USDC’s daily velocity on Base hit 20x its supply in June, highlighting its dominance in trading and DeFi over USDT’s payments focus.
USDC’s daily velocity on the Base blockchain reached approximately 20 times its circulating supply in June, reflecting its heavy use in decentralized finance and trading. The data underscores a shift away from the traditional USDT-USDC rivalry, with each stablecoin now serving distinct market segments.
USDT remains dominant in payments, with its supply nearly evenly split between Tron and Ethereum. Meanwhile, USDC, though expanding to newer blockchains, remains concentrated on Ethereum. Together, the two stablecoins account for 83% of the $315 billion stablecoin market.
The findings coincide with regulatory developments in the U.S., including the 2025 GENIUS Act, which established a federal framework for payment stablecoins. Lawmakers are now debating the CLARITY Act to define regulatory oversight for digital assets.