Introduction:

Stablecoins are a type of digital asset designed to maintain a stable value, typically linked to a fiat currency or a commodity, and have found product market fit when it comes to transacting and accounting.

Three of the most used stablecoins in swaps on Algorand blockchain are USDC, USDT and STBL tokens.

The popularity of these stablecoins in the March is investigated by these metrics:

• Number of swaps
• Volume of swaps
• Number of unique swappers
• popularity over time

The total number of swaps and share of each stablecoin on swaps of Algorand blockchain on March are shown in this figure. As shown in this figure, USDC stablecoin with 58954 swaps stands in the first rank and get over 62% of swaps on Algorand blockchain. STBL and USDT stand on the next ranks with 28.5% and 8.82% of swaps, respectively.

One of the important metrics to evaluate the popularity of stablecoin is the number of unique users or in this case swappers. The number of unique swappers for each stablecoin on March is shown in this bar figure. As shown in this figure, USDC is used by 3299 unique wallets in swaps and reaches the first place.

The popularity of these stablecoins by volume of swaps is shown in this figure. As shown in this figure, the USDC stablecoin with over 15 million volume of swap reach the first place and had the 73.4% of swap volumes in March. As stated n the previous section, STBL and USDT were in the next ranks, respectively.

The popularity of these stablecoins over time in March is shown in this animated figure. As shown in this figure, always USDC had the first place but in some days USDT passed the STBL on popularity however, the STBL had higher popularity than USDT in overall.