Try Quests to earn cryptoLet's look into stablecoin data on Algorand
Q96. Chart some metrics on the total supply of stablecoins on Algorand. What is the total monthly transaction volume for stablecoins on Algorand? What are the most popular stablecoins monthly? How much of the total stablecoin supply on Algorand is being lent or borrowed? How has the impact of UST’s depeg affected the flow of funds in and out of various stablecoins on Algorand?
In this dashboard, we are going to explore the following things:
- Monthly Number of transactions where swapped from asset is a stable coin
- Monthly Number of transactions where swapped to asset is a stable coin
- Monthly Number of transactions involving a stable coin
- Market Share of stablecoins in terms of monthly number of transactions
- Monthly Volume of transactions where swapped from asset is a stable coin
- Monthly Volume of transactions where swapped to asset is a stable coin
- Monthly Volume of transactions involving a stable coin
- Market Share of stablecoins in terms of monthly volume of transactions
- Monthly unique users where swapped from asset is a stable coin
- Monthly unique users where swapped from asset is a stable coin
- Monthly unique users involving a stable coin
- Market Share of stablecoins in terms of monthly unique users
Note : The following stablecoins have been used in the analysis
- Asset ID (Name)
- 312769 (USDT)
- 31566704 (USDC)
- 2757561 (rUSD)
- 460343074 (QCAD)
- 83209012 (EURe)
- 6547014 (MCAU)
- 438828 (USD-MESE)
Source: https://www.algorand.com/resources/blog/stablecoin-use-cases-on-algorand
We will restrict our analysis from October 2021 to May 2022.
We can clearly see that USDC and USDT are the most dominant stablecoins on Algorand having been used in ~98.75% of transactions.
USDC usage more than doubled in May 2022 and reached its peak usage with ~286.1K transactions.
USDT usage grew even more with almost 2.6X transactions in May 2022 compared to April 2022 but it did not cross the peak usage of ~94.33K transactions reached in December 2021.
In terms of volume also, USDC and USDT are the most dominant stablecoins with ~99.96% volume in May 2022.
USDC volume grew by ~112% from ~43.22M in April 2022 to its peak volume of ~91.57M in May 2022.
USDT volume also grew by ~104% from ~3.12M in April 2022 to ~6.38M in May 2022. But it is nowhere near the peak volume of ~16.61M reached in November 2021.
Just like in the case of number of transactions and volume, in terms of unique users also, USDC and USDT are the most dominant stablecoins.
However the users have been on a downward trend and have not increased even in May 2022 whereas number of transactions and volume have more than doubled.
The number of unique users for USDC and USDT were 5126 and 1072 in May 2022 as against 5214 and 1090 in April 2022.
In terms of all metrics like number of transactions, volume and unique users, USDC is the most dominant stablecoin with 80.55%, 93.45% and 81.9% market share respectively.
USDT is next with 18.19%, 6.51% and 17.12% market share respectively.
Together these 2 stablecoins have more than 99% market share.
Due to UST's depep in May 2022, the number of transactions and volume more than doubled for both USDC and USDT.
However there was slight decrease in the number of unique users.