Uniswap v4 and v3 handle 47.2% of $161.4 billion in stablecoin DEX volume
In brief
- Stablecoin DEX volume hit $161.4 billion over 30 days, per Crypto Briefing.
- Uniswap v4 and v3 together captured 47.2% of that stablecoin trading.
- Uniswap v4 processes $11 billion to $14 billion a month in stable-to-stable swaps, Dune data shows.
- Uniswap v4 fees on major stable pairs run 0.0005% to 0.0008%, versus a 0.01% minimum on v3.
- Uniswap's 30-day volume across v2, v3 and v4 tops $70 billion, DeFiLlama data shows.
Where the volume sits
The gap between the two versions is wide. Dune Analytics data cited by Crypto Briefing shows v4 has become a leading venue for stable-to-stable swaps (trades where one dollar token is exchanged for another), processing between $11 billion and $14 billion a month in that category. v3 handles roughly $1 billion to $2 billion monthly.
Stable-to-stable swaps account for roughly 45% to 53% of v4's total volume, per the same Dune data.
It's worth keeping the numbers apart, though. The 47.2% share covers stablecoin trading on DEXes broadly, while the $11 billion to $14 billion range counts only swaps where both sides are stablecoins.
Fees and routing
Uniswap launched v4 in early 2025. The Crypto Briefing report says v4 offers flexible fees from 0.0005% to 0.0008% on major stable pairs, compared with a lowest tier of 0.01% on v3. v4 also introduced more efficient routing options meant to optimize how trades get executed.
Uniswap's reach goes well beyond stablecoins.
Across v2, v3 and v4 combined, the protocol recorded more than $70 billion in DEX trading volume over 30 days, according to DeFiLlama data cited by Crypto Briefing. That total surpassed the next three DEXes combined, and the activity spans multiple chains, including Ethereum.
Traders, LPs and concentration risk
So who's affected? Crypto Briefing argued that lower v4 fees can mean better margins for strategies that move size (arbitrage between dollar tokens, or treasury rebalancing, for example). Liquidity providers face a trade-off, the outlet wrote: ultra-low fees attract volume, but each trade pays LPs less, so their returns depend on whether the extra volume makes up for thinner per-trade income.
The report also flagged concentration. With nearly half of stablecoin DEX activity running through one protocol family, Crypto Briefing said a technical issue or governance change at Uniswap could affect a large share of onchain dollar trading.
Frequently asked questions
Why is Uniswap v4 drawing so much stable-to-stable volume?
Crypto Briefing reported that Uniswap v4 offers flexible fees from 0.0005% to 0.0008% on major stable pairs, compared with a lowest tier of 0.01% on v3. v4 also introduced more efficient routing options meant to optimize trade execution. Dune Analytics data cited by the outlet shows v4 processes $11 billion to $14 billion a month in stable-to-stable trades.
Is the 47.2% share the same as Uniswap's stable-to-stable swap volume?
No. According to Crypto Briefing, the 47.2% share covers stablecoin trading activity on DEXes broadly over a 30-day window. The $11 billion to $14 billion monthly range for v4 counts only swaps in which both sides are stablecoins.
What risks does Uniswap's stablecoin dominance create?
Crypto Briefing wrote that because nearly half of stablecoin DEX activity runs through one protocol family, a technical issue or governance change at Uniswap could affect a large share of onchain dollar trading. It also noted that ultra-low fees pay liquidity providers less per trade.
