Base’s USDC transfer footprint does not prove merchant reach, data shows
USDT routes dominate stablecoin pay-in value at NOWPayments, while blockchain transfer totals measure a different pool of activity. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
USDC on Base ranks among the largest stablecoin routes by on-chain transfer value but trails USDT networks in merchant payments processed by NOWPayments, according to a Glassnode report published Nov. 10.
USDT on Tron, BNB Chain and Ethereum together account for 86% of stablecoin pay-in value at NOWPayments. The leading on-chain trio, USDC on Base, USDC on Ethereum and USDT on Tron, accounts for 54%.
The comparison covers September 2025 to September 2026. On one side is the distribution of USDT and USDC transfer value across blockchain routes, while the distribution of stablecoin pay-in value observed by NOWPayments is on the other.
USDT on Tron and BNB Chain brings in about 75% of NOWPayments stablecoin pay-in value, while those routes carry 14% of on-chain USDT and USDC value in the comparison.
Pay-in value also measures money, but it cannot establish how many retail purchases occurred. Glassnode says the research considers trading, e-commerce, software-as-a-service and iGaming merchants, so the processor’s receipts should not be treated as a survey of ordinary retail spending.