Glassnode data shows Base’s USDC transfers are sizable on‑chain, yet NOWPayments reports USDT dominates its merchant pay‑ins.
A Glassnode report released on Nov 10, 2026 indicates that while USDC transfers on Base rank among the largest stablecoin routes by on‑chain value, they do not translate into a comparable share of merchant payments processed by the payment gateway NOWPayments.
According to the same Glassnode analysis, USDT on Tron, BNB Chain and Ethereum accounted for 86% of the stablecoin pay‑in value that NOWPayments recorded between September 2025 and September 2026. The remaining 14% was split among other routes, with the leading trio – USDC on Base, USDC on Ethereum and USDT on Tron – representing 54% of the total pay‑in volume.
The report notes that merchant configuration options, such as the choice of accepted customer currencies, and a promotional two‑month fee‑waiver for new USDT‑on‑Tron deposits (offered on Oct 30, 2025) likely influence routing decisions. However, the data does not disclose merchant counts, geographic distribution, or the concentration of payment value, limiting any inference about global market share.
An analysis by Talos and Coin Metrics dated Aug 11, 2026 estimated that 69% of Base USDC raw transfer volume stemmed from decentralized‑exchange liquidity provision, while 23% originated from flash loans. The study cautioned that these categories are lower‑bound estimates and that other activities – including payments, bridging, and treasury movements – could also be present.
Future research that combines on‑chain transfer data with broader merchant coverage could clarify whether Base’s USDC activity reflects genuine payment demand or is primarily driven by DeFi use cases. Observers should also monitor any changes to NOWPayments’ fee‑waiver promotions, as they may shift the stablecoin routing landscape.
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