Uniswap Loses Ground in Stablecoin Trading to Fluid and Metric
Uniswap remains central to USDC-USDT trading, but its share fell sharply as Fluid and Metric gained volume in large transactions.
Uniswap remains central to USDC-USDT trading, but its share fell sharply as Fluid and Metric gained volume in large transactions. Tether (USDT) is trading at ₹93.77 ($0.9991). This is an original Token Times brief based on reporting by Blockonomi, with live market data added, as of Thu, 12 Nov 2026 02:30:01 UTC.
The shift indicates that stablecoin trading is becoming more distributed across decentralized venues, with competitors capturing activity among larger trades where Uniswap previously dominated.
- Uniswap’s USDC-USDT share fell from 58% to 36%
- Its share of trades above $1 million dropped from 85% to 44%
- Fluid expanded its large-trade share from 10% to 43%
- Uniswap fell 6.5% over 24 hours amid a flat broader market
- USDC Surges to 56% Market Share in Euro-Paired Stablecoin Trading
- Uniswap Loses Ground in Stablecoin Trading to Fluid and Metric — this brief
Blockonomi reports that 
Uniswap’s share of 
USDC-USDT trading declined from 58% to 36%, even as the pair’s weekly trading volume remained steady. Uniswap’s dominance was weaker still among transactions exceeding $1 million, where its share dropped from 85% to 44%.
Fluid gained ground in that high-value segment, rising from 10% to 43% of trades above $1 million. Metric also expanded its role, moving from 0.6% to 14% of overall pair volume and reaching 28% of transactions between $100,000 and $1 million. The figures come from a single report, with no additional outlet coverage supplied for comparison.
Verified on-chain data from DeFiLlama shows Uniswap holding $3.41 billion in total value locked, down 8.2% over seven days. Fluid’s TVL stands at $1.02 billion, down 1.9% over the same period, providing context for a venue that has captured a larger portion of large-ticket stablecoin activity.
The wider crypto market was flat, with a $2.52 trillion total market capitalization, while 
Bitcoin gained 0.86% over 24 hours. The Fear & Greed index stood at 28, indicating fear. 
Tether traded at $0.999023 and USDC at $0.999546, while UNI fell 6.50% over 24 hours and 18.32% over seven days to $6.24. The changing trading mix and Uniswap’s recent price performance are the principal developments to monitor.
Since this brief published about 3 hours ago, Tether (USDT) has moved from ₹93.76$0.999 to ₹93.77$0.9991 — +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 Token Times'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 ≈ ₹99.28 (about $0.9991), up 0.0% over 24 hours. The rupee itself trades about 5.9% above the official rate on the P2P market, so a Indian 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.
Token Times 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 Loses Ground in Stablecoin Trading to Fluid and Metr — questions & answers
How much of USDC-USDT trading remained on Uniswap?
Uniswap’s share fell from 58% to 36%, according to Blockonomi, while weekly volume for the pair held steady.
Which platform gained most in trades above $1 million?
Fluid’s share rose from 10% to 43%, while Uniswap’s declined from 85% to 44%.
What is Metric’s position in USDC-USDT trading?
Metric expanded from 0.6% to 14% of pair volume and holds 28% of trades between $100,000 and $1 million.
How much is 1 Tether worth in rupee today?
About ₹99.28 at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $0.9991. The rupee price moves with both USDT's US-dollar price and the USDT/INR rate; use our Tether in rupee page for any amount.
Which outlets reported this story?
This is an original Token Times 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 Token Times 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.