Uniswap v4 and v3 capture 47.2% of $161.4 billion in stablecoin DEX volume

Uniswap v4 Leads Stablecoin DEX Trading with 47.2% Market Share

Background

Uniswap launched v4 in early 2025 and has since become a leading venue for stable-to-stable swaps, processing between $11 billion and $14 billion in those trades per month. Its predecessor, v3, handles roughly $1 billion to $2 billion monthly in the same category.

Why v4 is winning the stablecoin trade

Uniswap v4 offers flexible fees ranging from 0.0005% to 0.0008% on major stable pairs, compared to 0.01% on v3. Additionally, v4 introduced more efficient routing options that help optimize how trades get executed.

Implications for traders and liquidity providers

The lower fees on v4 can mean better margins for strategies that move size, such as arbitrage between dollar tokens or treasury rebalancing. However, for liquidity providers, ultra-low fees can attract volume, but each individual trade pays LPs less, so returns depend on whether the extra volume makes up for thinner per-trade income.

Market significance

Nearly half of stablecoin DEX activity runs through one protocol family, and Uniswap currently holds the biggest share of the stablecoin market. Any technical issue or governance change at Uniswap could ripple across a large share of onchain dollar trading.

What this means for the future

The clearest implication is cheaper execution on large stablecoin swaps. Lower fees on v4 can mean better margins for strategies that move size, and Uniswap's activity spans multiple chains, including Ethereum and others.