And today I'm here to talk to you a little bit about Base. And if you don't know what Base is, it's an open stack for the global economy. That means it's a chain that's a decentralized, scalable platform. It's a set of builder tools that make it easy for businesses to build products that are global by default. And then it's a Base app, which is an everything app for this new global economy that's growing really, really quickly that all of us are building together.
And I always like to start with the mission and vision, the why of why we're actually here. Why are we showing up at Token2049? And for me and the Base team, it is about building a global economy that increases innovation, creativity, and freedom. And the way we actually measure whether we're successful in that, the vision is: have we brought the entire world on chain? A million developers, a billion people, everyone participating in this new global economy that crypto is enabling.
And the exciting thing is we're about two and a half years into the journey of Base and it's really starting to work. We've seen the number of builders be up and to the right. There's now hundreds and hundreds of apps that are built on Base that people are using on a regular basis. Transactions are way, way up. We're now up to doing almost 15 million transactions a day, but at the same time fees are down. It costs 500ths of a cent median fee to transact on Base.
We've seen incredible growth in stablecoins. Last month there were 85 million stablecoin transactions on Base. This is growing at an incredible rate month over month. We're also seeing in the creator economy where we now have more than 300,000 creators who are creating on Base on a monthly basis. And all of this, the builders, the creators, the stablecoins, it's contributing to the overall growth of the Base economy.
Today there's a little bit more than $5 billion in protocols on Base. And we have more than $15 billion in the chain overall. And there's two big reasons why this is happening. Two big reasons why Base and this global economy that we're building is growing at the rate that it is. And the first is that Base is the best place to build. It's super flexible. So you can pay gas in any token, whether it's stablecoins or Ethereum or even Solana. It's fast with 200 millisecond block times. It's scalable today with thousands of transactions per second and a clear pathway to hundreds of thousands of transactions a second. It's low cost. It's powerful and it's global, and I'm going to talk about that in a second.
And as a result of this platform that's really working today live, we also have seen that hundreds of businesses all around the world, from the biggest businesses in the world like JPMorgan, American Express, Shopify, Franklin Templeton, they're deciding to build on Base as their home because it's giving them the platform they need to scale their business. So that's the first reason Base is the best place to build.
But then the second reason, and I think the more important reason overall, is all the people. And this is just a few pictures from the Base Around the World tour that we've been on for the last few weeks. We were in Korea, then we were in Japan. Now we're here in Singapore. Next we're going to go to Indonesia, then India, and then Latin America a few weeks after that.
And what we've seen in every single country in Asia and in countries around the world is that the people are showing up to build. They're building new products for consumers. They're building new products for builders. They're building their creativity with content. And the energy that we've felt and seen, in particular in Asia, in Singapore, has absolutely blown us away.
My big takeaway from the last 48 hours being here is that we need to be investing more of our time and energy in Singapore, in Korea, in Japan, in China, in the Asian market because this is the forefront of crypto adoption. And we've made a lot of progress on this. So just in the last nine months, we went from having zero country leads on the Base team to now having 15 country leaders, five of which are here in the audience in Indonesia today.
If you're here, can you just raise your hand if you're a Base country leader? We got, I see him in the front row. There's one. Another one. This is part of us making Base for everyone. We have Angeline in Indonesia. We have Eli in the Philippines, David in South Korea, Nick in Singapore, Samia in India. And our goal by the end of next year is to have leaders in every single country around the world who are working together to bring the world on chain and to build this global economy that we think is going to benefit everyone.
And so with that work, I always like to remind us that it's still day one. We are at the very, very beginning of bringing the entire world into this new economy and people getting to experience firsthand why is this actually going to work better for them. And so today I want to talk about two things that we see as key drivers of this next wave of adoption. The first is stablecoins and how local stablecoins are going to help accelerate global adoption, and then the second is a super app for the global economy that we've just started rolling out with the Base app.
So starting with the stablecoins, we've seen incredible growth in stablecoins over the last five years. It went from being something that didn't exist to now there being more than $300 billion of stablecoins with 3x year-over-year growth. And this is happening across the entire crypto industry, but it's particularly happening on Base. Like I said earlier, we did all 81 million stablecoin transactions last month, more than $1.5 trillion of stablecoin transaction volume. And we're approaching $5 billion in stablecoins alone in the Base economy.
And this has been awesome. We're seeing so much utility for businesses, for consumers, for creators because stablecoins are fast, they're cheap, and they're global, which makes them the easiest way to do anything with money. But as we've seen this growth, we've also seen that there's something missing. And what's missing is all of the non-dollar currencies.
If you look at the world today, something like 60% of the world's currency reserves is dollars. But then you have tens of other critical currencies, whether it's the euro or the yen or even currencies like the Nigerian naira that are huge parts of the global economy, but right now they're missing in the crypto economy. It is 99% denominated in dollars.
But from the beginning of Base, we've said Base is for everyone. And we've believed that local currencies are a core part of that. And there's three big reasons why. The first is that local currencies bring local utility. Instead of needing to onboard people into a new app that uses crypto, but also a totally new worldview about money where they have to understand dollars or Ethereum or Bitcoin, if we have local currencies on chain, we can enable people to do everyday things like payments and borrowing and lending in the currency that they're already used to. They can have the same products that are 10x better enabled by crypto rather than having to have their whole mind blown.
The second reason why we think local currencies are so important is because of local sovereignty. We believe that every single country in the world should have the opportunity to use the technology foundation of crypto to strengthen their economy, to help their citizens be successful, and to grow their currency as a powerful tool for their growth as a country. And by bringing local currencies on chain, that is exactly what we do.
And then the third reason is that when we have local currencies that come on chain, they create global connectivity. By bringing all of these local currencies into one global economy settling on Base, we are making it easier for countries to access more capital, for them to do remittances, for them to have easy FX between businesses. This is the sort of global connection that's going to let us build a more connected and more successful world.
And so local stablecoins are important. They're a small but growing part of the stablecoin story. And the most exciting thing for me is that it's happening on Base. Right now, Base is the largest network of local stablecoins in the world. There are 12 local stablecoins from Indonesia and Turkey and New Zealand to Latin America with Brazil and Argentina, to of course Europe with EU, and Canada, and Africa with Nigeria and South Africa and the Kenyan shilling.
And I have some really exciting news, which is today we're launching two new local stablecoins, the Singapore dollar and the Australian dollar, live today on Base and on Coinbase.
Yeah, come on. We believe that these are going to be incredibly powerful tools for helping the Singapore economy come on chain, benefit from this new technology platform. With the Australian dollar, we're going to see more connectivity between countries in the region. And what our vision is, is that every single country in Asia has their currency on chain so we can have a more connected Asia and a more connected global economy.
And so if that sounds exciting to you, the thing I have to tell you is that we need your help. We need your help in two ways. One is we need your help to build with these local stablecoins. In order to deliver those local experiences that people actually use, we need local builders who are solving problems with the Singapore dollar, with the Australian dollar, to actually make a difference in their community.
And then the second thing that we need is we need more local stablecoin issuers. If you are someone who is thinking about issuing a stablecoin in any country in the world, please reach out to us. Our goal is to have literally every single currency in the world on Base by the end of next year. It's an incredibly ambitious goal, but we think that if we do that, it is going to massively accelerate the rate at which the world can come on chain.
So that's the first thing. It's how we're building a better global economy with local stablecoins and how you can be a part of it. The second thing that I want to talk about is a super app that we've started building over the last two months that we think can help accelerate this global economy that we're talking about. And it felt important to talk about that here because when you look at the rise of super apps around the world, it's places like Singapore and Asia where you've had them at the forefront of adoption.
People have figured out that by having all of the things in one place, you can actually make a much simpler experience for end consumers. But at the same time, there's problems. Some of those are closed systems. They don't actually give people connectivity across countries and they aren't accessible in other parts of the world. And so as we've started thinking about the Base economy and how do we grow the Base economy, how do we learn from what's working in Asia, we've started working on a super app that we think can accelerate that work.
And the place where this comes from is the observation that when we are growing an economy, we're really serving a bunch of different audiences. We're serving builders who are creating apps that go on to bring people on chain. We're serving users who actually come in and use those apps to solve their business problem or to do something that they want to do on a daily basis.
Those users, sometimes they turn into creators who then create content. They say, "Hey, I use this app. Hey, I onboarded my friends. Hey, here's how I'm benefiting from this new economy." Or hell, they just do knitting content or makeup content. And that's contributing to the economy as well. And then finally, all of this is made to work with investors who are seeing the new assets, seeing the new opportunities that those builders and creators are creating and are actually putting in the capital to make those opportunities work better. And this is a flywheel. And our work with Base is to figure out how do we spin this flywheel faster and faster.
And so in July, we rolled out the private beta of the Base app, which is an everything app that does exactly that. And I'll show you a little bit about what this looks like. It looks a lot like apps you might be used to. It has a TikTok-style vertical feed. It has a WeChat-style mini apps page. There's hundreds of apps. You can also swap between any asset, whether it's a local currency, or it's a memecoin, or it's a creator coin, or it's a protocol coin.
Every single post that you make is instantly monetized where you earn from your creativity because the creativity is yours, not a big Web2 corporation that you're putting it on. And all of this comes into a single experience that's so friendly that your friends, your family, your grandparents, your little cousin can all use it in a way that just works for them.
And so I want to talk you through those three big features to just go a little bit deeper on how this super app actually works. And the first one is one that I think most people in this audience are probably familiar with, which is mini apps. If you've used an Eastern super app, you've almost certainly gone through the experience of using a mini app to do delivery or ride share or chat or to connect with a friend.
The same thing exists in the Base app, except for these mini apps are different. A, they're discoverable across the whole app. So they work in chat, they work in the feed. B, they're built on open protocols, so anyone can build one and anyone can plug into the distribution that the Base app builds. And then three, they just work. No more of the messy crypto stuff with switching tabs and connecting wallets. You can just do the thing that you want to do in one simple interface connected to this global economy that's starting to work for you. So that's the first thing: incredible mini apps that developers all around the world are building.
The second thing is that we're seeing creators use the Base app to create and earn. And this is about rebuilding the creator economy, which is the largest digital economy in the world, to make it actually work for creators. Because right now in the Web2 world, when creators bring their content into the walled gardens of Web2 corporations, they don't make money. 95% of the value that creators create is taken by those platforms, with less than 5% of that overall value actually going to creators.
Onchain social flips that script where now 95% of the value goes to creators. Everything is instantly monetized and we use coins as a new infrastructure to make it so that creators' content is actually valuable and they can benefit from it.
And then the third use case that we've seen be incredibly valuable in this super app is the ability to trade or invest in anything. Because if you think about those first two, the builders building apps, the creators creating content, the thing to know about things in this new economy is that everything is a coin. The app is a coin. And so as it goes more viral, the price goes up. The content is a coin. So as that goes more viral, the price goes up.
And for investors and traders, there has never been a richer market to participate in because there's so much social information, there's so much financial information, there's this milieu of global connection and culture. And being able to invest in that at the earliest stages is incredibly high upside. And so what we've built into the Base app is the easiest way to trade all of those assets. Literally millions of assets from stablecoins to stocks to meme coins to creator coins to protocol coins to app coins. You can use the Base app and everything just works.
And the exciting thing about all of this, the creating, the building, the trading, is that people are really starting to love it. We launched the beta in July. We have now 1.2 million people on the waitlist. Creators have earned more than $500,000. People are using the mini apps. We're seeing trading engagement three times higher than the old version of this app, which is Coinbase Wallet. And we're seeing awesome feedback from the community.
And the thing that I get the most excited about with that feedback is the way it's actually helping builders on Base. Two stories here. One is a builder put their app as a mini app in the Base app. They 4x'd their TVL overnight from distribution. Another story is a creator who had been posting in Web2 social media for a decade and had never earned any money and came onto the Base app, started posting, and has already earned hundreds of dollars.
These are the stories of the people who are making it in the new global economy. They are the ones living the Base dream and there are going to be millions of them over the next few years who are going to be using this platform, this app, to make it in the next phase. And I just want to give a special shout out to the folks in this room. There's a huge trader audience at Token2049.
And I think the thing that we're seeing is it's not just people using this app. It's also the economy growing. This is a chart of the total tokens in the Base economy. Ignore the dollar signs. Those are actually wrong. But it's a raw count of every single time a new asset is issued on Base. How many of them are there? And what we've seen is that as people start to issue app coins and as they do protocol coins and as they do creator coins and content coins, that number is up and to the right, which is leading to more trader opportunities to make money.
And so getting to be in the Base economy early and getting to invest in and trade in those builders, those creators early, I think is a once-in-a-lifetime opportunity to be there from the beginning of a new economy being built.
And so with that, I want to close it out with a few asks. When we're thinking about building Base, we need your help. It's not something we can do alone. It's why I flew around the world to be here. Because when we are building this future, we got to do it all together.
And so if you're a builder, we just launched Batches, which is our program that helps builders go from idea to app to business. There's two tracks. One for mature startups, another for early-stage builders. You can go to basebatches.xyz and sign up. We want to support you and help you succeed.
If you're a creator, we want to see you create onchain. You're going to make more money. You're going to be more connected with your audience and you're going to help us bring people into this new economy, which is going to accelerate our overall mission.
If you're an investor, now is the time to invest. There are creator coins, there are app coins, there are protocol coins, there are these local stablecoins. You can find anything you want on Base. And by putting in capital now, you are both going to accelerate our work and get access to that upside.
And then finally, for everyone, we want you to try the Base app. It's still very early. It's still in beta. We're working towards general availability in the next few months, but we want all of y'all's feedback, and we want your help making it better. So if you want to do that, you can scan this QR code. It's just for folks at Token2049. If you scan the QR code, that will walk you through a little bit of an onboarding.
Once you get in, if you DM me, I'm jessie.base.eth. I'll just say what up, say hi, and I would love to see you create something, build something, share a mini app, whatever gets you fired up.
And so with that, I hope folks got to scan the QR code. I want to just close us by saying now is the time to build. We have been building infrastructure for more than a decade, and it took us a little bit of time, but now the infrastructure is finally ready. We have fast chains. We have global stablecoins. We have easy wallet experiences.
And the next phase is putting all of those things together into consumer and business experiences that solve real problems and make it so it's a no-brainer for every single person in the world to come into this new global economy. Now, that's something that we can't do alone. It's something that's going to take all of us. So I'm excited to do that with all of you. So keep building, keep creating, and stay based. Thanks everybody. Have a great day.
