Ethereum and its layer-2 networks settled 77% of stablecoin transfers over 90 days, with a total volume of $16.75 trillion between July 15 and October 12, 2026, according to Token Terminal data. Base, the layer-2 network, surpassed Ethereum mainnet by handling $8.5 trillion versus $7.1 trillion. Optimism accounted for $0.8 trillion and other L2s collectively for $0.35 trillion. Activity was mainly driven by large institutional transfers and DeFi-related flows, with no specific protocol launch or announcement explaining the concentration. Builders who ignore layer-2 networks risk missing a significant share of the activity now anchored on Base.
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