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...