Introduction and methods

Stablecoins represent one of the clear success stories of Crypto. The growth of non-volatile assets pegged to a fiat currency has been a one of the clear trends in crypto in the last few years; but not all Stables are born equally... Many different projects proposed different models to define their own stablecoins. So far, the most important stablecoins have been USDT, known as Tether, and USDC, known as USDC Coin.

The bad news for stablecoins and the whole crypot market is the recently fail of UST to be pegged to 1$ that lead to LUNA, the main Terra ecosystem token fall to nearly 0. Other stablecoins seems to not be pegged correclty at all during the last few days.

For this reason, we will try to track the activity on Solana stablecoins over the past month in order to see if these most popular stablecoins so far experimented some anomalies since the depegging of UST, and if this event affected the flows of USDT and USDC stablecoins on Solana ecosystem.

Furthermore, we will compare their transactions and volume market share from the global stablecoin market on Solana. To do that, we will explore the following stablecoins:

• USDC
• USDT
• UST
• USDH
• UXD
• PAI
• NIRV
• DAI
• FRAX

Results

In terms of market shares, it can be clearly seen that USDC is the dominant in the stablecoins on Solana over the past month in both, transactions and volume. On the other hand, the USDT is the second most popular one. Both consitute more than 98% of the total volume market share.

In the first table, we can see the most important contracts and exchanges that made the most number of USDC swaps since the last month. The second one shows the same but considering the volume swapped.

In the first table, we can see the most important contracts and exchanges that made the most number of USDT swaps since the last month. The second one shows the same but considering the volume swapped.

In terms of USDC flow on exchanges, it seems that even the inflow and outflow of swaps looks similar, showing a similar netflow over time, the volume netflow looks so negative for USDC. The numbers remained cosntant over time.

In terms of USDT flow on exchanges, it seems that even the inflow and outflow of swaps looks similar as shown for USDC, the volume netflow looks so positive in this case. The amount of swaps increased during the last days of the analysis. However, the amount of volume swapped in and out was higher for the first phase of the study.

Key insights

• The volume market share of USDC and USDT is higher than 98% of the total stablecoin market. The first one representing more than 95%.
• It seems like during the last days and weeks, more people are swapping USDC and acquiring USDT.