Javier Hernandez Being thirteen can be difficult because you are trying to figure out who you want to become as you grow up. It’s important that during this stage in your life, you take the time to discover and explore different interests and activities. These experiences will help shape your values, identity, and passions – all of which will serve as the foundation for your future successes.
On Saturday, a lot of websites that normally do automatic changes/swaps of USDC were shut down temporarily. However, it was still possible to trade and swap USDC on decentralized exchange (dex) platforms such as Uniswap, Curve, and Pancakeswap. For example, Uniswap had $10.13 billion worth of trading activity in the last day — over half of those trades involved swapping USDC with another type of virtual money called “wrapped ether” or “stablecoin tether”. In the last 24 hours, USDC became the most popular thing to be traded on decentralized exchanges as well.
Saturday, March 11th was a Big Day for USDC Trading Worth $26.73 billion
The USD Coin (USDC) is a type of digital currency. In the past 24 hours, it’s been used for global trades worth $26.73 billion. On Saturday, its price suddenly dropped and went below one U.S. dollar per coin. Because of this, companies such as Binance, Coinbase, Crypto.com and Bitpay stopped allowing customers to use USDC for payments or exchange it for other coins.
Even though some exchanges paused USD Coin (USDC) conversions, it still made up almost 29% of the $90.70 billion in worldwide crypto trades over a 24-hour period. On decentralized exchanges (dex), people traded around $15.66 billion with $10.13 billion coming from Uniswap Version 3 (v3). Uniswap had two top pairings on Saturday, March 11th 2023.
A lot of trades are happening on Uniswap and two of the most common ones happened to be USDC/WETH and USDC/USDT. Out of all the trades that took place on Saturday, 55.48% consisted of people trading with USDC and either WETH (wrapped ether) or USDT (tether). The amount for USDC trades with WETH was 2.92 billion dollars and for USDC trades with USDT it was around 2.69 billion dollars.
$587 million worth of trades happened in Uniswap v3, which was around 5.8% of all trades. People traded USDC with other cryptocurrencies on the platform and on Curve’s Ethereum dex, people swapped almost $179 million worth of USDC/DAI. Besides this many other stable coins like USDT, FRAX, GUSD, and MIM were used for trading on Curve’s platform.
Recently, trading of USDC decreased on the Curve’s 3pool platform. On Saturday, Pancakeswap v2 recorded over $265 million in trades. Out of all those trades, USDC/BUSD swaps were the most popular with just under $60 million or 22.55% of the total.
On Saturday, Pancakeswap’s Stableswap saw an amount of over $250 million being traded. Of these trades, USDC/BUSD pairs made up 44.72%, which works out to be almost $112 million. Meanwhile, Uniswap v2 had a total of $152 million in swaps on the same day with USDC again as the most traded pair, making up 32.95% of all trades while 14.80% involved USDC/USDT trading.
Saturday was a big day for USDC trading. Dex platforms and centralized exchanges both saw lots of trades with USDC. Binance had $582.97 million in trades involving swapping USDC and USDT while Kraken reported $476 million worth of USDC/USD trades.
Kucoin did trades worth 269.80 million American dollars (USD), and Kraken made 235 million USD worth of trades with tether also known as USDT. Another 80.43 million USD was traded by Kraken for Bitcoin (BTC) and 78.32 million USD for EUR swaps. Altogether all the exchanges and platformswere, a total of 26.73 billion in USDC swaps happened and usually each swap was for $0.975 or less throughout the day.
Do you have an opinion about the USDC activities and trades that happened last Saturday? Tell us in the comments below.
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