Stablecoin activity is becoming a contest over which blockchains move the most tokenized dollars.

Visa Onchain Analytics showed that the adjusted stablecoin transaction volume reached about $1.79 trillion in June, surpassing its February high and rising sharply from May. The key network split was tight: Base ranked first at about $565 billion in adjusted volume, just ahead of Ethereum at roughly $562 billion.

While the edge Base might have over Ethereum might be small, it’s still a significant achievement. Base is a layer-2 network built around cheaper, faster Ethereum activity. When it rises to the top of an adjusted stablecoin flow table, it shifts attention from token supply to payment distribution: wallets, fees, app integrations, and…