Stablecoin trading on decentralized exchanges reached $161.4 billion over the past 30 days, and nearly half of that activity flowed through a single protocol family, according to data from Dune Analytics.

Uniswap's v4 and v3 deployments together captured 47.2% of all stablecoin trading on DEXes during that window.

Where the Volume Is Going

Dune Analytics data shows that Uniswap v4 has emerged as the leading venue for stable-to-stable swaps—trades in which one dollar-pegged token is exchanged directly for another. Because both legs of these trades remain pegged to the dollar, they allow holders to move between dollar assets without taking on exposure to volatile assets, which helps account for the category's prominence in v4's overall mix. The protocol currently processes between $11 billion and $14 billion per month in this category, while its predecessor, v3, handles roughly $1 billion to $2 billion monthly.

Stable-to-stable swaps represent approximately 45% to 53% of v4's total volume.

The two headline figures describe different things: the 47.2% share measures stablecoin trading activity across DEXes broadly, whereas the $11 billion to $14 billion range covers only swaps in which both sides are stablecoins.

Why v4 Is Winning the Stablecoin Trade

Fee structure is a central factor. Uniswap v4 offers flexible fees ranging from 0.0005% to 0.0008% on major stablecoin pairs, while the lowest fee tier available on v3 sits at 0.01%. At those rates, a $1 million stablecoin swap costs roughly $5 to $8 on v4 against a minimum of about $100 on v3's cheapest tier. Beyond pricing, v4 introduced more efficient routing options that help optimize how trades are executed.

Uniswap's Broader Market Position

Uniswap launched v4 in early 2025. Across its v2, v3, and v4 deployments combined, the protocol recorded more than $70 billion in DEX trading volume over 30 days, according to DeFiLlama—a total that exceeded the next three DEXes combined. Uniswap's activity also spans multiple chains, including Ethereum and others.

Implications for Traders, LPs, and Rivals

For traders, the most direct effect is cheaper execution on large stablecoin swaps. Lower fees on v4 can translate into better margins for strategies that move size, such as arbitrage between dollar-pegged tokens or treasury rebalancing.

For liquidity providers, the dynamics are more mixed. Ultra-low fees attract volume, but each individual trade pays LPs less, meaning returns depend on whether the additional volume compensates for thinner per-trade income.

For rival DEXes, the figures set a clear competitive bar: Uniswap's sub-basis-point fee floors on major stablecoin pairs now define the pricing environment that any venue courting stablecoin flow has to operate in.

The concentration also carries systemic weight: when nearly half of stablecoin DEX activity runs through one protocol family, a technical issue or governance change at Uniswap could ripple across a large share of onchain dollar trading.

At $161.4 billion in monthly stablecoin swaps, the market now operates less as a speculative sideshow and more as a functioning settlement layer—and Uniswap currently holds the biggest share of that layer. Dune Analytics updates these volume metrics continuously, giving observers a public record of how v4's stablecoin share and fee-tier usage evolve from here.