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Base’s USDC transfer footprint does not prove merchant reach, data shows

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Base’s USDC transfer footprint does not prove merchant reach, data shows

USDT dominates merchant payments at NOWPayments, while USDC on Base ranks among the largest on-chain transfer routes.

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.

Glassnode / NOWPayments, released Nov. 10, 2026. Measurement period: September 2025 to September 2026. The same USDT route pair appears in two distinct value datasets.

A route’s share of blockchain transfers does not establish its share of merchant pay-ins.

NOWPayments is one processor. Value shares do not measure transactions, customers, retail purchases or global merchant market share.

Source-reported grouped shares for September 2025 to September 2026. The on-chain denominator is USDT and USDC transfer value; the pay-in denominator is NOWPayments stablecoin pay-in value. Three quarters is displayed as approximately 75%. Bars use a 0–100% scale within each separate dataset, not a common dollar total.


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