On Saturday, several centralized crypto trading platforms and payment processors stopped automatic conversion of USDC. However, USDC saw significant trading volume on decentralized exchange (dex) platforms such as Uniswap, Curve, and Pancakeswap; Uniswap alone recorded $10.13 billion in transactions in the past day, over 55% of which were USDC and wrap ether, stable coins, and swaps with tether. In the past 24 hours, USDC has emerged as the most dominant trading pair on the dex platform.
USDC trades below $0.975 accounted for over $26 billion on Saturday
Based on statistics, the stablecoin usd coin (USDC) recorded global trading volume of $26.73 billion during the 24-hour period. On Saturday, USDC depegged from the US dollar, reaching a low of $0.877 per coin. As a result, crypto companies such as Binance, Coinbase, Crypto.com, and Bitpay suspended USDC payments and automatic conversions.
However, despite centralized exchanges stopping USDC conversions, this stablecoin accounted for 29% of the $90.7 billion in global crypto transactions in a 24-hour period. coingecko.com statistics show that in the past day, $15.66 billion in dex transactions platform, of which $10.13 billion came from Uniswap version 3 (v3) transactions.
The two most dominant trading pairs in Uniswap were USDC/WETH and USDC/; USDTUSDC swaps with wrap ether were $2.92 billion, and USDC trades with Tether were $2.69 billion. Combined, USDC/WETH and USDC/USDTaccounted for 55.48% of all transactions in Uniswap v3 on Saturday.
USDC/DAI accounted for 5.8% of all Uniswap v3 trading, with a volume of $587 million. In addition, USDC saw numerous other trades with various crypto assets listed on the dex platform; Curve’s ethereum-based dex saw $179 million in USDC/DAI swaps over the course of the day; USDC saw a few others, such asCurve pairs that stood out along with stabled coins such as USDT, FRAX, GUSD, MIM, etc.
Curve 3 pool share is a bellwether of crypto sentiment 💥
With today’s USDC depeg, people sold USDC&in a panic. DAI forthe USDT. 3pool’s USDTshare collapsed to 2%
Ironically, Tether FUD occurred during the Terra Crash&FTX collapsed,. the USDTwas “notorious” in 3pool&left 85% 🤔 pic.twitter.com/VNo3ykxiob.
– Panda Jackson (@pandajackson42). March 11, 2023
3pool on the curve has lostshare. USDTto 2% as traders sold USDC in the depeg case. On Saturday, the dex platform Pancakeswap v2 recorded a volume of $265,888,470, with USDC/BUSD being the most traded of the 3,554 trading pairs. 22.55% of the trades, or $59.95 million, were USDC/BUSD swaps.
Pancakeswap’s Stableswap generated $250,361,665 in swaps, with the USDC/BUSD pair accounting for 44.72% or $111.95 million Uniswap v2 processed $152,276,446 in swaps on Saturday, with the USDC pair Once again, it was the top v2 trading pair. usdc trading with the wrap ether on Uniswap v2 accounted for 32.95% of dex trading volume, and 14.80% of swaps were usdc/. usdt.
While the dex platform generated significant volume from USDC trading, centralized exchanges also witnessed a significant number of USDC swaps on Saturday. According to indications, Binance recorded $582.97 million in USDC trades againstUSDTwhile Kraken saw $476 million in USDC/USD trades.
Kucoin registered $269.8 million in USDC/swaps in USDTand Kraken’s USDC trades with Tether (USDT) reached $235 million; Kraken’s USDC trades with bitcoin (BTC) for another $80.43 million in USDC trades and another $78.32 million in USDC/EUR swaps. of the $26.73 billion in USDC swaps on both the dex platform and centralized exchanges, each USDC swap was worth $0.975 or less, depending on the time of day. The amount was $975 or less.
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