Crypto
Base Sequencer Revenue Drops Amid Stablecoin Boom
The Base sequencer's revenue has taken a hit, dropping from $68 million in Q3 2025 to $47.4 million in Q2 2026.
This decline comes despite significant growth in stablecoin transaction volume on the platform, which increased by 7x year-over-year.
In fact, Base processes more stablecoin volume than any other blockchain, with 90% of agentic stablecoin transactions running through its x402 protocol.
Coinbase has also seen substantial growth, capturing 50% of all USDC economics over the last year and averaging $20 billion in USDC holdings across its products in Q2 2026.