Base’s USDC transfer footprint does not prove merchant reach, data shows
USDC on the Base network ranks among the largest on-chain transfer routes, but it does not prove that the network has reached a broad base of merchants, according to a new report.
The report, published on Nov. 10, compares the distribution of USDT and USDC transfer value across different blockchain routes with the stablecoin pay-in value observed by NOWPayments. This comparison covers the period from September 2025 to September 2026.
USDT on Tron, BNB Chain and Ethereum supplied 86% of NOWPayments' stablecoin pay-in value during this period. In contrast, the on-chain-leading trio of USDC on Base, USDC on Ethereum and USDT on Tron accounts for 54% of the processor's pay-in value.
This data indicates that a route's share of blockchain transfers does not establish its share of merchant pay-ins. NOWPayments is one processor, and value shares do not measure transactions, customers, retail purchases, or global merchant market share.
Merchant configuration and fees
The NOWPayments' merchant setup instructions tell businesses to choose the customer currencies they accept in Coin settings. This configuration is a possible influence on the payment mix, alongside customer demand.
The payment firm also announced an offer on Oct. 30, 2025, giving new users two months without network fees on USDT-on-Tron deposits. Its current offer page requires new partners to activate custody and advertises 60 days without network fees.
The timing of this promotion is relevant to interpreting the processor's mix, although it does not establish that the offer produced Tron's share. Pay-in value also measures money, but it cannot establish how many retail purchases occurred.
On-chain activity and merchant reach
A separate analysis by Talos and Coin Metrics, dated Aug. 11, attributed 69% of Base USDC raw transfer volume to decentralized-exchange liquidity provision and 23% to flash loans. These categories were described as lower-bound estimates.
Activity outside these tagged categories could include payments, bridging, treasury movements, and other settlement. This historical analysis uses a different window and denominator than the Glassnode merchant comparison and cannot explain why NOWPayments received its particular mix.
The practical test for merchants is whether the routes they offer match their customers' incoming payments at an acceptable full cost. Broader, comparable merchant coverage would be needed to turn one processor's experience into a global assessment of Base.
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