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Uniswap Handles 47% of Decentralized Stablecoin Volume as Tokenized Stocks Grow

Trading in dollar-pegged tokens concentrated heavily on Uniswap over the past month, while tokenized equity volumes climbed on the Base network.

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Decentralized stablecoin trading generated more than $161 billion across 35 venues over a 30-day period, with Uniswap V3 and V4 processing $76.2 billion. This volume represented 47.2% of total stablecoin activity, placing Uniswap ahead of Pancakeswap, which ranked second with an 8.7% share. USD Coin accounted for 52.1% of the overall asset volume across the monitored platforms.

Activity on networks like Ethereum and Solana accounted for roughly half of the transactions on their respective chains, reinforcing decentralized finance usage as stablecoin turnover expanded.

Alongside currency swaps, tokenized stock activity advanced on Base's decentralized exchange, Aerodrome. Cumulative trading volume for Coinbase's tokenized stocks surpassed $2 billion on the platform, reaching the second billion in half the time required for the first. Aerodrome accounted for approximately $1.4 billion of the $1.5 billion in monthly tokenized stock volume, though broader expansion remains contingent on sustained liquidity across competing venues.

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