The USDC/sUSDS trading pair on Uniswap V3 has emerged as a notable liquidity pool in the decentralized finance (DeFi) ecosystem, offering users a stable and efficient way to exchange between two dollar-pegged assets. With a minimal 0.05% fee tier, this pool caters to traders and liquidity providers seeking low-cost, high-efficiency transactions in the stablecoin market.
Current Market Overview
As of the latest data, the price of USDC/sUSDS is trading at $1.0007**, reflecting a slight increase of **0.07% over the past 24 hours**. The market has remained remarkably stable, with a 24-hour price range between **$1.00 (low) and $1.0008 (high), indicating strong peg adherence and minimal volatility.
Despite its stability, trading activity remains relatively low, with a 24-hour trading volume of $48.21 across just 3 recorded transactions. This suggests that the pool may still be in its early adoption phase or primarily used for specific arbitrage or yield strategies rather than broad retail trading.
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Liquidity and Pool Metrics
The total liquidity in the USDC/sUSDS pool stands at $9,942.96, distributed between the two assets:
- Pooled USDC: 5,066.83 tokens (valued at $5,070.52)
- Pooled sUSDS: 4,652.57 tokens (valued at $4,928.06)
This near-even distribution reflects balanced demand for both tokens within the pool. The slight valuation difference is due to exchange rate dynamics and token supply variances.
The pool was created 26 days ago, making it a relatively new addition to Uniswap V3. However, it shows signs of ongoing engagement, with the most recent transaction occurring within the last 24 hours. The contract address for this pool is 0x735cdc75fb1f24f53bb8ffa4e7eb2d795005210f, and it has been verified—adding a layer of trust for users.
A proxy contract was detected in the codebase, which is common in upgradable smart contracts but warrants monitoring for transparency. Importantly, there is no evidence of honeypot behavior, meaning users can reasonably expect to buy, sell, and withdraw funds without malicious restrictions.
Understanding sUSDS and Its Relationship with USDC
sUSDS is a synthetic asset issued by Synthetix, representing a synthetic version of USD. While USDC is a fully backed, centralized stablecoin issued by Circle, sUSDS operates on a collateralized debt model within the Synthetix protocol. Despite their different underlying mechanisms, both aim to maintain a 1:1 peg to the US dollar.
The current exchange rate shows that 1 USDC = 0.946 sUSDS, which implies a slight discount when converting USDC into sUSDS. This deviation from parity could be due to demand imbalances, funding rates in Synthetix, or temporary market inefficiencies—opportunities that arbitrageurs might exploit.
For context, 1 USD allows you to acquire approximately 0.9993 USDC, underscoring the tight peg maintained by USDC across exchanges and platforms.
Key Holders and Market Distribution
USDC remains one of the most widely held stablecoins in the crypto space, with approximately 3.45 million holders globally. Among the largest holders is the Sky (MakerDAO) wallet, identified by the address 0x37305b1cd40574e4c5ce33f8e8306be057fd7341. This entity holds an impressive 2.62 billion USDC, valued at over $2.61 billion.
Such centralized holdings are typical in DeFi, where protocols like MakerDAO hold large reserves for collateral and system stability. However, they also highlight counterparty risks associated with reliance on institutional custodians.
GT Score and Risk Assessment
GeckoTerminal assigns this pool a GT Score of 67.58, indicating moderate reliability and performance based on factors like liquidity depth, transaction frequency, contract safety, and price stability.
Key risk indicators include:
- ✅ Contract verified
- ✅ No honeypot detected
- ⚠️ Proxy contract present (standard but requires caution)
- 🔁 Recent transaction within 24 hours
These metrics suggest a legitimate and functioning pool suitable for cautious participation, especially for experienced DeFi users familiar with Uniswap V3’s concentrated liquidity model.
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Where to Trade USDC/sUSDS
The USDC/sUSDS pair is available on several platforms:
- Uniswap V3 – Primary DEX with 0.05% fee tier
- KyberSwap – Aggregator offering optimized routing
- Maestro Bot – Automated trading interface
Uniswap V3 remains the most transparent and widely used venue, benefiting from deep integration with wallets like MetaMask and enhanced analytics tools.
Fully Diluted Valuation and Broader Context
The Fully Diluted Valuation (FDV) of USDC sits at $41.3 billion, reflecting the total value if all issued tokens were in circulation. Given that USDC is already one of the largest stablecoins by market cap, this figure aligns closely with its actual supply.
This massive scale underscores USDC’s role as a backbone asset in DeFi—used for lending, borrowing, trading, and cross-chain transfers across Ethereum, Solana, Avalanche, and more.
FAQ Section
Q: What does the 0.05% fee mean for traders?
A: The 0.05% fee is charged on each trade within the pool and goes directly to liquidity providers. It’s one of the lowest fee tiers on Uniswap V3, ideal for stablecoin pairs where price movements are minimal and high precision is required.
Q: Is sUSDS the same as USDC?
A: No. USDC is a fiat-collateralized stablecoin issued by Circle, while sUSDS is a synthetic USD token from Synthetix backed by crypto collateral. They track the dollar but have different issuance mechanisms and risk profiles.
Q: Why is the USDC/sUSDS price not exactly $1?
A: Minor deviations occur due to supply-demand imbalances, platform-specific pricing, or temporary inefficiencies. At $1.0007, the difference is negligible and well within normal bounds for DeFi markets.
Q: Can I provide liquidity to this pool safely?
A: Yes, provided you understand impermanent loss risks—even in stablecoin pools—and confirm contract legitimacy. This pool’s verified status and lack of honeypot features increase its credibility.
Q: How often does the price update?
A: Prices update in real-time based on on-chain activity. Major changes occur after trades or liquidity additions; otherwise, the rate remains stable due to algorithmic pricing models.
Q: What’s the significance of a proxy contract?
A: A proxy allows developers to upgrade the contract without changing its address. While useful for fixes and improvements, it introduces centralization risk if not governed transparently.
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Final Thoughts
The USDC/sUSDS pool on Uniswap V3 exemplifies the evolving complexity of DeFi markets—where even seemingly simple stablecoin trades involve nuanced dynamics between synthetic assets, liquidity engineering, and protocol incentives.
While current volume and activity are modest, the presence of verified contracts, balanced reserves, and integration with major platforms makes this pool a viable option for users exploring synthetic dollar exposure or efficient stablecoin swaps.
As always in DeFi, due diligence is critical. Use trusted tools to verify contracts, monitor price feeds across exchanges, and only interact with interfaces you trust.
By combining technical insight with cautious participation, users can navigate pools like USDC/sUSDS with confidence—and potentially benefit from emerging opportunities in the decentralized economy.
Core Keywords: USDC, sUSDS, Uniswap V3, stablecoin trading, liquidity pool, DeFi exchange, GT Score, 0.05% fee