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USDC Achieves $81.2 Billion in Decentralized Exchange Trading Volume
In the 30 days leading up to October 12, 2026, USDC, a stablecoin issued by Circle, recorded a trading volume of $81.2 billion on decentralized exchanges (DEXs). This figure represents approximately half of the total stablecoin activity on these platforms, highlighting USDC's significant role in the decentralized finance (DeFi) ecosystem.
Uniswap's v3 and v4 versions were particularly instrumental, processing $26.4 billion of USDC's total volume, which accounts for roughly one-third of the overall trading activity. Across 35 trading venues, all stablecoins combined generated $161.4 billion in DEX volume during the same period, with Uniswap capturing 47.2% of the total stablecoin DEX activity, amounting to $76.2 billion.
The trading volume for USDC exceeded its circulating supply of approximately $74.6 billion at the end of September 2026, indicating a high level of trading activity relative to the available supply. Notably, USDC generated $40.2 billion in weekend DEX trading volume during the third quarter of 2026, with about 69% of its on-chain activity linked to providing liquidity on DEXs. However, it is important to consider that some of this volume may be inflated by flash loans, which can distort the true demand for trading.
Uniswap's continued success can be attributed to its recent v4 release, which introduced lower fees and improved routing options. These enhancements are particularly beneficial for stablecoin transactions, where minimizing costs is crucial for high-volume traders.
Source: KLEA News