USDC stablecoin continues to play an important role in the financial landscape. It recently experienced consistent growth, enabling multiple users to settle payments and token transfers. While active USDC addresses have been on the rise, users are using various blockchains to interact with the stablecoin and access other financial products. Today, crypto analyst CryptoRank.io shared data that ranked top blockchains that recorded the highest numbers of active USDC addresses over the past month. These are platforms that drive USDC user engagement.
Top 10 blockchains by active USDC users
Polygon
Polygon, a layer-2 scaling solution for Ethereum emerged as the top blockchain that had the highest number of active USDC addresses over the past 30 days. According to the data, active USDC addresses on Polygon reached 2.7 million in the last 30 days, accounting for over 30% of total addresses. These figure shows that Polygon is the leading chain for USDC transfers and remains a strong avenue for stablecoin users.
Solana
Solana, a Layer 1 blockchain, took the second position, after it recorded 2.2 million active USDC addresses over the period. While the network has long been the market leader in stablecoin transactions, it is ranked second in this list. This still shows its dominance, allowing USDC users use to interact with various digital assets.
Solana recently became the preferred platform for meme coins, attracting activity from Ethereum with its faster processing speed and lower fees. The increase in the number of USDC wallets in the network seems to be connected to the renewed rise of meme coin speculative trading activity on Solana.
Base
Base, an L 2 solution developed on top of Ethereum, secured third place after it registered 1 million active USDC addresses in the past month. According to the data, Solana and Base combined account for about 40% of active USDC addresses. Based, a new platform, is getting ground in stablecoin transactions. USDC users are attracted to the Base network due to its improved efficiency and scalability leading to faster transaction speed and lower fees.
Ethereum
Despite its dominance in the stablecoin market, Ethereum had 888,000 active USDC users, making it number four in this list. This signifies that due to Ethereum’s high transaction fees and network congestion issues, many USDC users (even other stablecoin users) prefer using other networks that offer faster processing times and lower transaction costs.
Arbitrum
Arbitrum, a L2 scaling solution on Ethereum, is also making a name in the stablecoin market. It occupied the fifth place in this list with 608,000 active USDC addresses. It appears that the recent surge in popularity of Layer-2 networks (like Polygon, Base, Arbitrum, and others) offer better alternative for USDC users to transact at substantially less fees than base layer Ethereum.
Others
Other protocols that registered significant numbers of active USDC addresses over the said duration include BNB Chain, Optimism, Avalanche, Celo, and Tron.
BNB Chain took the sixth position with its 463,000 active USDC addresses. It was followed by Optimism, which had 184,800 active USDC addresses. Avalanche settled on the eighth place with 92,300 active USDC wallets. Lastly, Celo and Tron wrapped this list after they had 7,300 and 1,400 active USDC users respectively.
