Ethereum and Layer-2s Settled $16.75 Trillion in Stablecoins, 77% of Market

Ethereum and its Layer-2s settled $16.75 trillion in stablecoin transfers, capturing 77% of the entire market — cementing Ethereum as the default settlement layer for digital dollars.

Base Leads the Pack

Coinbase’s Base contributed $8.5 trillion, over half the ecosystem total, showing how completely stablecoin activity migrated to low-cost L2 rails.

The Value-Capture Question

Activity doesn’t automatically translate to value for ETH: L2s capture much of the fee revenue, leaving ETH’s value-accrual story dependent on blob fees and settlement demand. Yet for issuers and institutions choosing infrastructure, 77% market share isn’t a lead — it’s a moat.

Source: Coinbird