Base narrowly outpaced Ethereum in Visa's June stablecoin data, moving about $565 billion in adjusted volume against Ethereum's roughly $562 billion. The result pushes attention away from token supply and toward which network actually carries tokenized dollars.
Base, the Ethereum layer-2 network, moved about $565 billion in adjusted stablecoin volume in June, edging out Ethereum's roughly $562 billion. The figures come from Visa Onchain Analytics, which reported total adjusted volume of about $1.79 trillion for the month.
That total surpassed Visa's February high and rose sharply from May. Base ranking first, even by a slim margin, matters because it shifts the contest from how many tokens a chain holds to how those tokens actually move.
Why the ranking favors payment rails
Base is built for cheaper, faster activity on top of Ethereum. When a layer-2 reaches the top of an adjusted stablecoin flow table, the focus turns to payment distribution, covering wallets, fees, app integrations, and settlement availability, rather than raw token supply.
Visa's dashboard separates adjusted from unadjusted activity because raw blockchain volume can include bots, high-frequency wallets, internal smart contract movement, and intra-exchange transfers. The adjusted methodology, built with Allium and other partners, tries to strip out that noise to get closer to activity that resembles real settlement.
USDC keeps the settlement lead
The issuer split reinforced USDC's role in stablecoin settlement. USDC accounted for roughly 67% of June's adjusted volume, while USDT made up about 32%. That keeps USDC at the center of flows, particularly on Base.
The lead over Ethereum, however, stays narrow. Base topped Ethereum by only about $3 billion, with both networks clearing more than half a trillion dollars in adjusted volume. Whether layer-2 networks keep capturing payment-like stablecoin activity across more months is the next signal to watch.
Source: CryptoSlate
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