USDC and USDT are two of the biggest stablecoins around the cryptocurrency platforms. The same occurs on ALgorand, where the most common stablecoins there are these. Today, we are gonna analyze what is the number of people that are currently holding some USDC vs USDT. Furthermore, we will take a look at they number of transactions over time, as well as the distribution of holding among the respective wallets.

Then, we are gonna proceed to compute the number of holdings of each stablecoin. To do that, I taken into account those wallets who currently hold some amount above 0 avoiding null values. I made a bar plot for it as well as a donut to show the percentage of users holding each stablecoin.

As we can see, there are a liitle bit more users holding USDT rather than USDC. A total of 18.1k users are holding USDT, while 16.7k are holding USDC. Then, 52.1% of the stablecoin holders are choosing USDT and 47.9% USDC.

Now, we will take a look at the daily transaction competition over time. Which of these two stablecoin have the best performance?

As we can see, the first stablecoin transactions started in February 2020 and only USDT were involved. However, few wallets transacted with it. Not until September of that year, the USDC transactions started to appear. Once both stablecoins were involved in transactions, the number of activities started to increase in both stablecoins. Until the end of the year, there was a heavy competition between both. Then, the dominance of USDC transactions started. This dominance was present till March 2021. Afterthat, the daily transactions in both cases surpassed the 1k and the competition came back again. However, until September 2021, the number 1 in transactions was USDC. From that date, the number 1 position was changing day by day and the number of daily transactions exceeded the 10k in each case. Now, during the last week, there has been a dominance of USDC transactions again.

Finally, we will compare the USDT and USDC holder distributions. To show a good overview of distributions, I created some buckets of users. The same for both because of the price of the currencies are the same:

• A. Whales holding more than 1M
• B. Little Whales holding between 100k and 1M tokens
• C. Sharks holding between 1k and 100k tokens
• D. Fishes holding between 250 and 1k tokens
• E. Frogs holding between 50 and 250 tokens
• F. Carbs holding less than 50 tokens

As a result, it seems that USDC are more wealthy distributed than USDT because of there are moer wallet in the groups and the dominance of Crabs are lower. For USDT, the Crabs (who holds less than 50 tokens) has a dominance of more than 97%. In the case of USDT 92%. This may occure because of different factors. One of them could be the users interests, and another one and related to previous factor, the uses of each stablecoin in Algorand projects. Maybe, some projects are using one stablecoin and not the other, and it may affect the dsitribution of these tokens among wallets.