponds to a notice March 26 from Coinbase's vice president of consumer product, Max Branzburg, saying the company would be "storing more corporate and customer balances" on Base.
- Now it's the No. 2 venue for USDC, according to DefiLlama.
Context: The No. 1 venue is Ethereum, by a lot.
