CryptoSlate
Ethereum is no longer the default settlement layer for dollar flows. Coinbase's L2 Base now moves the bulk of stablecoin payment volume, with cumulative on-chain transfers tracking past $565 billion. Ethereum still hosts the issuers and the deepest liquidity, but the user-facing payment rail has shifted.
Why it matters
Stablecoins are the only crypto use case with real, recurring volume, and the chain that settles the dollar sets the terms for everything built on top. Base captured that role with cheap fees, a unified Coinbase distribution channel, and a payments-friendly developer stack. Ethereum remains the deep-liquidity reserve layer, but new payment integrations increasingly default to Base or competing L2s.
Market impact
XRPL is now running a parallel experiment. Its stablecoin supply is approaching $900 million, and the more interesting signal is the arrival of USDV as a second dollar token on the ledger, testing whether XRPL can become a multi-issuer settlement rail beyond Ripple's RLUSD. The structural read is straightforward: stablecoin volume is fragmenting by use case, and chains that build for payments rather than general-purpose DeFi are pulling ahead.
Frequently asked questions
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How much stablecoin volume is Base actually moving?
Cumulative on-chain stablecoin transfers on Base have tracked past $565 billion, making it the primary user-facing payment rail for dollar flows even though issuers and deep liquidity remain on Ethereum.
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Is Ethereum losing its role in stablecoins?
Ethereum still hosts the major stablecoin issuers and the deepest liquidity pools, but new payment integrations increasingly default to Base and competing L2s for retail-facing transfers.
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What is USDV and why does it matter on XRPL?
USDV is a second dollar-pegged token launched on the XRP Ledger, joining Ripple's RLUSD. Its arrival tests whether XRPL can become a multi-issuer settlement rail rather than depending on a single dominant stablecoin.
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How large is XRPL's stablecoin supply now?
Stablecoin supply on the XRP Ledger is approaching $900 million, driven primarily by RLUSD with USDV adding a second source of dollar liquidity on the network.
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Why is Base winning stablecoin payment volume?
Base combines low transaction fees, a unified Coinbase distribution channel, and a developer stack optimized for payments, making it the default routing layer for new stablecoin integrations over Ethereum mainnet.
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