Uniswap expands stablecoin market share and posts record fees

Uniswap has become the leading venue for stablecoin‑to‑stablecoin swaps on EVM‑compatible chains, handling about 57% of the volume, up from 43% at the start of the year. The protocol’s dominance is set to extend to Circle’s new Layer‑1 blockchain, Arc, which will launch its public mainnet on September 16. Arc’s founding validator set includes BlackRock, Visa, Mastercard and Standard Chartered, and the chain will use USDC as its native gas token.

In the past 30 days Uniswap generated $99.06 million in protocol fees, bringing its lifetime fees to $5.72 billion. The recent V4 fee‑switch upgrade introduced a buy‑and‑burn mechanism that links revenue to the UNI token, prompting a near‑19% price rise before stabilising. On‑chain data showed a surge in new wallet addresses and whale transactions, indicating heightened activity beyond the price move.

These developments reinforce Uniswap’s position as the largest decentralized exchange, combining market‑share growth in stablecoin trading with a new revenue model that could shape future DeFi dynamics.