stable coins
By Pankaj K
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Jesse Pollak Admits Missteps, Base Bets on x402. Jesse Pollak, co-founder of Base, did not hold back.
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Visa, Azul Upgrade, and Institutional Advantage. Base is also integrated into Visa's stablecoin settlement pilot.
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Base has processed 187.8 million agentic payments. This figure is presented in response to Robinhood Chain, which surpassed it in daily active users on July 21.
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Coinbase's Layer 2 network is under real pressure since Robinhood Chain crossed the 230,000 daily active user mark — and that, just four weeks after its launch. Four weeks.
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But here's the thing: more than 80% of Robinhood Chain's volumes come from memecoin trading.
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Jesse Pollak, co-founder of Base, did not hold back. He clearly stated that the focus on onchain social products did not succeed as hoped.
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So Base is pivoting, or at least highlighting what it already has. Its x402 payment protocol reduces transaction fees to almost nothing.
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And Base isn't stopping there with payments. It holds about $3.9 billion in stablecoins, mostly in USDC, placing it on par with Arbitrum in this regard.
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Related topic: Coinbase posts a $359M loss and misses the $1.29B revenue mark in Q2
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Base is also integrated into Visa's stablecoin settlement pilot. Such collaboration isn't signed in four weeks — it takes months of due diligence, testing, and negotiations.
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The "Azul" upgrade, completed in May, reduced the withdrawal finality time to about one day.
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The question that remains unclear is whether Base can win back daily active users from Robinhood Chain.
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It's not yet clear if one of these models will outpace the other in the short term. The adoption of stablecoins and onchain payments is growing rapidly in general — there's…
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Related reading: Circle obtains a trust charter from NYDFS as USDC integrates into regulated finance
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Base has three years of experience, $3.9 billion in stablecoins, Shopify, JPMorgan, Visa, and 5,000 merchants on x402. Robinhood Chain has 230,000 daily active users and $877.
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