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QuipuSwap Stableswap Review 2026: Tezos Stable-Asset DEX

QuipuSwap Stableswap is a Tezos exchange module for trading stablecoins and similarly priced tokens with low slippage. It has an audit on record, but its liquidity is thin.

Tezos

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.8/10

Mixed

Visit QuipuSwap Stableswap

Our verdict on QuipuSwap Stableswap

5.8/10

QuipuSwap Stableswap suits Tezos users who need to swap stablecoins or pegged assets such as uUSD, kUSD and USDT with less slippage than a standard pool. Its main strength is the stable-pool design backed by a published Runtime Verification audit. The main caveat is size: liquidity is around $36,000, so larger trades may see poor pricing, and depeg or smart-contract risk still applies. Check the quoted rate and fees before every swap.

Score breakdown

How QuipuSwap Stableswap scores

Security: 6.5/10
Ease of use: 6.5/10
Fees: n/a
Features: 5.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is QuipuSwap Stableswap?

QuipuSwap Stableswap is the stable-asset trading module of QuipuSwap, a decentralized exchange on Tezos. DefiLlama describes it as a platform for price-efficient, low-risk trading of stablecoins and equal-price tokens. It has been listed on DefiLlama since June 2023.

The product is narrow by design. It handles swaps between assets that should hold the same value, such as the uUSD, kUSD and USDT pool referenced in third-party route examples. The main QuipuSwap site presents the wider exchange as a Tezos DEX with on-chain governance for baking rewards.

Scale is small. DefiLlama shows about $36,000 in total value locked, and other trackers show figures in the same range. That makes it a niche venue, mostly useful as a routing hop for Tezos stablecoins.

How QuipuSwap Stableswap works

QuipuSwap Stableswap is an automated market maker. Instead of an order book, users trade against pools of tokens held in smart contracts, and liquidity providers deposit tokens into those pools and earn a share of trading fees.

Standard pools use a constant-product formula, which causes noticeable slippage even for tokens meant to be worth the same. Stable pools use a curve that is flatter near the peg, so swaps between similarly priced assets like USD stablecoins incur a much smaller price impact, as long as the pool stays balanced.

Pools are created through a factory contract. One published pool combines uUSD, kUSD and USDT, and routers such as 3Route can send trades through it when converting between those assets.

6 features

Key features

Stable-asset pools

Pools are designed for assets expected to trade near the same price, which keeps price impact low compared with a standard constant-product pool.

Multi-token pools

A published example pool pairs uUSD, kUSD and USDT, so several stablecoins can sit in one pool rather than only two.

AMM factory contracts

Pools can be created through a factory contract, described in the audit as a DEX Factory mode.

Published audit

Runtime Verification published an audit of the Stableswap DEX Factory mode, and DefiLlama lists two audits for the project.

Aggregator routing

Routing tools such as 3Route have used the Stableswap pool as a hop, for example converting kUSD to uUSD after an XTZ swap.

QuipuSwap ecosystem

It is part of the wider QuipuSwap ecosystem on Tezos, alongside other QuipuSwap exchange versions.

Pros and cons

What we like

Stable-pool design gives low slippage for similarly priced assets when pools are balanced.
Runtime Verification published an audit of the Stableswap DEX Factory mode.
Part of the long-running QuipuSwap ecosystem on Tezos.
Supports multi-token pools such as uUSD, kUSD and USDT.
Used as a routing step by aggregator tools.

Watch out for

Total value locked is very small, about $36,000 on the latest DefiLlama figure, so large trades will move prices.
Liquidity is limited to Tezos stablecoin and pegged-asset pools, with no coverage of other chains.
Stable pools carry depeg risk: if one asset in a pool loses its peg, liquidity providers can take losses.
Fee levels are not stated, so users must check them in the app.
The audit is listed on a single security firm's report; no bug bounty or insurance cover is mentioned.
Team details and recent development activity are not clearly published.

QuipuSwap Stableswap fees

The sources reviewed do not publish a Stableswap fee schedule. Swap fees, if any, and the share going to liquidity providers are shown in the app before a trade or deposit is confirmed.

You also pay Tezos network fees on each transaction. These are set by the chain rather than by QuipuSwap, and they are typically small compared with fees on Ethereum.

Is QuipuSwap Stableswap safe?

Runtime Verification published an audit of the QuipuSwap Stableswap DEX Factory mode, and DefiLlama lists two audits. Public sources reviewed do not show a bug bounty, insurance or any past exploit. Audits reduce risk but do not guarantee safety.

The exchange is non-custodial, so you keep control of your tokens in your own wallet. The main risks are smart-contract bugs, a stablecoin losing its peg, and low liquidity. Check the pool composition and size before depositing, and only use funds you can afford to lose.

6 steps

How to get started with QuipuSwap Stableswap

1
Install a Tezos wallet such as Temple or Kukai and fund it with XTZ for network fees.
2
Open the QuipuSwap site and check that you are on the official domain.
3
Connect your wallet and open the Stableswap section.
4
Select the stable pool or token pair you want, for example uUSD, kUSD or USDT.
5
Review the quoted rate, price impact and fees, then confirm the swap in your wallet.
6
If you add liquidity, start with a small amount and check how the pool's assets are weighted.

Open QuipuSwap Stableswap

Who QuipuSwap Stableswap is for

This is for Tezos users who hold stablecoins or pegged tokens and want to swap them cheaply, and for liquidity providers who understand stable-pool and depeg risk. It is a poor fit for people who need deep liquidity, multi-chain access or a broad token list.

QuipuSwap Stableswap FAQs

What is QuipuSwap Stableswap?

It is the stable-asset trading module of the QuipuSwap exchange on Tezos. It is built for swapping stablecoins and tokens that should trade at about the same price, such as uUSD, kUSD and USDT.

Which blockchain does QuipuSwap Stableswap run on?

DefiLlama lists QuipuSwap Stableswap on Tezos only. The latest listed total value locked is about $36,000, with a 7-day change of roughly -3%.

Has QuipuSwap Stableswap been audited?

Runtime Verification published an audit of the QuipuSwap Stableswap DEX Factory mode. An audit lowers risk but does not remove it, and smart-contract bugs and stablecoin depegs remain possible.

Does QuipuSwap Stableswap have a token?

The project is associated with the QUIPU token, which DefiLlama lists for the QuipuSwap ecosystem. The project does not describe a separate token for the Stableswap module.

Is it good for large swaps?

Stable pools are designed to keep price impact low when swapping similarly priced assets. With total liquidity this small, though, larger swaps may still see noticeable slippage, so check the quoted rate before confirming.

What does it cost to use?

Fees are not published in the sources reviewed. The swap interface should show the rate and any fee before you confirm a trade.

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