{"id":37920,"date":"2026-07-01T14:54:26","date_gmt":"2026-07-01T12:54:26","guid":{"rendered":"https:\/\/crystalintelligence.com\/?p=37920"},"modified":"2026-07-01T15:07:20","modified_gmt":"2026-07-01T13:07:20","slug":"who-actually-trades-stablecoins-on-a-dex","status":"publish","type":"post","link":"https:\/\/crystalintelligence.com\/stablecoin\/who-actually-trades-stablecoins-on-a-dex\/","title":{"rendered":"Who actually trades stablecoins on a DEX"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"37920\" class=\"elementor elementor-37920\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5118c6ed e-con-full e-flex e-con e-parent\" data-id=\"5118c6ed\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-638c99bd elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"638c99bd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"40\" height=\"40\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/03\/Blog-Icon.svg\" class=\"attachment-full size-full wp-image-36274 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 40px; --smush-placeholder-aspect-ratio: 40\/40;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d97b1e7 e-con-full e-flex e-con e-child\" data-id=\"d97b1e7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5ccdf906 elementor-widget elementor-widget-heading\" data-id=\"5ccdf906\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">By Hannah Curtis<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71f43c9b elementor-widget elementor-widget-heading\" data-id=\"71f43c9b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Crystal Foresight Product Leader \n<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7e23a45 e-con-full e-flex e-con e-parent\" data-id=\"7e23a45\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-5ddba0b4 e-con-full e-flex e-con e-child\" data-id=\"5ddba0b4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-76d75683 e-con-full e-flex e-con e-child\" data-id=\"76d75683\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-40b18b34 elementor-widget-tablet_extra__width-initial elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"40b18b34\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Share via:\n<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23790bb6 elementor-widget elementor-widget-image\" data-id=\"23790bb6\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"facebook-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/FB.svg\" class=\"attachment-full size-full wp-image-35273 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2aa70721 elementor-widget elementor-widget-image\" data-id=\"2aa70721\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"linkedin-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/In.svg\" class=\"attachment-full size-full wp-image-35275 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65b38bf7 elementor-widget elementor-widget-image\" data-id=\"65b38bf7\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"x-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/x.svg\" class=\"attachment-full size-full wp-image-35274 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-169d14b1 e-con-full e-flex e-con e-child\" data-id=\"169d14b1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3b61d60c elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"3b61d60c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-75ab97c elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-custom\">\n\t\t\t\t\t\t\t\t\t\tUpdated on: July 1, 2026\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-577263c0 e-con-full e-flex e-con e-parent\" data-id=\"577263c0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-53400648 e-con-full e-flex e-con e-child\" data-id=\"53400648\" data-element_type=\"container\" data-e-type=\"container\" id=\"content-container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6289d9ef elementor-widget elementor-widget-text-editor\" data-id=\"6289d9ef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><i>Crystal Foresight uses on-chain data to track 99% of the stablecoin market, currently a $311B. This analysis draws on 18 months of DEX transaction data to answer a question the volume number alone cannot: who is actually behind stablecoin trading on decentralised exchanges?<\/i><\/p><p><b>Key takeaways<\/b><\/p><ul><li><b>A few thousand addresses are the market.<\/b>\u00a0On EVM chains (Ethereum and compatible blockchains), 0.17% of trading addresses move 63% of stablecoin volume (two-thirds of all trades); on Solana, 224 addresses move 58%.<\/li><li><b>You can read the player from its behavior.<\/b>\u00a0Machines trade almost every day across many venues; people appear a handful of days a month on one or two.<\/li><li><b>The speculation is mostly machines.<\/b>\u00a0Automated addresses trade about 90% against volatile assets; ordinary wallets do proportionally more plain dollar-for-dollar swapping.<\/li><li><b>Machines have dominated steadily.<\/b>\u00a0They have run about two-thirds of stablecoin DEX volume &#8211; about 65% &#8211; every month for a year and a half.<\/li><li><b>What changed is the texture.<\/b>\u00a0Average trade size has collapsed roughly fourfold, the bot fleet has grown, and the venues moved to &#8220;proprietary AMMs&#8221; that have no website at all.<\/li><li><b>And some of it leaves.<\/b>\u00a0About $0.15 of every bot dollar is swept to named exchange deposit accounts &#8211; Coinbase, Binance, OKX, Bybit &#8211; and the second-largest stablecoin trader on both chains is the market-maker Wintermute.<\/li><\/ul><h2>A top exchange that nobody visits<\/h2><p>In December 2025, a venue called BisonFi opened and, within months, was handling a large share of all the stablecoin trading on Solana. It has no website, no app and no public face at all; you cannot visit it, and you cannot choose it. Orders reach it only when an aggregator quietly routes them there. That is not a curiosity at the edge of the market; it is close to what most stablecoin trading on a decentralized exchange (DEX, a trading venue that runs on blockchain code and records every trade publicly) now looks like. Which raises the question this analysis answers: if not people at a screen, then who?<\/p><h2>The market in one breath<\/h2><p>Two coins still are the market: USDT (about 48%) and USDC (about 44%) together account for about 93% of stablecoin DEX volume. The remaining stablecoins combined account for less than 7%. Total volume has fallen by about 70% from its late-2025 peak. But the\u00a0<i>number<\/i>\u00a0of trades has not fallen with it &#8211; and that gap is the first clue that the people you would expect to find here are mostly not the ones doing the trading.<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-37923 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image.png\" alt=\"Bar chart showing USDT at 48% and USDC at 44% share of stablecoin DEX volume across all chains to June 2026\" width=\"1523\" height=\"789\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image.png 1523w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-300x155.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-1024x530.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-768x398.png 768w\" data-sizes=\"(max-width: 1523px) 100vw, 1523px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1523px; --smush-placeholder-aspect-ratio: 1523\/789;\" \/><i>Source: Crystal Foresight<\/i><\/p><h2>A few thousand addresses are the whole market<\/h2><p>Group every trading address by how it behaves and the market turns out to be highly concentrated. On EVM chains in June, about 7,200 addresses &#8211; 0.17% of the 4.3 million that traded &#8211; accounted for\u00a0<b>63% of stablecoin volume and two-thirds of all trades.<\/b>\u00a0The four million ordinary wallets, 94% of every address that touched a stablecoin, together did\u00a0<b>7%.<\/b>\u00a0On Solana the point is sharper still:\u00a0<b>224 addresses moved 58% of the volume.<\/b><\/p><p>This is not a market of many participants with a few whales. It is a small number of automated systems with a large population of occasional traders.<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-37924 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-1.png\" alt=\"Stacked bar chart comparing share of EVM addresses to share of stablecoin DEX volume by trading frequency tier, showing 0.17% of addresses control 63% of volume\" width=\"1523\" height=\"665\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-1.png 1523w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-1-300x131.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-1-1024x447.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-1-768x335.png 768w\" data-sizes=\"(max-width: 1523px) 100vw, 1523px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1523px; --smush-placeholder-aspect-ratio: 1523\/665;\" \/><i>Source: Crystal Foresigtht<\/i><\/p><h2>How to read a trader you have never seen<\/h2><p>On a centralized exchange, you cannot see who is on the other side. On decentralized exchanges, you can &#8211; not by name, usually, but by behavior. Three kinds of traders show up, each with a recognizable signature.<\/p><p><b>Individuals<\/b>\u00a0are the four million in the tail. They trade on one or two venues, a couple of days a month, in amounts from tens to a few thousand dollars. Sporadic, low-volume, human-paced.<\/p><p><b>Professionals<\/b>\u00a0are firms that trade for a living: market-makers and cross-chain bridges. They are the addresses you can sometimes put a name to, and the data turns up at least one clearly. Wintermute &#8211; one of the largest crypto market-makers globally &#8211; is the second-largest stablecoin trader on\u00a0<b>both<\/b>\u00a0Solana and EVM chains, ranking behind only one anonymous address on each. Its EVM trading alone tops $13B a month. This is not a peripheral actor; it is a named, regulated-adjacent professional firm, traceable on-chain even though it operates through intermediaries. Cross-chain bridges surface too: Relay.link moved more than $1B across 65 venues rebalancing its inventory, alongside deBridge.<\/p><p><b>Machines<\/b>\u00a0are always on and make up most of the volume. They come in three forms.<\/p><p><b>Arbitrage bots<\/b>\u00a0trade thousands to millions of times a month, a few hundred dollars at a clip, across a dozen venues, every day &#8211; keeping prices aligned across platforms and extracting small price differences between them.<\/p><p><b>Aggregators<\/b>\u00a0&#8211; Jupiter on Solana; 1inch, 0x, CoW, and KyberSwap on EVM &#8211; take one user&#8217;s order and split it across many pools to find the best price. A single intended trade becomes several on-chain swaps. Both arbitrage bots and aggregators have been part of the DEX landscape for years.<\/p><p><b>Proprietary AMMs<\/b> (automated market-makers run from private capital, with no public interface) are newly dominant. HumidiFi, SolFi, and BisonFi are the leading examples. Each quotes prices on-chain and connects directly to aggregators. Orders reach them only when an aggregator routes them there, without the trader ever choosing them. The model is not brand new; Lifinity ran one back in 2022. But the wave that now moves much of Solana\u2019s volume is barely a year old, and it is a Solana story: only there is on-chain compute cheap enough to re-quote prices many times a second.<\/p><p>The behavioral signatures are unmistakable. Machines run 26-28 days a month across six to 14 venues; individuals show up two or three days on one or two. The machine-pattern addresses are a fraction of a percent of all wallets, yet they account for the large majority of volume, while the human-pattern wallets &#8211; the overwhelming majority of addresses &#8211; account for under a tenth of it.<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-37925 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-2.png\" alt=\"Grouped bar chart showing average active trading days per month and distinct venues used, by address activity tier from occasional to hyper-active\" width=\"1523\" height=\"818\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-2.png 1523w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-2-300x161.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-2-1024x550.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-2-768x412.png 768w\" data-sizes=\"(max-width: 1523px) 100vw, 1523px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1523px; --smush-placeholder-aspect-ratio: 1523\/818;\" \/><i>Source: Crystal Intelligence and Dune Analytics<\/i><\/p><h2>The &#8220;speculation&#8221; is the machines<\/h2><p>As an address gets more automated, it trades\u00a0<i>less<\/i>\u00a0against other dollars and more against volatile assets. EVM&#8217;s busiest bots run about 90% of their volume against volatile tokens; ordinary wallets sit near 30% dollar-for-dollar. So the volatile-paired trading &#8211; the part that looks like speculation &#8211; is overwhelmingly\u00a0<b>automated arbitrage and market-making, not people taking bets.<\/b>\u00a0The humans, proportionally, are the ones converting between dollars.<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-37926 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-3.png\" alt=\"Bar chart showing stable-to-stable share of DEX volume falling from 29% for occasional wallets to 8% for hyper-active automated addresses\" width=\"1523\" height=\"711\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-3.png 1523w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-3-300x140.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-3-1024x478.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-3-768x359.png 768w\" data-sizes=\"(max-width: 1523px) 100vw, 1523px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1523px; --smush-placeholder-aspect-ratio: 1523\/711;\" \/><i>Source: Crystal Foresight<\/i><\/p><h2>Which dollars the machines prefer<\/h2><p>The participant mix is not the same for every stablecoin &#8211; and it is one of the more revealing things on the chain, because it separates coins whose trading reflects organic demand from coins whose volume is largely driven by automation.<\/p><p>The two majors are machine-heavy, as you would expect: about 70% of USDC volume and 59% of USDT volume comes from automated addresses. But the newer dollars split sharply. World Liberty\u2019s USD1 is the most automated of all &#8211; roughly <b>82%<\/b> of its volume is machines &#8211; which is worth noting whenever its growth is cited as adoption; most of it is bots, not buyers. Circle\u2019s euro coin EURC is similar at about 80%, the signature of euro-dollar arbitrage rather than people spending euros.<\/p><p>At the other end sit the coins with a real human footprint. Ripple\u2019s RLUSD and the decentralized dollar DAI are the most retail of the set &#8211; roughly a third of each coin\u2019s volume comes from individual-scale wallets, and only about 17% from machines. Ethena\u2019s USDe is different again: it is dominated by the <i>active<\/i>\u00a0middle tier &#8211; yield farmers (users depositing assets into automated protocols to earn returns) and active traders entering positions &#8211; rather than by bots or by casual holders.<\/p><p>So when a new stablecoin posts a big volume number, the question to ask is not how large but\u00a0<b>who<\/b>\u00a0&#8211; and the chain answers it.<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-37927 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-4.png\" alt=\"Horizontal stacked bar chart showing machine, active, and individual trader share of stablecoin DEX volume for 12 assets on EVM in June 2026\" width=\"1523\" height=\"1098\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-4.png 1523w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-4-300x216.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-4-1024x738.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-4-768x554.png 768w\" data-sizes=\"(max-width: 1523px) 100vw, 1523px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1523px; --smush-placeholder-aspect-ratio: 1523\/1098;\" \/><i>Source: Crystal Intelligence and Dune Analytics<\/i><\/p><h2>The machines were always here<\/h2><p>It is tempting to assume machines have grown more dominant since the start of 2025 &#8211; but the data shows almost nothing moved. Across 18 months the automated share of volume has averaged about 65% and barely strayed. What movement there is runs countercyclical: the share dipped to about 43% in June 2025, when a wave of retail trading and rising prices briefly flooded the market, before climbing back as the wave receded. Machine dominance is not new, and it is not growing; it is simply constant.<\/p><p>This matters for how volume figures are read. If two-thirds of stablecoin DEX volume has been automated for 18 months regardless of market conditions, then rising volume is not evidence of growing human adoption. It is evidence of more machines, moving more dollars, for their own reasons.<\/p><p><img decoding=\"async\" class=\"alignnone wp-image-37928 size-full lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-5.png\" alt=\"Line chart showing machine share of stablecoin DEX volume by month from January 2025 to June 2026, holding near 65% across EVM and Solana chains\" width=\"1523\" height=\"855\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-5.png 1523w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-5-300x168.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-5-1024x575.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-5-768x431.png 768w\" data-sizes=\"(max-width: 1523px) 100vw, 1523px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1523px; --smush-placeholder-aspect-ratio: 1523\/855;\" \/><\/p><p><i>Source: Crystal Intelligence and Dune Analytics<\/i><\/p><h2>What actually changed: smaller, faster, invisible<\/h2><p>The machine share held steady, but the machine layer was rebuilt underneath it. Three things moved.<\/p><p><b>Trades got tiny.<\/b>\u00a0Average stablecoin trade size collapsed from about $2,940 to $700 on EVM, and from $1,550 to $380 on Solana, even as the number of trades held up. In June alone there were roughly 300 million stablecoin trades under $1,000 &#8211; about 185 million on EVM chains and 113 million on Solana. Aggregators show the texture plainly: 0x&#8217;s API alone routed more than two million trades at a median size around $10.<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-37929 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-6.png\" alt=\"Line chart showing average stablecoin trade size falling from about $2,940 to $700 on EVM and from $1,550 to $380 on Solana between January 2025 and June 2026\" width=\"1523\" height=\"798\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-6.png 1523w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-6-300x157.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-6-1024x537.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-6-768x402.png 768w\" data-sizes=\"(max-width: 1523px) 100vw, 1523px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1523px; --smush-placeholder-aspect-ratio: 1523\/798;\" \/><i>Source: Crystal Foresight<\/i><\/p><p><b>The fleet grew.<\/b>\u00a0The number of EVM addresses trading more than 2,000 times a month went from about 2,700 in early 2025 to a peak near 12,000, settling around 7,200. More machines, trading more often, in smaller pieces.<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-37930 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-7.png\" alt=\"Combined bar and line chart showing EVM and Solana machine address counts growing to 11,000 while total stablecoin DEX volume falls from $600B to below $200B monthly\" width=\"1523\" height=\"895\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-7.png 1523w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-7-300x176.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-7-1024x602.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-7-768x451.png 768w\" data-sizes=\"(max-width: 1523px) 100vw, 1523px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1523px; --smush-placeholder-aspect-ratio: 1523\/895;\" \/><i>Source: Crystal Foresight<\/i><\/p><p><b>The venues went dark.<\/b>\u00a0Public automated market-makers &#8211; Uniswap, PancakeSwap, Raydium &#8211; still carry about 72% of volume, with StableSwap pools (a pool design optimised for stablecoin-to-stablecoin trading, led by Curve) doing roughly a tenth of that. But the fastest-growing archetype, now around 18% of all volume and almost entirely on Solana, is the proprietary AMM: no public interface, no public liquidity, reachable only through an aggregator. HumidiFi reached roughly a third of all Solana DEX volume within months of launching.<\/p><p>The chains express this differently. Solana is a swarm &#8211; almost everything is small and aggregator-routed, even retail orders (more than 90% of them). Ethereum is the opposite: trades above $100,000 are under 1% of its trades but about 56% of its volume; institutional participants and market-makers settle there. The other EVM chains sit in between. Ethereum, tellingly, is the outlier.<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-37931 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-9.png\" alt=\"Grouped bar chart showing stablecoin DEX volume distribution by trade size bracket across Solana, other EVM chains, and Ethereum\" width=\"1523\" height=\"850\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-9.png 1523w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-9-300x167.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-9-1024x572.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-9-768x429.png 768w\" data-sizes=\"(max-width: 1523px) 100vw, 1523px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1523px; --smush-placeholder-aspect-ratio: 1523\/850;\" \/><\/p><p><i>Source: Crystal Foresight<\/i><\/p><h2>Follow the money, and some of it leaves<\/h2><p>A natural question about all this machine activity: when the bots move dollars, does anything flow out beyond the trade, or does it all circulate inside the system? We traced where the busiest bots send their tokens.<\/p><p>About half of the outflow is simply them trading: dollars into DEX pools and routers. Another quarter goes to more automated contracts &#8211; unindexed routers and bots, the same infrastructure one layer down. About $0.15 of every dollar exits to named exchange deposit addresses &#8211; Coinbase, Binance, OKX, and Bybit. Put another way: about 75 cents of every bot dollar circulates within the on-chain system, and about 15 cents exits to named exchanges. The remaining\u00a0onchain\u00a0flow is the USDC minter contract, where bots burn and re-mint to move dollars between chains, plus bridges, lending, and a thin residual of market-maker treasuries.<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-37932 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-8.png\" alt=\"Horizontal bar chart showing outflow destinations from the busiest stablecoin bot wallets, with about 15% swept to centralised exchange deposit addresses\" width=\"1523\" height=\"791\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-8.png 1523w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-8-300x156.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-8-1024x532.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/image-8-768x399.png 768w\" data-sizes=\"(max-width: 1523px) 100vw, 1523px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1523px; --smush-placeholder-aspect-ratio: 1523\/791;\" \/><\/p><p><i>Source: Crystal Foresight<\/i><\/p><p>So the bot economy is not entirely self-contained. Most of the activity stays internal &#8211; trading, rebalancing among the machines themselves &#8211; but a real and traceable slice ends up deposited at the big exchanges.<\/p><h2>What it means<\/h2><p>A decentralized exchange is a public ledger of who did what. Read carefully, it tells you something the volume number alone never will: most \u201cstablecoin trading\u201d is not trading in the sense you picture. It is a few thousand automated systems &#8211; arbitrage bots, aggregator routers, and market-makers &#8211; moving dollars between each other and across volatile markets, with a long tail of people doing comparatively little.<\/p><p>For compliance teams and institutional participants, this changes how DEX volume should be interpreted. A rising volume figure does not mean more people are using stablecoins; it may mean more bots, running more strategies, through infrastructure that has no public face. For investigators, the same ledger that reveals machine dominance also names the players: Wintermute\u2019s $13B monthly EVM footprint is traceable, and the flow from bot wallets to Coinbase, Binance, and OKX deposit addresses is on-chain and auditable.<\/p><p>The chain does not show everything. It does not tell you who owns the bot or why they are trading. But it is the only place where the question of who is actually behind stablecoin volume has any answer at all.<\/p><h2>Frequently asked questions<\/h2><p><b>Is &#8220;machine&#8221; trading bad?<\/b><\/p><p>No. Arbitrage and market-making keep prices consistent across venues and tighten spreads for everyone &#8211; that is useful work. The point is not that automation is wrong; it is that a single volume figure hides who is doing the trading and why, which matters if you are reading that figure as a sign of human adoption.<\/p><p><b>Does &#8220;mostly machines&#8221; mean it isn&#8217;t real people?<\/b><\/p><p>&#8220;Bot&#8221; describes the\u00a0<i>method<\/i>, not the operator: a wallet trading thousands of times a day is automated, but the operator could be a major market-maker or one person running a strategy from a laptop. The data shows the\u00a0<i>activity<\/i>\u00a0is overwhelmingly automated and cycles through shared infrastructure; it does not tell you who owns the operation behind each bot.<\/p><p><b>How can you tell a bot from a person without names?<\/b><\/p><p>By behavior. A wallet that trades 28 days a month, across a dozen venues, thousands of times, at a few hundred dollars a trade, is not a person. One that appears twice a month on a single venue probably is. We classify by these signatures &#8211; trade count, active days, venue spread, trade size &#8211; and are candid that it is a classification method, not a definitive census.<\/p><p><b>What is a &#8220;proprietary AMM,&#8221; and why does it have no website?<\/b><\/p><p>It is a market-maker that quotes prices on-chain from its own capital and connects directly to aggregators. Users never interact with it; the aggregator routes orders to whichever venue offers the best price. No storefront is needed. HumidiFi, SolFi, and BisonFi are examples &#8211; among the largest venues on Solana, with no public interface.<\/p><p><b>If volume is down, how is activity up?<\/b><\/p><p>Dollar volume fell by about 70% from its late-2025 peak, but the number of trades did not. Trades simply got much smaller &#8211; average sizes fell roughly fourfold &#8211; as aggregator routing and high-frequency strategies fragmented the same flow into far more, far tinier pieces.<\/p><p><b>Do the newer stablecoins behave differently from each other?<\/b><\/p><p>Strikingly so &#8211; see &#8220;Which dollars the machines prefer&#8221; above. They also differ in\u00a0<i>what<\/i>\u00a0they trade against: most newer stablecoins trade almost entirely against other dollars (cycling in and out of yield and borrowing positions), where the two majors trade heavily against volatile assets. That asset-pair breakdown is a companion analysis to this one.<\/p><p><i>Data as of 25 June 2026. Figures derived from Crystal Intelligence and Dune Analytics on-chain data. DEX volume is gross and includes automated and aggregator-routed activity; figures are directional. June 2026 is a partial month to the 25th. This report is for informational purposes only and does not constitute investment advice.<\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1ccc4e96 e-con-full e-flex e-con e-child\" data-id=\"1ccc4e96\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-34823650 elementor-widget elementor-widget-text-editor\" data-id=\"34823650\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>Track what\u2019s actually happening in the stablecoin market<\/b><\/p><p>Crystal Foresight gives compliance teams, institutional participants, and investigators on-chain visibility across 99% of the stablecoin market. 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This analysis draws on 18 months of DEX transaction data to answer a question the volume number alone cannot: who is actually behind stablecoin trading on decentralised exchanges? Key takeaways A [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":37921,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[776],"tags":[],"class_list":["post-37920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stablecoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.6 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Who Actually Trades Stablecoins on a DEX?<\/title>\n<meta name=\"description\" content=\"Crystal Foresight analysed 18 months of stablecoin DEX data. Automated systems drive 65% of volume. 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Automated systems drive 65% of volume. See who is really behind the numbers.","breadcrumb":{"@id":"https:\/\/crystalintelligence.com\/stablecoin\/who-actually-trades-stablecoins-on-a-dex\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/crystalintelligence.com\/stablecoin\/who-actually-trades-stablecoins-on-a-dex\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/crystalintelligence.com\/stablecoin\/who-actually-trades-stablecoins-on-a-dex\/#primaryimage","url":"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/Blog-mono-1.png","contentUrl":"https:\/\/crystalintelligence.com\/rohirov\/2026\/07\/Blog-mono-1.png","width":1244,"height":628,"caption":"On-chain analysis of 18 months of stablecoin DEX trading shows automated systems run 65% of volume - and why that changes how you read the market."},{"@type":"BreadcrumbList","@id":"https:\/\/crystalintelligence.com\/stablecoin\/who-actually-trades-stablecoins-on-a-dex\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/crystalintelligence.com\/"},{"@type":"ListItem","position":2,"name":"Who actually trades stablecoins on a DEX"}]},{"@type":"WebSite","@id":"https:\/\/crystalintelligence.com\/#website","url":"https:\/\/crystalintelligence.com\/","name":"Crystal Intelligence","description":"Crystal Intelligence provides transaction monitoring and analysis for financial institutions","publisher":{"@id":"https:\/\/crystalintelligence.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/crystalintelligence.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/crystalintelligence.com\/#organization","name":"Crystal Intelligence","alternateName":"Crystal Intelligence","url":"https:\/\/crystalintelligence.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/crystalintelligence.com\/#\/schema\/logo\/image\/","url":"https:\/\/crystalintelligence.com\/rohirov\/2025\/09\/crystal-intelligence-logo.svg","contentUrl":"https:\/\/crystalintelligence.com\/rohirov\/2025\/09\/crystal-intelligence-logo.svg","width":152,"height":42,"caption":"Crystal Intelligence"},"image":{"@id":"https:\/\/crystalintelligence.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/CrystalBlockchainAnalytics","https:\/\/x.com\/CrystalPlatform","https:\/\/www.linkedin.com\/company\/crystal-blockchain-analytics\/"]},{"@type":"Person","@id":"https:\/\/crystalintelligence.com\/#\/schema\/person\/76f8d82aa7b19d018603b629baeeb9c6","name":"nicolette.brown","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/41a1dc693bbd1f4633035f1b2e1c1e2cabff0993a0014ddc5ff44d674b5f6438?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/41a1dc693bbd1f4633035f1b2e1c1e2cabff0993a0014ddc5ff44d674b5f6438?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/41a1dc693bbd1f4633035f1b2e1c1e2cabff0993a0014ddc5ff44d674b5f6438?s=96&d=mm&r=g","caption":"nicolette.brown"}}]}},"_links":{"self":[{"href":"https:\/\/crystalintelligence.com\/dacomuf\/wp\/v2\/posts\/37920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crystalintelligence.com\/dacomuf\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crystalintelligence.com\/dacomuf\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crystalintelligence.com\/dacomuf\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/crystalintelligence.com\/dacomuf\/wp\/v2\/comments?post=37920"}],"version-history":[{"count":14,"href":"https:\/\/crystalintelligence.com\/dacomuf\/wp\/v2\/posts\/37920\/revisions"}],"predecessor-version":[{"id":37945,"href":"https:\/\/crystalintelligence.com\/dacomuf\/wp\/v2\/posts\/37920\/revisions\/37945"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crystalintelligence.com\/dacomuf\/wp\/v2\/media\/37921"}],"wp:attachment":[{"href":"https:\/\/crystalintelligence.com\/dacomuf\/wp\/v2\/media?parent=37920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crystalintelligence.com\/dacomuf\/wp\/v2\/categories?post=37920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crystalintelligence.com\/dacomuf\/wp\/v2\/tags?post=37920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}