USD0’s liquidity layer is evolving toward a more efficient, streamlined structure. This update transitions the system to a setup designed to reduce friction for users while strengthening the foundation for upcoming products.
The liquidity layer is entering its next phase as part of the adjustments introduced with UIP-11 and the broader move toward disinflation. These changes refine how incentives are allocated across USD0 markets and prepare the protocol for the products scheduled to arrive at the end of Q4 2025. The transition unfolds across a few key dates, each marking a defined step in the updated structure.
19 November — End of Curve Incentives & Start of New Cycle
On 19 November 2025, incentives for the Curve USD0/USDC pool will end.
This change is reflected immediately in the app, where the pool displays a 0% APY, along with a migration option for users who wish to move their liquidity.
For existing LPs, reward processing follows the standard validation flow:
Pending rewards stop accruing on 20 November at 02:00 UTC, as no new rewards are added after the final cycle.
Claimable rewards update three days later, following the usual three-day pending period required before final validation.
This shift is part of the protocol’s effort to reduce inflation while maintaining deep and efficient USD0 liquidity, consistent with the goals outlined under UIP-11.
Between 19 November and 9 December — Temporary Continuity Through Fluid
During the transition, the Fluid USD0/USDC pool will continue to operate as usual.
Its purpose is to remain available during the migration phase, providing continuity as the system moves from Curve to the new setup.
However, this is only a temporary condition.
Fluid will not be the long-term home for liquidity, and it will be deprecated once the new incentivized venue is active.
Users can choose to remain in Curve without incentives, continue using Fluid during this short window, or wait for the upcoming pool that will serve as the primary liquidity venue.
9 December — Start of Incentives on Uniswap v3
A new Uniswap v3 USD0/USDC pool will open and begin receiving incentives on 9 December 2025.
It will be available directly in the dApp, allowing users to deposit into the incentivized range with a smooth, integrated UX.
This pool becomes the main target for USD0/USDC incentives starting in December.
Fluid’s role in the transition ends on the same day, as it will be deprecated once incentives begin on Uniswap v3.
Broader Liquidity Strategy
In parallel with these changes, the DAO will allocate additional capital to strengthen liquidity for:
USD0
EUR0
USD0++
This capital will be deployed across relevant markets to support the new products scheduled for launch at the end of Q4 2025.
The migration to Uniswap v3 is part of a broader shift toward a liquidity model that provides more efficiency, tighter incentive control, and better alignment with the upcoming expansion of the product suite.
What Does Not Change
The Curve USD0/USD0++ pool and its incentives remain unchanged.
No migration guidance is being introduced for USD0++ at this time.
A Clear Transition Into Q4
Together, these points outline the full transition:
Curve incentives have ended and the dApp now displays 0% APY with a migration option
20 November at 02:00 UTC: pending rewards stop accruing
23 November: claimable rewards update following the standard validation window
9 December: the Uniswap v3 USD0/USDC pool becomes incentivized; Fluid is deprecated
This sequence provides a clear and predictable shift toward the updated USD0 liquidity setup while maintaining a smooth path for users throughout the transition.
