Base’s $4.7 Billion USDC Figure Tracks Issuance Since Launch

Base’s widely repeated $4.7 billion figure measures cumulative net issuance of USDC since the network launched, rather than net inflows since Jan. 1, 2026. The distinction matters because the figures measure different kinds of activity on the network.

Cumulative net USDC issuance on Base was about $4.7 billion as of Jan. 26, 2026. Outstanding USDC supply on the network was also about $4.7 billion that day, but it is a separate measure.

Other indicators reflect different activity and dates. Base had $6.20 billion in total value locked and $5.02 billion in stablecoin supply on Sept. 22, 2026. Total value locked measures the dollar value of assets held in decentralized finance applications and can change with asset prices, deposits and withdrawals.

A separate bridge-flow measure listed about $19.5 billion in cumulative inflows and $18.4 billion in outflows, leaving roughly $1.1 billion net. The bridge figures and USDC issuance series are not established as covering the same assets, time period or methodology.

Coinbase developed Base as an Ethereum Layer 2 network. Its issuance, supply, value-locked and bridge-flow figures describe distinct aspects of activity and do not establish a single total for new capital entering the network.