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Do these trades involve synthetic USD crypto-coins that are issued by some central party (so 100% not decentralised)?



Yes as they trade on spot DEX market. However Frax, TerraUSD (RIP) volume is not that huge AFAIK.

I think the only synthetic, or fractionally backed stables left are Ohm and Frax. They do not have any significant market share.

Most volume is in

- USDT/USDC pairs

- ETH pairs

- BNB pairs

I run a website that tracks this stuff:

https://tradingstrategy.ai/trading-view/exchanges




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