In the fast-paced world of crypto, stablecoins act as the steady anchors amid the wild waves of volatility. They're essentially digital dollars—cryptocurrencies pegged to real-world assets like the US dollar—that let traders move in and out of positions without dealing with traditional banking delays. Recently, data analytics platform Token Terminal dropped an eye-opening tweet highlighting a huge disparity in stablecoin supply between Ethereum and its popular layer-2 solution, Base. According to their chart, there's about 35 times more stablecoins issued on Ethereum than on Base, with Ethereum boasting around $160 billion compared to Base's roughly $4.6 billion as of early September 2025.

Breaking Down the Numbers

Let's keep it simple: Stablecoin supply refers to the total amount of these pegged tokens circulating on a specific blockchain. Ethereum, as the granddaddy of smart contract platforms, has long been the go-to for stablecoin issuers like Tether (USDT) and Circle (USDC). The $160 billion figure aligns with recent reports, such as those from Visa Onchain Analytics, which track the overall growth of stablecoins to over $220 billion market-wide. Ethereum captures the lion's share, often accounting for more than half of that total.

Base, on the other hand, is Coinbase's Ethereum layer-2 network, designed to make transactions cheaper and faster. Launched in 2023, it's exploded in popularity, especially among meme token enthusiasts who love its low fees for quick flips. But why the big gap? Well, many stablecoins on Base are actually bridged over from Ethereum rather than natively issued there. Native issuance on Base is growing—USDC, for instance, has a native version—but it's still playing catch-up. Token Terminal's data pegs Base at just a fraction of Ethereum's supply, which could signal room for expansion.

Why This Matters for Meme Tokens

Meme tokens, those viral, community-driven coins like Dogecoin or newer hits on Base such as Brett and Toshi, rely heavily on liquidity to thrive. Liquidity is basically how easily you can buy or sell without tanking the price, and stablecoins are the fuel for that. On Ethereum, the massive stablecoin pool means deeper markets and more stable trading pairs, which is great for high-volume DeFi activities.

But Base's appeal lies in its affordability. Meme traders often operate on tight budgets, and Base's sub-cent transaction fees make it a hotspot for speculative plays. Despite the lower stablecoin supply, Base has seen surging activity—think social apps, NFT drops, and meme coin launches. The catch? Lower native stablecoin supply might force users to bridge assets from Ethereum, adding a step and potential costs. However, as Base matures, experts predict its stablecoin ecosystem will balloon, potentially rivaling other layer-2s like Arbitrum, which already holds billions in stablecoins according to platforms like Token Terminal.

For meme token creators and traders, this disparity highlights a trade-off: Ethereum offers robust liquidity but higher costs, while Base provides speed and accessibility with emerging stability. If you're building or trading memes, keeping an eye on stablecoin flows could signal where the next hype wave hits.

Looking Ahead: Growth Potential on Base

One reply to Token Terminal's tweet noted that while the gap is massive, Base is "growing fast." And the data backs that up. In 2025 alone, layer-2 networks have seen explosive adoption, with Base often leading in daily active users and transaction volumes, per analytics from The Block. As more issuers like Circle expand native stablecoin support on Base, we could see that 35x multiplier shrink rapidly.

Overall, this snapshot from Token Terminal underscores Ethereum's enduring dominance while spotlighting Base's rising star status. For blockchain practitioners diving into meme tokens, understanding these dynamics can sharpen your edge—whether you're hunting the next viral coin or optimizing your DeFi strategy. Stay tuned as the crypto landscape evolves; who knows, by next year, Base might be giving Ethereum a run for its money in the stablecoin game.