Base Network Captures Dominant Stablecoin Volume, but Supply Growth Stalls Post-Shock

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A new report from ARK Invest reveals a shifting stablecoin landscape in Q4 2025, where transaction activity surged on specific networks while overall supply growth stagnated following an October market shock.

Stablecoin supply remained above $300 billion but plateaued after a volatility event triggered a sharp 58% drawdown in Ethena’s USDe stablecoin.

Transaction volume, however, rotated dramatically, with Coinbase’s Base network seeing $3 trillion in volume—a 121% quarterly jump—to lead all blockchains. More broadly, Ethereum and its Layer-2 ecosystem consolidated their role, handling 58% of all stablecoin transaction volume.

USDC further cemented its dominance for payments, accounting for over 60% of transactional volume despite making up only a quarter of total supply.