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For years, $ETH has been the undisputed leader of blockchain payments. It introduced smart contracts, became the home of DeFi, and powered the majority of stablecoin transactions. But the latest on-chain data suggests that the market is entering a new phase.
According to Visa's adjusted on-chain analytics for June, Base processed approximately $565 billion in stablecoin volume, slightly ahead of Ethereum's $562 billion. The difference is small, but the message is significant: the battle for crypto payments is no longer centered on Ethereum alone.