Woofun AI data shows that Base has surpassed Ethereum in adjusted stablecoin volume, processing $565 billion compared to Ethereum's slightly lower total. This narrow lead of approximately $3 billion highlights a shift in payment distribution metrics, emphasizing wallets, fees, and app integrations over raw token supply. Visa notes that its methodology for labeling coverage continues to improve, making adjusted volume a more accurate indicator of meaningful stablecoin movement than raw transfer counts. The data suggests that Layer-2 networks are increasingly capturing payment-like activity, though the margin remains tight as both chains clear over half a trillion dollars.