Base, Coinbase’s Ethereum Layer 2 network, has recorded $4.7 billion in net inflows since January 1, 2026. Total value locked (TVL) on Base hit an all-time high of approximately $6.2 billion on September 22, reaching $6.4 billion in early October, while bridged value on the network reached $8.28 billion. The stablecoin market cap on Base stands at approximately $5.2 billion, with USDC accounting for roughly 84% of that supply. Coinbase’s tokenized stocks reached $71 million in daily trading volume as of October 2026. This concentration of USDC nonetheless exposes the network to a risk of dependence on a single stablecoin issuer.
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