Jack Paul 
Uniswap Leads Stablecoin Trading on DEXs
Stablecoin trading is becoming a bigger part of decentralized finance. Traders are using DEXs more often to move dollar-pegged assets. Over the past 30 days, stablecoin activity generated more than $161 billion across 35 venues. Uniswap V4 and V3 captured $76.2 billion of that total. That is 47.2% of all stablecoin volume. The concentration gives Uniswap a strong position in both trading and token swaps. PancakeSwap sits second with 8.7%.
USD Coin, or USDC, represented 52.1% of asset volume. That shows how much on-chain markets rely on USDC for liquidity. If growth rates keep rising, stablecoin usage could deepen further. It may also support DeFi adoption on chains like Ethereum and Solana. Those two networks currently account for nearly 50% of activity on their respective chains. The numbers suggest stablecoin flows are not just a side story. They are a core part of DEX volume.
Aerodrome Tokenized Stocks Cross $2B
Tokenized equity markets are also growing. Coinbase’s tokenized stocks have crossed $2 billion in total trading volume on Aerodrome, the main DEX on Base. The second $1 billion took half the time of the first $1 billion. That points to faster trading after Aerodrome launched on August 24. The momentum also shows Aerodrome’s dominance. It captured roughly $1.4 billion of $1.5 billion in 30-day volume.
Aerodrome may attract more liquidity and investors. Its role in tokenized stocks is getting more attention from traders. Still, broader adoption will depend on sustained demand and liquidity spreading across competing venues. Tokenized equities are expanding, but they remain concentrated.
Growth Is Uneven Across Chains
Market cap gains show where expansion is accelerating. Over the past 24 hours, 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 these ecosystems rather than spreading evenly. X Layer added $5.6 million, Solana $4.8 million, and Ethereum $4.3 million.
That gap could shape where issuers launch new tokenized products and where traders find liquidity. More growth across chains would broaden access. Continued concentration could increase competition for market share.
What to Watch
Uniswap still dominates stablecoin DEX trading with 47.2% of $161.4 billion in volume. Tokenized stocks have passed $2 billion on Aerodrome, while BNB Chain and Avalanche lead recent growth. The next test is whether these trends hold as more assets move on-chain. For now, liquidity is pooling in a few places, and that matters for traders and issuers alike.