description of work: In this work, we examine the stable coins in the Algorand from different points, like

• total monthly transaction volume for stablecoins on Algorand
• most popular stablecoins monthly
• total stablecoin supply on Algorand is being lent or borrowed
• impact of UST’s depeg affected the flow of funds in and out of various stablecoins on Algorand?

What is the total monthly transaction volume for stablecoins on Algorand

algorand foundation(https://algorand.foundation/algorand-stablecoins) has introduced 6 stablecoins on Algorand. There are 4 of them exist in the algorand.asset table which include: Tether USDt, USDC ,QCAD and realioUSD.

Most popular stablecoins on Algorand

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

We use the algorand.application_call_transaction table to find lent or borrowed stablecoins on Algorand. and use try_base64_decode_string(application.tx_message:txn:note::string) to now if a stablecoin is being lent or borrowed.

• if try_base64_decode_string(application.tx_message:txn:note::string) = 'Market: b' then token is borrowed
• if try_base64_decode_string(application.tx_message:txn:note::string) = 'Market: mt' token is lent

note: we could not find any data related to lent o borrowed stablecoins on tinyman or pactfi, we only get data from algofi and in algofi only USDC is borrowed or lent

Conclusion

The volume of transactions on Algornad for the USDC has always been higher than the USDT, and the USDC has always been more popular than the USDT stablecoin. But last month (May) when the UST depeg happened, the volume of transactions for the USDT decreased significantly and the volume of transactions for the USDC increased significantly. At the same time, negative news broke about Tether's mortgaged assets, prompting many people to trade their USDTs for the USDC.