Layer-2 networks are increasingly capturing the stablecoin transaction flows that could shape the future of crypto payments, according to adjusted June data from Visa. Coinbase's Base network processed roughly $565 billion in stablecoin volume, signaling that dollar-denominated transfers are shifting away from the Ethereum mainnet toward faster, cheaper L2 environments. The trend raises questions about whether Ethereum will retain its position as the primary settlement layer for on-chain payments, or whether that role will migrate to scaling solutions built on top of it. While L2s ultimately settle to Ethereum, the competition among them for stablecoin activity highlights a broader restructuring of where transactions actually occur. As stablecoins grow as a payments use case, the network that hosts the most flow could gain outsized influence over the emerging crypto payment infrastructure.
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