Stablecoins on Algorand

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.

Stablecoins are now used in real-world instances; from cross-border payments to functioning as banking infrastructure for those without access, stablecoins are growing in popularity around the world.

List of Stablecoins on Algorand

The following stablecoins can already be found on the Algorand blockchain:

• Tether USD

  • Tether is a market-leading stablecoin issuer that launched the largest stablecoin by market capitalization, Tether USD, in 2014. Since then, USDT has managed to maintain its first-mover advantage to establish itself as the leading stablecoins for cryptoasset traders and investors.

• USD Coin

  • USDC is a fully-reserved U.S. dollar-backed stablecoin, launched by industry pioneers Coinbase and Circle. Each USDC is backed 1:1 by U.S. dollar reserves held in regulated U.S. financial institutions and is subject to monthly attestation by a leading global auditing firm to provide utmost transparency for its holders.

• RealioUSD

  • Realio is an asset tokenization platform that democratizes access to illiquid investments, such as real estate. To enable its users to seamlessly invest in tokenized real estate investments on its platform, Realio has launched a U.S. dollar-backed stablecoin called realioUSD (rUSD).

• QCAD

  • Stablecorp is the company behind the first-ever fully-compliant Canadian dollar stablecoin, called QCAD. Stablecorp chose Algorand to explore new, scalable enterprise and consumer implementations of its stablecoin. What’s more, QCAD is the first non-U.S. dollar-backed stablecoin to be issued on Algorand, enabling a synthetic USD/CAD trading pair on the network.

• Monerium

  • Monerium is a fully licensed e-money fintech company working to deliver a digital currency platform on which users can transact in digital currencies between individuals and businesses, as well as facilitate the cross-border exchange of the digital Icelandic krona, digital euro, and digital British pound.

Description of work:

• In this Bounties we want to examine three of the Stablecoins on Algorand:
  • 1- Tether USD (USDT) ---> [asset_id = 312769]
  • 2- USD Coin (USDC) ---> [asset_id = 31566704]
  • 2- realioUSD (rUSD) ---> [asset_id = 2757561]
• We want to examine Stablecoins by:
  • 1- What is the total monthly transaction volume for stablecoins on Algorand?
  • 2- What are the most popular stablecoins monthly?
  • 3- How much of the total StableCoin supply on Algorand is being lent or borrowed?

1 ---> What is the total monthly transaction volume for stablecoins on Algorand?

• For do this:
  • We check the USDC by [asset_id = 31566704], USDT by [asset_id = 312769] and rUSD by [asset_id = 2757561] in [algorand.asset_transfer_transaction] table and count(tx_id) for number of transaction and sum(amount/1e6) for transaction volume

According to the above charts, it can be seen that:

• The USDC has more number of transactions per month than the USDT and rUSD
• The USDC monthly transaction volume is much larger than the USDT and rUSD

2 ---> What are the most popular stablecoins monthly?

According to the above charts, it can be seen that:

• USDC is more popular than USDT in terms of number of transactions and transaction volume

3 ---> How much of the total StableCoin supply on Algorand is being lent or borrowed?

• For do this:
  • We use the [algorand.application_call_transaction] table and we could only check for algofi and we could not find any data in tinyman or pactfi in try_base64_decode_string (tx_message: txn: note :: string) for checked borrowed or lent:
    • try_base64_decode_string(application.tx_message:txn:note::string) = 'Market: b' is borrowed
    • try_base64_decode_string(application.tx_message:txn:note::string) = 'Market: mt' is lent

According to the above results, it can be seen that:

• In algofi only USDC is borrowed or lent
• The lent amount for USDC in algofi is 157949975.510538
• The amount borrowed for USDC in algofi is 120098036.662744 Is