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Paxos' USDG stablecoin hits $21.8B trading volume on Uniswap in September, driven by new fee mechanism.

Protocol Fundamentals
20 Sep 2026
Crypto Briefing
View Source
Bullish
Paxos' USDG stablecoin hits $21.8B trading volume on Uniswap in September, driven by new fee mechanism.

Paxos' USDG stablecoin reached a remarkable $21.8 billion in trading volume on Uniswap during September, accounting for 98% of its decentralized exchange activity. This surge was driven by Uniswap's launch of the StablePair Hook, a dynamic fee system for stablecoin pairs introduced on September 10. USDG's circulating supply is about $3.2 billion, meaning it turned over nearly seven times its supply in one month. The stablecoin is backed 1:1 by US dollar assets and regulated by Singapore's Monetary Authority, with growing adoption across multiple networks and over 150 partners including Robinhood and Kraken. This volume spike highlights the importance of integrating with advanced DeFi infrastructure like Uniswap v4's modular smart contracts for stablecoin success.

Uniswap's token UNI is trading at Rp153.825 with a slight 0.15% gain as of Sep 21, 2026 04:02 WIB, showing steady market interest alongside the surge in USDG stablecoin activity on Uniswap. The platform sees a strong buy sentiment with 76% of Pluang order activity favoring purchases and a typical hold time of 65 days, indicating confidence in Uniswap's ecosystem during this period of innovative DeFi developments. The market cap stands at Rp96.57 trillion, supported by a 24-hour trading volume of Rp14.05 trillion, highlighting robust liquidity as Uniswap integrates new features like the StablePair Hook.

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