Base Hits $4.7 Billion in USDC Issuance Since Launch

Coinbase's Ethereum Layer 2 network, Base, has seen significant activity in USDC issuance since its launch. As of January 26, 2026, the cumulative net issuance of USDC on Base reached approximately $4.7 billion. This figure represents the total amount of USDC minted and burned on the network over time, rather than just net inflows since the start of 2026.

The outstanding supply of USDC on Base was also around $4.7 billion on the same day, highlighting the network's growing role in stablecoin activity. However, this supply figure is distinct from the issuance metric and reflects the total amount of USDC held on the network.

Other key metrics for Base provide additional insights into its ecosystem. On September 22, 2026, the total value locked (TVL) in decentralized finance applications on Base was $6.20 billion, while the stablecoin supply stood at $5.02 billion. TVL can fluctuate due to changes in asset prices, deposits, and withdrawals.

A separate bridge-flow measure indicated about $19.5 billion in cumulative inflows and $18.4 billion in outflows, resulting in a net inflow of roughly $1.1 billion. However, these bridge figures and the USDC issuance data are not directly comparable, as they cover different assets, time periods, and methodologies.