Uniswap v4 and v3 capture 47.2% of $161.4 billion in stablecoin DEX volume

Stablecoins changed hands to the tune of $161.4 billion on decentralized exchanges over the past 30 days. Nearly half of that flowed through one protocol family.

Uniswap v4 and v3 together accounted for 47.2% of stablecoin trading on DEXes during that window.

Where the volume is actually going

According to Dune Analytics, v4 has become a leading venue for stable-to-stable swaps, meaning trades where one dollar token is exchanged for another.

Uniswap v4 processes between $11 billion and $14 billion a month in those stable-to-stable trades. Its predecessor, v3, handles roughly $1 billion to $2 billion monthly in the same category.

Stable-to-stable swaps account for roughly 45% to 53% of v4’s total volume.

It is worth separating two numbers here. The 47.2% share covers stablecoin trading activity on DEXes broadly, while the $11 billion to $14 billion range refers specifically to swaps where both sides are stablecoins.

Why v4 is winning the stablecoin trade

Uniswap v4 offers flexible fees ranging from 0.0005% to 0.0008% on major stable pairs. On v3, the lowest fee tier sits at 0.01%.

Beyond pricing, v4 introduced more efficient routing options that help optimize how trades get executed.

Background: Uniswap’s broader market position

Uniswap launched v4 in early 2025. Across v2, v3 and v4 combined, Uniswap recorded more than $70 billion in DEX trading volume over 30 days, according to DeFiLlama.

That total surpassed the next three DEXes combined.

Uniswap’s activity also spans multiple chains, including Ethereum and others.

What this means for traders, LPs and rivals

For traders, the clearest implication is cheaper execution on large stablecoin swaps. Lower fees on v4 can mean better margins for strategies that move size, such as arbitrage between dollar tokens or treasury rebalancing.

For liquidity providers, ultra-low fees attract volume, but each individual trade pays LPs less, so returns depend on whether the extra volume makes up for thinner per-trade income.

When nearly half of stablecoin DEX activity runs through one protocol family, any technical issue or governance change at Uniswap could ripple across a large share of onchain dollar trading.

A market processing $161.4 billion a month in stablecoin swaps is less a speculative sideshow and more a functioning settlement layer, and Uniswap currently holds the biggest share of that layer.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.