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USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident – Market Updates Bitcoin News

USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident – Market Updates Bitcoin News

On Saturday, several centralized crypto trading platforms and payment processors stopped USDC auto conversions. However, USDC experienced a significant trading volume on decentralized exchange (dex) platforms such as Uniswap, Curve, and Pancakeswap. Uniswap alone recorded $10.13 billion in trades over the past day, with more than 55% of those swaps involving USDC against wrapped ether, and the stablecoin tether. During the last 24 hours, USDC emerged as the most dominant trading pair on dex platforms.

USDC Trades Below $0.975 Accounted for More Than $26 Billion on Saturday

Based on statistics, the stablecoin usd coin (USDC) recorded $26.73 billion in global trade volume during a 24-hour period. On Saturday, USDC depegged from the U.S. dollar, reaching a low of $0.877 per coin. As a result, crypto firms such as Binance, Coinbase, Crypto.com, and Bitpay paused USDC payments and auto conversions.

However, despite centralized exchanges halting USDC conversions, the stablecoin accounted for 29% of the $90.70 billion in 24-hour global crypto trades. According to statistics from coingecko.com, over the last day, $15.66 billion was settled on dex trading platforms, with $10.13 billion of that amount resulting from trades on Uniswap version three (v3).

Uniswap’s top two pairs on Saturday, March 11, 2023.

The two most dominant trading pairs on Uniswap were USDC/WETH and USDC/USDT, with USDC swaps with wrapped ether accounting for $2.92 billion, and USDC trades with tether equating to $2.69 billion. Together, USDC/WETH and USDC/USDT represented 55.48% of all trades on Uniswap v3 on Saturday.

USDC/DAI accounted for 5.8% of Uniswap v3’s trades, amounting to $587 million in volume. Additionally, USDC saw numerous other trades with various crypto assets listed on the dex platform. On Curve’s Ethereum-based dex, $179 million in USDC/DAI swaps occurred during the day. USDC was a prominent Curve pair with several other stablecoins like USDT, FRAX, GUSD, MIM, among others.

Curve’s 3pool experienced a decrease in its share of USDT to 2% as traders sold USDC during the depegging incident. On Saturday, the…

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