In September, the USDG stablecoin by Paxos recorded $21.8 billion in trading volume on the Uniswap decentralized exchange. This figure accounts for 98% of the token's total activity on decentralized platforms.
The surge in volume follows the September 10 launch of the StablePair Hook on Uniswap v4, which introduced dynamic fee structures for stablecoin pairs. USDG currently maintains over $600 million in total value locked across various liquidity pools.
With a circulating supply of approximately $3.2 billion, the stablecoin's monthly turnover on Uniswap reached nearly seven times its total supply. USDG pairs represented about 31% of the total monthly volume on Uniswap, which exceeded $70 billion.
Launched by Paxos Digital Singapore in November 2024, USDG is regulated by the Monetary Authority of Singapore and backed by US dollar assets. The Global Dollar Network now includes over 150 partners, such as Robinhood and Kraken.
The token is currently available on multiple networks, including Ethereum, Solana, Robinhood Chain, X Layer, and Mantle. The integration with Uniswap v4's modular hook system is cited as a key factor in the recent increase in trading activity.
