Introduction

UST depeg turbulence the algorithmic stablecoin sector of blockchains. This puts Stablecoins at the center of attentions.

This dashboard investigated the impact of UST crash on stablecoins on Algorand.

Results

SWAPS

In this analysis four stablecoins have been selected: USDT, USDC, STBL, rUSD.

Graphs below show the amount and number of swaps that stablecoins have been used in. We can see the dominance of USDC in swaps. The swap from stablecoins increased in May 2022.

The graph below shows the total amount of stablecoins swap from and to over time.

The graph below shows the net amount of stablecoins' swap. We can see that on May 11th interestingly, stablecoins being swaped for more than being used to swap for other tokens. However, the rest of the week the trend was changed.

Transactions

The graph below shows the monthly number of transactions that stablecoins involved in.

We can see that since October 2021, the number of transactions that stablesoincs involved in has increased. We can also see that STBL use in transactions is growing.

The graph below shows the monthly amount of stablecoins that have been used in transactions.

The graph shows a upward trend.

We can see that USDC has been used in almost half of stablecoins transactions. In terms of amount USDC is completely dominant.

Flow-in and flow-out

The graph below shows the flow of stablecoins from and to centralized exchanges over time.

The graph below shows the net amount flow in and out CEXes.

Summary of findings

The data shows that use of stablecoins within the Algorand blockchain is growing. The UST depeg, surprisingly, increased the use of stablecoins in swaps. We cannot see even a decrease in use of stablecoins in transactions. USDC is the leading stablecoin in ALGORAND. However, STBL adoption is growing.