Stablecoin DEX volume hit $161.4 billion across 35 venues in the past thirty (30) days, according to Token Terminal data.
Uniswap’s v4 and v3 versions together claimed 47.2% of that total, or roughly $76.2 billion.
Uniswap v4 alone led with 25.7%, while v3 added another 21.5%. PancakeSwap followed at 8.7%, BisonFi at 6%, and Aerodrome at 5.3%.
Orca Whirlpools, Tessera V, Hyperliquid Spot, Fluid DEX, and Meteora rounded out the top ten.
The remaining 25 venues shared the rest.
What is driving the latest surge in stablecoin DEX volume?
Traders keep turning to decentralised exchanges (DEX) for dollar-pegged tokens because they want fast, permissionless swaps without relying on centralised platforms.
Circle’s USDC accounted for 52.1% of the volume, or $84.2 billion, while USDT contributed 23.7%. Circle’s overall share reached 53.5% of issuer volume, well ahead of Tether and Paxos.
Meanwhile, Ethereum handled 25% of the activity and Solana 23%. BNB Chain and Base each claimed double-digit portions as well.
This spread shows liquidity has moved beyond a single chain even as Uniswap still concentrates most of the flow.
Why does Uniswap continue to capture nearly half of this metric?
Uniswap’s deep liquidity pools and successive version upgrades keep attracting large trades.
Version 4’s newer features appear to have accelerated the shift, yet v3 still processes substantial volume. Other venues grow, but they have not closed the gap.
In contrast, smaller protocols capture only single-digit percentages.
Furthermore, the numbers highlight how stablecoins function as the working capital of on-chain markets.
High turnover signals real demand for moving value between assets rather than pure speculation.
At the same time, the concentration on a few venues raises questions about resilience if one protocol faces disruption.
Importantly, Token Terminal’s standardised tracking across issuers, chains, and venues gives a clearer picture than fragmented dashboards.
Stakeholders can verify the figures directly on the platform’s stablecoin explorer.
Looking ahead, sustained stablecoin DEX volume at this scale suggests decentralised finance (DeFi) infrastructure is handling institutional-size flows more routinely.
Whether that trend continues depends on liquidity depth, fee competition, and regulatory clarity around dollar tokens.
For now, the data confirms Uniswap’s dominant position and the central role stablecoins play in daily on-chain trading.
