Stablecoin trading is doing a lot of work for Uniswap. Over the past 30 days, stablecoin activity across 35 venues generated more than $161 billion. Uniswap V4 and V3 captured $76.2 billion of that. That works out to 47.2% of all stablecoin volume. PancakeSwap sits second with 8.7%. The gap is wide, and it shows how much stablecoin liquidity still runs through Uniswap.
USDC drives on-chain liquidity
USD Coin made up 52.1% of asset volume. That number matters because USDC is often the first stop for traders moving dollars on-chain. If stablecoin growth keeps rising, it could push deeper stablecoin usage across decentralized finance. It may also support adoption on Ethereum and Solana. Those two chains already account for nearly 50% of activity on their respective networks.
Aerodrome’s tokenized stocks cross $2B
The stablecoin story is not the only one. Tokenized stocks on Coinbase have now crossed $2 billion in total trading volume on Aerodrome, Base’s main DEX. The second $1 billion took half the time of the first $1 billion. That suggests trading accelerated after Aerodrome launched on August 24. Aerodrome also captured about $1.4 billion of $1.5 billion in 30-day volume, which underlines its current control of this niche.
Aerodrome may draw more liquidity and investors if tokenized equities keep growing. But broader adoption depends on sustained demand and liquidity spreading to competing venues. A single DEX can lead for now, though that does not guarantee the same share later.
Growth is not evenly spread
Market cap gains over the past 24 hours show where expansion is moving faster. BNB Chain led with a $43.6 million increase. Avalanche followed at $29.7 million. Their combined gains suggest tokenized-stock growth is concentrating in those networks rather than spreading evenly. X Layer added $5.6 million, Solana added $4.8 million, and Ethereum added $4.3 million.
That gap could shape where issuers launch new tokenized products and where traders find liquidity. More growth across more chains would broaden access. Continued concentration could make competition for market share sharper.
For now, Uniswap’s stablecoin lead and Aerodrome’s tokenized-stock milestone point to the same trend. On-chain markets are handling more dollar-pegged assets and more tokenized equities. The next test is whether that demand holds and whether liquidity moves beyond a few dominant venues.
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