Aerodrome liquidity farming accounted for about $109 billion of the $121 billion in USDC transfers recorded on Sep. 23, according to on-chain analyst RyeBlocks. The estimate attributes roughly 90% of the day’s reported USDC transfer volume to farming on Aerodrome, a decentralized exchange on Base. RyeBlocks also estimated that one-tick farming, which uses a very narrow liquidity range, generated about 75% of USDC transfer volume in data measured since Aerodrome launched. The figures count token movements rather than confirmed payments, and the remaining roughly $12 billion cannot be assumed to have consisted entirely of payment activity. Aerodrome launched on Aug. 28, 2023, and uses concentrated liquidity alongside another pool design, with eligible liquidity providers receiving AERO rewards determined through weekly voting. Repeated movements through pool contracts can inflate transfer records without representing new purchases or payments. Visa’s onchain dashboard and Dune similarly distinguish raw transfer activity from adjusted or categorized measures that account for bots, trading, routing, DeFi and other repeated movements. Circle reported $14.8 trillion in USDC onchain transaction volume for the second quarter of 2026, up 151% from a year earlier, but that company-wide quarterly figure includes trading, transfers and payments and is not directly comparable with RyeBlocks’ single-day estimate. Circle also reported that USDC represented 99.3% of payment volume measured through x402, while Bernstein estimated adjusted stablecoin volume at an annualized $17 trillion through July. Circle agreed in September to buy Tazapay for $400 million in stock, subject to approvals including clearance from the Monetary Authority of Singapore.