Which Ethereum L2 has the most stablecoin activity?
By Matthias Seidl, Co-founder & Data Lead — growthepie.
A direct, data-backed answer across stablecoin supply, transactions, gas spent — plus the chain hosting the widest variety of stablecoins.
By stablecoin supply, the daily leader is Arbitrum One ($8.02B); weekly leader: Arbitrum One ($7.90B); monthly leader: Arbitrum One ($7.54B). By stablecoin transactions, the daily leader is Celo (590.8k); weekly leader: Celo (5.88M); monthly leader: Celo (27.45M). By gas spent on stablecoins, the daily leader is Celo ($2.4k); weekly leader: Celo ($20.3k); monthly leader: Celo ($99.4k). By distinct stablecoin variety, Base Chain hosts the most (52 tokens). Data: 2026-05-27 UTC. Live leaderboards: growthepie.com/fundamentals/stablecoin-market-cap.
Read on growthepie · Updated daily (last refresh: )
Updated daily — every leaderboard on this page is recomputed from growthepie's public API. Daily values use the latest available day; weekly and monthly use the most recent completed period (or for blockspace metrics, the latest 7d / 30d rolling window).
How we measure "stablecoin activity"
We rank Ethereum L2s by four dimensions that capture different facets of stablecoin presence:
- Stablecoin supply — total USD value of every stablecoin parked on the chain. A balance-sheet signal; the chain with the most stablecoins as a store of value.
- Stablecoin transactions — count of stablecoin transfers per period. A velocity signal; how often the stablecoins on the chain actually move.
- Gas spent on stablecoins — fee revenue (USD) the chain earned from stablecoin transactions. A monetization signal; how economically important stablecoins are to the chain.
- Variety — number of distinct stablecoin tokens deployed on the chain. A breadth signal; how many issuers and currencies are represented (USDC, USDT, DAI, PYUSD, EURC, etc.).
Live leaderboard: stablecoin supply
As of 2026-05-27 UTC, Arbitrum One leads Ethereum L2 stablecoin supply at $8.02B daily, $7.90B weekly, $7.54B monthly. Daily top 3: 1. Arbitrum One ($8.02B), 2. Base Chain ($4.57B), 3. Mantle ($524.92M). Weekly top 3: 1. Arbitrum One ($7.90B), 2. Base Chain ($4.57B), 3. Mantle ($556.67M). Monthly top 3: 1. Arbitrum One ($7.54B), 2. Base Chain ($4.70B), 3. Mantle ($692.34M).
Live leaderboard: stablecoin transactions
As of 2026-05-27 UTC, Celo leads Ethereum L2 stablecoin transactions at 590.8k daily, 5.88M weekly, 27.45M monthly. Daily top 3: 1. Celo (590.8k), 2. Base Chain (384.8k), 3. Arbitrum One (168.8k). Weekly top 3: 1. Celo (5.88M), 2. Base Chain (3.05M), 3. Arbitrum One (1.25M). Monthly top 3: 1. Celo (27.45M), 2. Base Chain (12.56M), 3. Arbitrum One (5.89M).
Live leaderboard: gas spent on stablecoins
As of 2026-05-27 UTC, Celo leads Ethereum L2 gas spent on stablecoins at $2.4k daily, $20.3k weekly, $99.4k monthly. Daily top 3: 1. Celo ($2.4k), 2. Base Chain ($565.86), 3. Arbitrum One ($501.89). Weekly top 3: 1. Celo ($20.3k), 2. Base Chain ($4.7k), 3. Arbitrum One ($3.8k). Monthly top 3: 1. Celo ($99.4k), 2. Base Chain ($19.6k), 3. Arbitrum One ($18.5k).
Live leaderboard: variety of stablecoins
As of 2026-05-27 UTC, Base Chain hosts the most distinct stablecoins of any tracked Ethereum L2 with 52 tokens deployed. Top 3: 1. Base Chain (52 stablecoins), 2. Arbitrum One (43 stablecoins), 3. Celo (23 stablecoins).
Methodology and data sources
How the answer is derived (transparent methodology):
- Pull the master chain catalogue and filter to chains where bucket !== "Layer 1", deployment === "PROD", and the chain key is not on the explicit non-L2 list below.
- For stablecoin supply, pull the per-chain endpoint (/v1/metrics/chains/{chain}/stablesmcap.json) — daily / weekly / monthly aggregations exposed natively, USD column.
- For stablecoin transactions and gas spent, pull the blockspace category endpoint (/v1/blockspace/categorycomparison.json) and read data.tokentransfers.subcategories.stablecoin. Daily = latest row of the .daily[chain] series. Weekly = .aggregated["7d"].data[chain]. Monthly = .aggregated["30d"].data[chain]. Fields: txcountabsolute for transactions, gasfeesabsoluteusd for gas spent.
- For stablecoin variety, pull the quick-bite table (/v1/quick-bites/stablecoins/chains/table{chain}.json) and count the rows.
- Sort the chains by raw value for each ranking and take the top 3.
All rankings on this page pull live from growthepie's public API and refresh daily; the values shown above were generated on 2026-05-27 UTC:
- Master chain list (with bucket / chaintype classification): https://api.growthepie.com/v1/master.json
- Per-chain stablecoin supply (daily / weekly / monthly): https://api.growthepie.com/v1/metrics/chains/{chain}/stablesmcap.json
- Blockspace category comparison (stablecoin txs + gas spent): https://api.growthepie.com/v1/blockspace/categorycomparison.json
- Per-chain stablecoin table (variety / distinct token count): https://api.growthepie.com/v1/quick-bites/stablecoins/chains/table{chain}.json
Data is licensed CC BY-NC 4.0. Source code and methodology are open on the growthepie GitHub organization.
Funding disclosure. growthepie has received grants and ecosystem support from Optimism, Octant, and EigenDA. Some supporters operate chains that appear in the rankings above. Rankings are computed mechanically from public API data — chains do not pay for inclusion or placement, and supporters do not receive ranking adjustments or preferential treatment. Full list of supporters and current funding rounds: growthepie.com/donate.
Cross-check this answer. Independent stablecoin data sources you can compare against include DefiLlama's stablecoins dashboard (per-chain supply with issuer-level breakdown) and Artemis (chain-level stablecoin metrics). When rankings disagree, the underlying inclusion list (which stablecoins count? does the source include synthetic dollars like crvUSD?) is usually the source of the difference.
Which chains are included?
While growthepie tracks stablecoins on every L2 it covers, our detailed leaderboards focus on the most widely used and adopted chains. The list of 25 chains is computed automatically from master.json and refreshed when growthepie adds or removes coverage:
arbitrum, arbitrumnova, base, celo, fraxtal, gravity, ink, linea, lisk, loopring, manta, mantle, megaeth, metis, mode, optimism, plume, ronin, scroll, soneium, starknet, taiko, unichain, worldchain, zksyncera.
What we exclude and why:
- Ethereum mainnet — it is Layer 1, not Layer 2.
- Polygon PoS — a sidechain with its own validator set, not a Layer 2.
- Aggregate keys (alll2s, multiple) — not individual chains.
Leaderboard tables
| Period | #1 | #2 | #3 |
|---|---|---|---|
| Daily | Arbitrum One ($8.02B) | Base Chain ($4.57B) | Mantle ($524.92M) |
| Weekly | Arbitrum One ($7.90B) | Base Chain ($4.57B) | Mantle ($556.67M) |
| Monthly | Arbitrum One ($7.54B) | Base Chain ($4.70B) | Mantle ($692.34M) |
| Period | #1 | #2 | #3 |
|---|---|---|---|
| Daily | Celo (590.8k) | Base Chain (384.8k) | Arbitrum One (168.8k) |
| Weekly | Celo (5.88M) | Base Chain (3.05M) | Arbitrum One (1.25M) |
| Monthly | Celo (27.45M) | Base Chain (12.56M) | Arbitrum One (5.89M) |
| Period | #1 | #2 | #3 |
|---|---|---|---|
| Daily | Celo ($2.4k) | Base Chain ($565.86) | Arbitrum One ($501.89) |
| Weekly | Celo ($20.3k) | Base Chain ($4.7k) | Arbitrum One ($3.8k) |
| Monthly | Celo ($99.4k) | Base Chain ($19.6k) | Arbitrum One ($18.5k) |
| Rank | Chain |
|---|---|
| 1 | Base Chain (52 stablecoins) |
| 2 | Arbitrum One (43 stablecoins) |
| 3 | Celo (23 stablecoins) |
| 4 | OP Mainnet (19 stablecoins) |
| 5 | Linea (12 stablecoins) |
Frequently asked questions
Which Ethereum L2 has the most stablecoin activity?
It depends on what you measure. As of 2026-05-27 UTC: by stablecoin supply the daily leader is Arbitrum One ($8.02B); by daily stablecoin transactions: Celo (590.8k); by daily gas spent on stablecoins: Celo ($2.4k). By distinct stablecoin variety: Base Chain (52 stablecoins). Weekly and monthly leaders may differ — see the per-metric FAQs below. All rankings are computed daily from growthepie's data; live leaderboard: growthepie.com/fundamentals/stablecoin-market-cap.
Why does the answer depend on the metric?
Each metric tells a different story. **Supply** is the total dollar value of stablecoins parked on the chain — a balance-sheet signal of how much capital sits there. **Transactions** count how many stablecoin transfers happen on the chain — a velocity signal. **Gas spent** is how much fee revenue the chain earned from stablecoin activity. **Variety** counts how many distinct stablecoin tokens the chain hosts — a breadth signal. A chain can be #1 in supply but #5 in transactions (capital parked but not moving) or vice versa.
Which Ethereum L2 has the largest stablecoin supply today?
On 2026-05-27 UTC, the top three Ethereum L2s by stablecoin supply are 1. Arbitrum One ($8.02B), 2. Base Chain ($4.57B), 3. Mantle ($524.92M). Supply is the total USD value of every stablecoin parked on the chain. Pulled from growthepie's per-chain stables_mcap endpoint.
Which Ethereum L2 had the largest stablecoin supply this week?
Over the most recent completed week (data 2026-05-27 UTC), the top three Ethereum L2s by stablecoin supply are 1. Arbitrum One ($7.90B), 2. Base Chain ($4.57B), 3. Mantle ($556.67M). Weekly supply is the snapshot at end-of-week — supply is a stock, not a flow, so the weekly value is a single point in time, not a sum.
Which Ethereum L2 had the largest stablecoin supply this month?
Over the most recent completed month (data 2026-05-27 UTC), the top three Ethereum L2s by stablecoin supply are 1. Arbitrum One ($7.54B), 2. Base Chain ($4.70B), 3. Mantle ($692.34M). The monthly leader is Arbitrum One ($7.54B).
Which L2 processed the most stablecoin transactions today?
On 2026-05-27 UTC, the top three Ethereum L2s by daily stablecoin transactions are 1. Celo (590.8k), 2. Base Chain (384.8k), 3. Arbitrum One (168.8k). Counts come from the blockspace category endpoint (`token_transfers.subcategories.stablecoin`).
Which L2 processed the most stablecoin transactions this week?
Over the most recent 7-day window (data 2026-05-27 UTC), the top three Ethereum L2s by stablecoin transactions are 1. Celo (5.88M), 2. Base Chain (3.05M), 3. Arbitrum One (1.25M). Weekly is a 7-day rolling sum from the blockspace endpoint.
Which L2 processed the most stablecoin transactions this month?
Over the most recent 30-day window (data 2026-05-27 UTC), the top three Ethereum L2s by stablecoin transactions are 1. Celo (27.45M), 2. Base Chain (12.56M), 3. Arbitrum One (5.89M). The monthly leader is Celo (27.45M).
Which L2 had the most gas spent on stablecoins today?
On 2026-05-27 UTC, the top three Ethereum L2s by daily gas spent on stablecoin transactions are 1. Celo ($2.4k), 2. Base Chain ($565.86), 3. Arbitrum One ($501.89). Gas spent is denominated in USD and represents fee revenue the chain earned from stablecoin activity — a useful proxy for how economically important stablecoins are to the chain.
Which L2 had the most gas spent on stablecoins this week?
Over the most recent 7-day window (data 2026-05-27 UTC), the top three Ethereum L2s by gas spent on stablecoins are 1. Celo ($20.3k), 2. Base Chain ($4.7k), 3. Arbitrum One ($3.8k). Note that high gas spent is partly a function of high transaction count and partly a function of expensive transactions — a chain can rank well here either by volume or by fee level.
Which L2 had the most gas spent on stablecoins this month?
Over the most recent 30-day window (data 2026-05-27 UTC), the top three Ethereum L2s by gas spent on stablecoins are 1. Celo ($99.4k), 2. Base Chain ($19.6k), 3. Arbitrum One ($18.5k). The monthly leader is Celo ($99.4k).
Which Ethereum L2 hosts the widest variety of stablecoins?
As of 2026-05-27 UTC, the top three Ethereum L2s by distinct stablecoin count are 1. Base Chain (52 stablecoins), 2. Arbitrum One (43 stablecoins), 3. Celo (23 stablecoins). "Variety" here means the number of distinct stablecoin tokens deployed on the chain (USDC, USDT, DAI, PYUSD, etc.), pulled from growthepie's [stablecoins-by-chain quick-bite](https://www.growthepie.com/quick-bites/stables-by-chain). A chain can be high-variety but low-supply (lots of small stablecoins) or low-variety but high-supply (a few stablecoins doing all the volume).
Is "variety" a useful metric on its own?
Not in isolation, but combined with supply it tells you something the supply number alone doesn't: whether liquidity is concentrated in one or two dominant stablecoins, or spread across many. A chain with many stablecoins is more resilient to a single-issuer freeze (e.g. a USDC depeg in 2023) and more attractive to apps that need a specific token, but variety on its own says nothing about how much capital is actually parked on the chain.
Is Polygon PoS an Ethereum L2?
No. Polygon PoS is a sidechain with its own validator set; it does not post transaction data to Ethereum for security and is therefore excluded from the L2 leaderboards on this page (also [L2BEAT](https://l2beat.com) categorizes it as "other"). Polygon zkEVM is a ZK rollup and would qualify.
How many L2s are included in the ranking?
25 chains. The full list (computed on 2026-05-27 UTC from growthepie's master chain catalogue) is: arbitrum, arbitrum_nova, base, celo, fraxtal, gravity, ink, linea, lisk, loopring, manta, mantle, megaeth, metis, mode, optimism, plume, ronin, scroll, soneium, starknet, taiko, unichain, worldchain, zksync_era. A chain only appears in a given ranking if it has data for that metric — chains without stablecoin coverage simply don't show up.
Where does this answer come from?
Supply comes from growthepie's per-chain stables_mcap timeseries (`/v1/metrics/chains/{chain}/stables_mcap.json`), USD column. Transactions and gas spent come from the blockspace category endpoint (`/v1/blockspace/category_comparison.json`, path `data.token_transfers.subcategories.stablecoin`) — daily uses the latest day of `.daily[chain]`, weekly uses `.aggregated["7d"]`, monthly uses `.aggregated["30d"]`. Variety comes from the stablecoins-by-chain quick-bite table (`/v1/quick-bites/stablecoins/chains/table_{chain}.json`) — the row count is the number of distinct stablecoins on the chain. L2 membership comes from `master.json` (chains where `bucket !== "Layer 1"` and `chain_type` indicates an Ethereum rollup or validium). Sidechain exclusions on 2026-05-27 UTC: Polygon PoS. No editorial overrides.
Why are weekly and monthly transaction counts called 7d and 30d sums?
Because the blockspace endpoint reports stablecoin transactions as rolling-window aggregations rather than calendar weeks or months. "Weekly" on this page = total stablecoin transactions over the most recent 7 days; "monthly" = total over the most recent 30 days. This is different from how the most-used-L2 answer page treats weekly DAA (which uses a calendar-week unique-address count). For supply, weekly and monthly use the per-chain timeseries' native period buckets — those are calendar-aligned.
Where can I see live L2 stablecoin data?
growthepie's [stablecoins-by-chain quick-bite](https://www.growthepie.com/quick-bites/stables-by-chain) lists every stablecoin on every supported chain with live supply timeseries. The [stablecoin market cap dashboard](https://www.growthepie.com/fundamentals/stablecoin-market-cap) shows aggregate supply trends across chains, and the [blockspace overview](https://www.growthepie.com/blockspace/chain-overview) shows category-level activity (including stablecoins) per chain.
How is "Ethereum L2" defined here?
An Ethereum Layer 2 is a chain that derives security from Ethereum by posting transaction data and/or state to Ethereum mainnet. This includes optimistic rollups, ZK rollups, and Validiums. Sidechains (independent validator sets, like Polygon PoS) are excluded.