USDC Dominated Trading Volume on Decentralized Exchanges Amid Depegging Incident – Market Updates
On Saturday, several centralized crypto trading platforms and payment processors halted USDC auto-conversion. However, USDC saw significant trading volume on decentralized exchange platforms (Dex platforms) such as Uniswap Curve and Pancakeswap. Uniswap alone saw $10.13 billion in trades over the past day, with more than 55% of those swaps being USDC versus Wrapped Ethereum and the stablecoin–tether comprised. In the last 24 hours, USDC has become the most dominant trading pair on Dex platforms.
USDC trades below $0.975 accounted for more than $26 billion on Saturday
Based on statistics, the stablecoin usd coin (USDC) recorded a global trading volume of $26.73 billion in 24 hours. On Saturday, the USDC broke away from the US dollar, hitting a low of $0.877 per coin. As a result, crypto firms like Binance, Coinbase, Crypto.com, and Bitpay paused USDC payments and automatic conversions.
But even though centralized exchanges halted USDC conversion, the stablecoin accounted for 29% of the $90.70 billion in global 24-hour crypto trading. According to statistics from coingecko.com, $15.66 billion was transacted on Dex trading platforms in the last day, with $10.13 billion of that amount resulting from trades in Uniswap version three (v3).
The two most dominant trading pairs on Uniswap were USDC/WETH and USDC/USDT, with USDC swaps involving Wrapped Ethereum accounting for $2.92 billion and USDC trades involving Tether accounting for $2.69 billion. Together, USDC/WETH and USDC/USDT made up 55.48% of all trades from Uniswap V3 on Saturday.
on USDC/DAI 5.8% accounted for Uniswap v3 trades with a volume of $587 million. Additionally, USDC saw numerous other trades involving various crypto assets listed on the Dex platform. Based on Curves Ethereum index $179 million of USDC/DAI swaps were traded during the day. USDC has been a prominent curve pair with several other stablecoins such as USDT, FRAX, GUSD, MIM, among others.
The Curve 3pool stock is the guiding star of crypto sentiment💥
During today’s USDC deprecation, Ppl Panic sold USDC & DAI for USDT. USDT stake in 3pool collapsed to 2%
Ironically, when Tether FUD happened during the Terra crash and FTX collapse, USDT was the “infamous” leaving 85% in 3pool🤔 pic.twitter.com/VNo3ykxiob
— Panda Jackson (@pandajackson42) March 11, 2023
Curve’s 3pool saw its stake in USDT fall to 2% as traders sold USDC during the depegging incident. On Saturday, index platform Pancakeswap v2 recorded a trading volume of $265,888,470, with USDC/BUSD being the most traded pair out of 3,554 trading pairs. $59.95 million, or 22.55% of the trades, were USDC/BUSD swaps.
Pancakeswap’s stableswap returned $250,361,665, with USDC/BUSD pairs accounting for 44.72% or $111.95 million of the swaps. Uniswap v2 processed $152,276,446 in swaps on Saturday, with USDC pairs again topping the list of v2 trading pairs. USDC trades wrapped Ethereum Uniswap v2 made up 32.95% of index volume and 14.80% of swaps were USDC/USDT.
While Dex platforms generated significant volume from USDC trades, centralized exchanges also saw a significant number of USDC swaps on Saturday. The metrics show that Binance recorded $582.97 million in USDC trades against USDT and Kraken recorded $476 million in USDC/USD trades.
Kucoin registered $269.80 million in USDC/USDT swaps, and Kraken’s USDC trades with Tether (USDT) totaled $235 million. Kraken saw another $80.43 million in USDC trades Bitcoin (BTC) and another $78.32 million in USDC/EUR swaps. Of the $26.73 billion in USDC swaps across both Dex platforms and centralized exchanges, each USDC swap cost $0.975 or less depending on the time of day.
What are your thoughts on the USDC swaps and Saturday’s trading volume? Share your thoughts in the comment section below.
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Source: Crypto News Deutsch