Uniswap’s StablePair Hook became Ethereum’s highest-volume liquidity pool within five days of launching on September 10. Built with Uniswap v4’s custom-hook architecture, it targets stablecoin pairs including USDC/USDT and USDC/USDG, which represent a large share of on-chain trading. The mechanism adjusts fees according to a pool’s distance from a reference rate, keeping costs tight near equilibrium, raising them when trades move prices away and reducing them block by block. Traders that restore the reference rate pay no fees. The hook is designed to maximize the share of swap revenue earned by liquidity providers. Uniswap processed $43.4 billion in stablecoin-to-stablecoin swaps in Q2 2026, more than the next three on-chain trading venues combined. Uniswap Labs controls new pool creation through the initializePool function, while the hook’s parameters can be changed through Uniswap’s governance protocol. Its contract is deployed at 0x0000113dCf4ADd69999Fad8F20F2b63F979bfcC0 on Ethereum mainnet.