May 13, 2024 - Economy

Charted: 🐎 Stables venues

The line chart shows the daily supply of the USDC stablecoin on Ethereum and Solana blockchains from May 12, 2022, to May 9, 2024. It indicates a decrease on the Ethereum blockchain, while supply on Base recently eclipsed supply on Solana.
Data: DefiLlama; Chart: Axios Visuals

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.

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