Base’s USDC transfer footprint does not prove merchant reach, data shows
Glassnode data comparing September 2025 to September 2026 shows USDT on Tron and BNB Chain generated about 75% of NOWPayments’ stablecoin pay-in value, although those routes represented only 14% of combined USDT and USDC on-chain transfer value. USDT on Tron, BNB Chain and Ethereum made up 86% of processor pay-ins, while USDC on Base, USDC on Ethereum and USDT on Tron led on-chain transfer value with 54%. Pay-in value does not reveal purchase counts, and NOWPayments’ merchant mix may reflect business types, geography, customer concentration and which currencies merchants enable. A fee promotion for Tron deposits may be relevant but does not prove it drove Tron’s share. Separate Base transfer analysis found much activity linked to DEX liquidity and flash loans, but its different period and measure cannot explain NOWPayments’ results. The data does not establish global merchant preferences or lost sales.
