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I swapped ETH for USDC twice in one year

The situation

Alex swapped ethereum for USDC stablecoin twice on a decentralised exchange. No pounds hit their bank account.

Quick answer

Each swap is a disposal of ETH for Capital Gains Tax. USDC is a separate pool when acquired. Report total gains and proceeds on SA108 if you meet reporting thresholds.

What to do

  1. Record sterling value of ETH disposed on each swap date
  2. Note fees and build USDC pool cost at receipt value
  3. Sum annual proceeds — check £50,000 reporting rule

Not financial or tax advice. Updated June 2026.