Stablecoin USDC recorded a trading volume of $81.2 billion on decentralized exchanges over the 30-day period ending October 12, 2026. This figure surpassed the total circulating supply of the asset, which stood at approximately $74.6 billion at the end of September 2026.
The total volume for all stablecoins across 35 trading venues reached $161.4 billion during the same timeframe. USDC accounted for roughly half of this activity. Uniswap v3 and v4 platforms processed $26.4 billion of the USDC volume and captured 47.2% of the total stablecoin DEX activity, totaling $76.2 billion.
During the third quarter of 2026, USDC generated $40.2 billion in weekend trading volume on decentralized exchanges. Analysts note that some reported volume may be inflated by flash loans, which involve borrowing and repaying funds within a single transaction without collateral.
The Uniswap v4 update introduced reduced fees and improved routing options. These technical changes are particularly significant for stablecoin pairs, where minimal price fluctuations make transaction costs the primary factor for high-volume traders.
