Coin Metrics reports that USDC transfer volume on the Base network reached $5.3 trillion in January 2026, contributing significantly to the record $8 trillion in adjusted stablecoin transfer volume for the month. The surge was primarily driven by decentralized finance (DeFi) activities, particularly liquidity provision and flash loans on platforms like Aerodrome and Morpho. The report highlights that large transfers dominated the activity, with transactions over $100,000 accounting for 90% of the total transfer value. Coin Metrics' analysis attributes approximately 50% of the USDC volume to the top three DeFi contracts, emphasizing the need for more granular classification to distinguish between liquidity management and genuine payment flows.