Uniswap’s Stablecoin Pair Share Slips as Fluid and Metric Expand
Uniswap retained the largest reported share of USDC-USDT volume, but Blockonomi says Fluid and Metric captured a growing portion of activity.
Uniswap retained the largest reported share of USDC-USDT volume, but Blockonomi says Fluid and Metric captured a growing portion of activity. Tether (USDT) is trading at $0.999. This is an original TLT brief based on reporting by Blockonomi, with live market data added, as of Thu, 12 Nov 2026 06:45:02 UTC.
Stablecoin trading is a core source of decentralized-exchange activity, and the reported shifts show how volume and large-ticket trades are dispersing across newer venues. The change also comes as Uniswap’s token and on-chain liquidity have declined over the past week.
- Uniswap’s reported USDC-USDT volume share fell from 58% to 36%.
- Its share of trades above $1 million dropped from 85% to 44%.
- Fluid rose to 43% of large trades; Metric reached 14% of pair volume.
- UNI fell 6.64% over 24 hours and 19.12% over seven days.
Blockonomi reports that 
Uniswap’s share of 
USDC-USDT volume declined from 58% to 36%, even as the pair’s weekly trading volume held steady. The outlet’s figures indicate that Uniswap remained the largest venue for the pair, but its lead narrowed considerably.
The largest change appeared among trades above $1 million. Uniswap’s share fell from 85% to 44%, while Fluid increased from 10% to 43% of those trades. Metric also expanded its position, rising from 0.6% to 14% of total pair volume and reaching 28% of trades valued between $100,000 and $1 million, according to Blockonomi.
Live data from DeFiLlama showed Uniswap holding $3.4 billion in total value locked, down 8.9% over seven days. Fluid’s TVL stood at $1.02 billion, a 2.3% weekly decline. Both stablecoins remained close to parity with their dollar pegs: USDT traded at $0.998987 and USDC at $0.999488.
The broader crypto market was flat, with a $2.51 trillion total capitalization, while 
Bitcoin slipped 0.31% over 24 hours and the Fear & Greed index registered 28, indicating fear. UNI was the notable mover among the listed assets, falling 6.64% in 24 hours and 19.12% over seven days. The reported venue-share figures and subsequent TVL changes make further shifts in stablecoin volume, large trades and locked liquidity the relevant measures to monitor.
Since this brief published about 7 hours ago, Tether (USDT) has moved from $0.999 to $0.999 — +0.01%.
The chart plots USDT's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDT ≈ ₦1,397.35 (about $0.999), down 0.0% over 24 hours. The naira itself trades about 3.6% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · November 12, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Uniswap’s Stablecoin Pair Share Slips as Fluid and Metric Ex — questions & answers
What share of USDC-USDT volume did Uniswap retain?
Blockonomi reported that Uniswap’s share fell from 58% to 36% while weekly volume for the pair held steady.
Who gained most among trades above $1 million?
Fluid’s reported share rose from 10% to 43%, while Uniswap’s fell from 85% to 44%.
How did UNI and the broader crypto market perform?
UNI fell 6.64% over 24 hours and 19.12% over seven days. The overall crypto market was flat, with the Fear & Greed index at 28.
How much is 1 Tether worth in naira today?
About ₦1,397.35 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.999. The naira price moves with both USDT's US-dollar price and the USDT/NGN rate; use our Tether in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Blockonomi. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.