Uniswap Takes 47% Of Stablecoin Swaps, Aerodrome Stocks Pass $2B

Key Points

• Uniswap V3 and V4 handled $76.2 billion, or 47.2%, of the $161 billion in stablecoin DEX trading over the past 30 days.
• Coinbase’s tokenized stocks passed $2 billion in cumulative volume on Aerodrome, which carried roughly $1.4 billion of $1.5 billion in 30-day trading.
• For a $1,000 swap, Aerodrome carries about 93% of recent Coinbase stock-token volume and Uniswap holds the deepest stablecoin pools, so check both first.

Uniswap handled 47.2% of the $161 billion in stablecoins traded across decentralized exchanges over the past 30 days, while Coinbase’s tokenized stocks passed $2 billion in trading on Aerodrome. AMBCrypto reported the figures on Oct. 12, citing Token Terminal and RWA.xyz, and noted that on Aerodrome “the second $1 billion took half the time it took to reach the first $1 billion in cumulative trading volume.” For your wallet, this maps where the deepest dollar pools and the busiest stock-token venue now sit, which decides how much slippage you pay.

Uniswap V3 And V4 Clear $76.2B Of Stablecoin Swaps

Token Terminal tracked more than $161 billion in stablecoin trading across 35 decentralized exchanges over the past 30 days.

Uniswap V3 and V4 pools handled $76.2 billion of that, or 47.2% of all stablecoin DEX volume.

PancakeSwap sits a distant second at 8.7%, so Uniswap holds more than five times its share. Every other venue splits what is left.

AMBCrypto said that concentration has further entrenched Uniswap’s lead in both trading and token swaps.

USDC accounted for 52.1% of asset volume, which makes Circle’s dollar the main source of stablecoin liquidity on DEXs.

This is not a launch or a new product. It is a 30-day snapshot of where on-chain dollar liquidity already sits.

For a wallet, the snapshot says one thing. The deepest stablecoin pools are on Uniswap, and deeper pools generally mean less slippage on bigger swaps.

Coinbase Stock Tokens Pass $2B On Aerodrome

The stock side is moving faster. Coinbase’s tokenized stocks crossed $2 billion in cumulative trading volume on Aerodrome, the main DEX on Base.

The second $1 billion arrived in half the time the first one took, according to RWA.xyz data.

Aerodrome also dominates where these tokens change hands. It captured roughly $1.4 billion of $1.5 billion in 30-day volume, about 93% of the flow.

Spread over a month, that is roughly $50 million a day across venues, and about $47 million a day on Aerodrome alone.

Strip away the milestone language and this is really about where your stock-token order finds a counterparty: one venue on Base, not a dozen thin ones.

Concentration cuts both ways. One dominant pool tends to give tighter prices today, but it also leaves traders exposed if that liquidity moves elsewhere.

AMBCrypto expects Aerodrome may draw more liquidity and traders as its role in tokenized stocks grows.

No yield comparison applies here. These figures measure trading volume for stablecoins and stock tokens, not rates.

Before you route your next trade, compare stablecoin and stock-token liquidity across chains.

BNB Chain Adds $43.6M In Tokenized Stocks In A Day

Trading volume and new supply are landing in different places.

Over the past 24 hours, BNB Chain led tokenized stock market cap growth with a $43.6 million increase, per RWA.xyz. Avalanche followed with $29.7 million.

X Layer added $5.6 million, Solana $4.8 million and Ethereum $4.3 million, far behind the top two.

Together, BNB Chain and Avalanche added $73.3 million in one day, about five times the $14.7 million the other three added combined.

AMBCrypto read that gap as a signal for where issuers may send new tokenized products, and where traders will look for liquidity.

Rules could shape that race.

Robinhood crypto chief Johann Kerbrat has said existing trading activity could run into the SEC exemption’s caps on eligible symbols and volume, as our report on OKXICE’s 63-stock Uniswap filing noted.

Broader adoption still depends on sustained demand and on liquidity spreading across competing venues, AMBCrypto added.

Each stock token comes with its own terms on who can hold it and what rights it carries, so read them before you buy.

Watch whether Aerodrome keeps its grip as BNB Chain and Avalanche add supply. If liquidity spreads out, fills on any single venue could get thinner.

Uniswap owns the dollar side and Aerodrome owns Coinbase’s stock tokens, for now. Whether that liquidity stays concentrated or spreads to BNB Chain and Avalanche is what your next swap’s slippage depends on.

Swapping dollars or stock tokens this week? The Secondary Markets desk tracks where the liquidity moves next.