Uniswap

For a payment firm or a bank that issues a stablecoin, Uniswap is a place where holders can convert the token without a broker. Société Générale's unit SG-FORGE opened Uniswap markets for its euro stablecoin EURCV and its dollar stablecoin USDCV, with the market maker Flowdesk keeping the pools liquid, and lending markets for both on Morpho. The Swiss franc stablecoin Frankencoin trades on Uniswap and Curve as well.

A pool for two stablecoins of the same currency needs little capital to keep the price near one to one; a euro to dollar pool behaves like an FX market and moves with the exchange rate. The decentralized exchange page explains the payments use, and euro stablecoins lists the euro tokens such a pool can hold.

Each Uniswap pool holds reserves of two tokens and prices swaps with the constant product formula x * y = k, which must stay the same or rise after every trade. Liquidity providers deposit both tokens and earn the swap fee set for the pool. In v2 their share is a fungible pool token. Uniswap v3 introduced concentrated liquidity, where a provider chooses a price range, and each position is an NFT. Uniswap v4 keeps that model and adds a single contract for all pools, flash accounting and hooks, code that runs before or after a swap and lets a pool add rules such as dynamic fees.

Hooks matter for regulated issuers: a pool can check conditions before a swap goes through, which is one way to build markets that only admit approved wallets. The answer on liquidity pools describes the provider's side of a pool.

Swap fees go to the liquidity providers. The protocol can take a share of them once governance switches the fee on. In December 2025 UNI holders passed the "UNIfication" proposal, which turned on protocol fees for supported pools, burns UNI with the proceeds and burned 100 million UNI from the treasury, as The Block reported. The proposal also moved the Uniswap Foundation's tasks to Uniswap Labs and ended Labs' interface fees.

Decentralized exchanges such as Uniswap were the subject of the DEX vs CEX panel at the German Blockchain & AI Week 2025 in Berlin, which Finance Loop supported. Finance Loop's partners DeFiAM Labs and the Multichain Asset Managers Association work on DeFi for regulated firms, and Finance Loop brings their people together with banks and payment firms at events in Frankfurt, Munich, Berlin and Hamburg.

Uniswap pools hold two tokens each. A trader sends one token to the pool and receives the other at a price set by the ratio of the reserves. Liquidity providers fund the pools and earn the swap fees.

Hooks are contracts that a Uniswap v4 pool calls before or after a swap or a liquidity change. They let a pool add its own logic, for example dynamic fees or checks on who may trade.

The protocol earns a share of swap fees in pools where governance has switched protocol fees on, and that share is used to burn UNI. Uniswap Labs, the company, builds the app and wallet; it dropped its interface fees under the UNIfication proposal.

SG-FORGE of Société Générale lists its stablecoins EURCV and USDCV on Uniswap, with Flowdesk as market maker, so holders can swap between the euro and the dollar token onchain.