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Coinbase Revenue from Base L2 Falls Despite Record Stablecoin Volume

Guavy AI Editorial Team
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Coinbase has revealed that its Base Layer 2 (L2) network is processing more stablecoin volume than any other blockchain, but the company's revenue from this network fell by 11% quarter-over-quarter to $47.4 million in Q2.

This decrease was largely driven by lower Base revenue, despite a sevenfold year-over-year increase in stablecoin transaction volume on the network.

Coinbase CEO Brian Armstrong stated that Base processed 'about 32 trillion' in the last 12 months of stablecoin transfer volume, making it the number one chain for stablecoin volume.

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