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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 stablecointether 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,, 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, $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).

USDC Dominated Trading Volume on Decentralized Exchanges Amid Depegging Incident – Market Updates, Crypto Trading News
Uniswap’s top two pairs on Saturday 11 March 2023.

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.

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.

USDC Dominated Trading Volume on Decentralized Exchanges Amid Depegging Incident – Market Updates, Crypto Trading News

Jamie Redman

Jamie Redman is the news director at News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about today’s emerging disruptive protocols.

photo credit: Shutterstock, Pixabay, WikiCommons

Source: Crypto News Deutsch

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