Base USDC transfer volume does not reflect merchant payment adoption

A recent analysis by Glassnode, published on November 10, indicates that while Base USDC ranks among the most prominent stablecoin routes by on-chain transfer value, it significantly trails USDT-based networks in actual merchant payment processing. The study, which covers data from September 2025 to September 2026, compares the distribution of stablecoin transfer value across various blockchain routes against the stablecoin pay-in value observed by the payment processor NOWPayments. Those searching for Base USDC data often look for technical details, yet this research suggests that high transfer activity does not necessarily translate into widespread retail merchant adoption.

Data from NOWPayments shows that USDT on Tron, BNB Chain, and Ethereum collectively account for 86% of its stablecoin pay-in value. In contrast, the top trio of on-chain transfer routes—USDC on Base, USDC on Ethereum, and USDT on Tron—represents 54% of total transfer value. Specifically, USDT on Tron and BNB Chain generate approximately 75% of the payment processor's stablecoin receipts, despite these routes carrying only 14% of the combined on-chain USDT and USDC value analyzed in the study.

High on-chain transfer volume for Base USDC does not equate to equivalent merchant payment adoption levels.

Understanding the payment landscape

Glassnode notes that the processor's receipts encompass a diverse range of sectors, including trading, e-commerce, software-as-a-service, and iGaming. Therefore, these figures should not be interpreted as a comprehensive survey of ordinary retail spending. The research is limited by a lack of specific data regarding merchant counts, geographic distribution, and the influence of individual large-scale customers, which prevents a direct extension of these findings to global market share.

Furthermore, merchant configuration plays a role in these results. NOWPayments allows businesses to manually select accepted currencies in their settings, meaning merchant choice and customer demand both influence the payment mix. Promotional activity may also be a factor; the processor offered new users 60 days without network fees on USDT-on-Tron deposits starting in late 2025. While this timing coincides with the observed trends, it does not definitively prove that the promotion caused the shift in volume.

Previous historical analyses, such as an August 2025 study by Talos and Coin Metrics, attributed the majority of Base USDC transfer volume to decentralized exchange liquidity and flash loans rather than payments. However, because that analysis used a different timeframe and methodology, it cannot fully explain the specific mix observed by NOWPayments or serve as definitive evidence regarding lost sales.

Why it matters

The findings clarify that on-chain transfer statistics and merchant payment activity represent distinct pools of blockchain usage. For merchants and businesses, the practical test remains whether the available payment routes match customer demand at a manageable cost. This distinction is vital for stakeholders evaluating the utility of different stablecoin networks in a commercial context.