Base’s USDC transfer footprint does not prove merchant reach, data shows

USDC on Base ranks among the largest stablecoin routes by on-chain transfer value but trails USDT networks in merchant payments processed by NOWPayments, according to a Glassnode report published Nov. 10.

USDT on Tron, BNB Chain and Ethereum together account for 86% of stablecoin pay-in value at NOWPayments. The leading on-chain trio, USDC on Base, USDC on Ethereum and USDT on Tron, accounts for 54%.

Different decisions

The comparison covers September 2025 to September 2026. On one side is the distribution of USDT and USDC transfer value across blockchain routes, while the distribution of stablecoin pay-in value observed by NOWPayments is on the other.

USDT on Tron and BNB Chain brings in about 75% of NOWPayments stablecoin pay-in value, while those routes carry 14% of on-chain USDT and USDC value in the comparison.

A route’s share of blockchain transfers does not establish its share of merchant pay-ins.

NOWPayments is one processor. Value shares do not measure transactions, customers, retail purchases or global merchant market share.

Sources and evidence

Sources

1. Glassnode / NOWPayments public comparison

Supporting facts

• Glassnode published its Stablecoins in Commerce comparison with NOWPayments on November 10, 2026; its public rail comparison covers September 2025 to September 2026. [1]
• The comparison distinguishes each coin-and-network route's on-chain USDT and USDC transfer value from NOWPayments stablecoin pay-in value; the two shares have different denominators. [1]
• USDT on Tron and BNB Chain together brings in about three quarters of NOWPayments stablecoin pay-in value while moving 14% of on-chain USDT and USDC value in the report's September 2025 to September 2026 comparison. [1]
• NOWPayments stablecoin pay-in value is an amount received through one processor, not a count of transactions, distinct customers or retail purchases and not a global merchant-payment market share. [1]

Method

Source-reported grouped shares for September 2025 to September 2026. The on-chain denominator is USDT and USDC transfer value; the pay-in denominator is NOWPayments stablecoin pay-in value. Three quarters is displayed as approximately 75%. Bars use a 0–100% scale within each separate dataset, not a common dollar total.

Scope

NOWPayments is one processor. Value shares do not measure transactions, customers, retail purchases or global merchant market share.

Infographic by CryptoSlate

Pay-in value also measures money, but it cannot establish how many retail purchases occurred. Glassnode says the research considers trading, e-commerce, software-as-a-service and iGaming merchants, so the processor’s receipts should not be treated as a survey of ordinary retail spending.

The public summary leaves merchant counts, geography, payment-value concentration and conversion treatment unspecified. Those gaps limit any attempt to extend the findings to global merchant market share or determine whether a few large customers dominate the result.

NOWPayments’ merchant setup instructions tell businesses to choose the customer currencies they accept in Coin settings, making merchant configuration a possible influence 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 makes the promotion relevant to interpreting the processor’s mix, although it does not establish that the offer produced Tron’s share.

Base’s USDC transfer activity answers another question

An Aug. 11 analysis by Talos and Coin Metrics attributed 69% of Base USDC raw transfer volume to decentralized-exchange liquidity provision and 23% to flash loans.

The tagged categories were described as lower-bound estimates, while activity outside them could include payments, bridging, treasury movements, and other settlement.

That historical analysis uses a different window and denominator than the Glassnode merchant comparison and can't explain why NOWPayments received its particular mix or turn transfer activity into evidence of lost sales.

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.