{"id":18629,"date":"2023-03-12T15:26:52","date_gmt":"2023-03-12T15:26:52","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/usdc-dominated-trading-volume-on-decentralized-exchanges-amidst-depegging-incident-market-updates-bitcoin-news\/"},"modified":"2023-03-12T15:26:52","modified_gmt":"2023-03-12T15:26:52","slug":"usdc-dominated-trading-volume-on-decentralized-exchanges-amidst-depegging-incident-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/usdc-dominated-trading-volume-on-decentralized-exchanges-amidst-depegging-incident-market-updates-bitcoin-news\/","title":{"rendered":"USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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.<\/strong><\/p>\n

USDC Trades Below $0.975 Accounted for More Than $26 Billion on Saturday<\/h2>\n

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<\/a>. As a result, crypto firms such as Binance, Coinbase, Crypto.com, and Bitpay paused USDC payments and auto conversions.<\/p>\n

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).<\/p>\n

\"\"
Uniswap\u2019s top two pairs on Saturday, March 11, 2023.<\/figcaption><\/figure>\n

The two most dominant trading pairs on Uniswap were USDC\/WETH and USDC\/USDT<\/a>, 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<\/a> represented 55.48% of all trades on Uniswap v3 on Saturday.<\/p>\n

USDC\/DAI accounted for 5.8% of Uniswap v3\u2019s trades, amounting to $587 million in volume. Additionally, USDC saw numerous other trades with various crypto assets listed on the dex platform. On Curve\u2019s 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<\/a>, FRAX, GUSD, MIM, among others.<\/p>\n

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Curve 3pool share is the bellwether of crypto sentiment\ud83d\udca5<\/p>\n

During today’s USDC depeg, ppl panic sold USDC & DAI for USDT<\/a>. USDT<\/a> share in 3pool collapsed to 2%<\/p>\n

Ironically, when Tether FUD happened during Terra crash & FTX collapse, USDT<\/a> was the “infamous” & left 85% in 3pool\ud83e\udd14 pic.twitter.com\/VNo3ykxiob<\/a><\/p>\n

\u2014 Panda Jackson (@pandajackson42) March 11, 2023<\/a><\/p>\n<\/blockquote>\n

Curve\u2019s 3pool experienced a decrease in its share of USDT<\/a> to 2% as traders sold USDC during the depegging incident. On Saturday, the dex platform Pancakeswap v2 recorded $265,888,470 in trading volume, with USDC\/BUSD being the most traded pair out of 3,554 trading pairs. $59.95 million, or 22.55% of the trades, were USDC\/BUSD swaps.<\/p>\n

Pancakeswap\u2019s Stableswap saw $250,361,665, with USDC\/BUSD pairs accounting for 44.72% or $111.95 million of the swaps. Uniswap v2 processed $152,276,446 in swaps on Saturday, with USDC pairs once again topping the list of v2 trading pairs. USDC trades with wrapped ether on Uniswap v2 represented 32.95% of the dex\u2019s volume, and 14.80% of the swaps were USDC\/USDT<\/a>.<\/p>\n

While dex platforms generated a significant amount of volume from USDC trades, centralized exchanges also witnessed a considerable number of USDC swaps on Saturday. Metrics indicate that Binance recorded $582.97 million in USDC trades against USDT<\/a>, and Kraken saw $476 million in USDC\/USD trades.<\/p>\n

Kucoin registered $269.80 million in USDC\/USDT<\/a> swaps, and Kraken\u2019s USDC trades with tether (USDT<\/a>) amounted to $235 million. Kraken saw another $80.43 million in USDC trades with bitcoin (BTC<\/a>), and another $78.32 million of USDC\/EUR swaps. Of the $26.73 billion in USDC swaps on both dex platforms and centralized exchanges, each USDC swap was for $0.975 or less, depending on the hour of the day.<\/p>\n

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\nTags in this story
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Auto-Conversion<\/a>, Binance<\/a>, BitPay<\/a>, Coinbase<\/a>, coingecko.com<\/a>, Crypto<\/a>, Crypto.com<\/a>, Cryptocurrency<\/a>, Curve<\/a>, DAI<\/a>, decentralized exchange<\/a>, depegging<\/a>, DEX<\/a>, FRAX<\/a>, Global Trade Volume<\/a>, GUSD<\/a>, Kraken<\/a>, KuCoin<\/a>, MIM<\/a>, Pancakeswap<\/a>, Pancakeswap v2<\/a>, Payment processor<\/a>, Stablecoin<\/a>, Stableswap<\/a>, Tether<\/a>, trading<\/a>, uniswap<\/a>, uniswap v3<\/a>, US Dollar<\/a>, USDC<\/a>, wrapped ether<\/a><\/div>\n<\/div>\n

What are your thoughts on the USDC swaps and trading volume from Saturday? Share your opinions in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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