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Uniswap captured $26.4 billion in USDC DEX volume over 30 days

Futuristic trading dashboard with USDC tokens flowing and a prominent Uniswap logo, illustrating market share in DEX volume.

Decentralized exchanges recorded $81.2 billion in total volume for USD Coin across 33 venues over a 30-day period ending October 12, according to metrics compiled by Token Terminal. Trading flows concentrated heavily on a single decentralized protocol.

Automated market maker Uniswap captured $26.4 billion of that total through its v3 and v4 deployments. That throughput represented a 32.5% market share of all USDC trades during the tracked window.

The figures measure decentralized exchange activity rather than centralized spot platforms or aggregate stablecoin supply. USDC transfers span multiple public networks, but a significant portion of decentralized liquidity remains tied to concentrated liquidity mechanisms.

The performance showed no connection to fee adjustments or governance updates within the protocol. Uniswap maintained its transaction share under existing deployment parameters, while competing venues accounted for the remaining 67.5% of total stablecoin swaps.

Token Terminal tracks asset-level settlement across multiple automated protocols, and subsequent monthly metrics will confirm whether trading concentration shifts among competing decentralized platforms.