Introduction:

In this analysis, we will examine the market cap of USDC and USDT in the Solana network and examine the volume of input and output of these two stable coins. Then we will discuss the possible reasons for USDC's outflows from Solana network.

Based on the Defillama, USDC has by far the most removing volume (in %) from the Solana blockchain among all other stablecoins during the past month. (-37.92% outflow of USDC from Solana).

USDC marcketcap : $2.44 B.

USDT marcketcap : $1.81 B.

• The graph on the left shows USDC inflows/outflows from CEXes since the beginning of 2022. As we can see, the volume of USDC inflows to CEXes has been increasing in recent weeks, but since the beginning of this year, the volume of outflows from the CEXes has been higher in total.

• USDC inflows to known platforms have fallen sharply since mid-May, but have picked up in recent weeks. The same thing is true for the volume of outputs. we can see quite increasing trend of USDC removal from USDC over time. as time goes on, we can see more and more USDC volume removed from Solana chain over time.

• As the inlfows/outflows growth chart from known platforms shows, the volume of USDC outflows from these platforms has been higher than the volume of USDC inflows since the beginning of this year.
• As we can see, the FTX wallet has had the largest volume of USDC outflows since the beginning of 2022.

USDT inflows/outflows from SOLANA Blockchain :

• USDC outflows transactions have been decreasing over time, but as we have seen in the previous charts, the volume of outflows has been increasing in recent weeks, which can be concluded that transactions with a larger USDC volume in the weeks recently done.

• USDT outflows volume has increased drastically in the last two weeks.

• USDT inflows to known platforms have fallen sharply since mid-May, but have picked up in recent weeks. The same thing is true for the volume of outputs. we can see quite increasing trend of USDT removal from USDT over time. as time goes on, we can see more and more USDT volume removed from Solana chain over time.

• The growth rate of USDT inflows has been higher since the beginning of this year, unlike USDC.
• As we can see, the FTX wallet has had the largest volume of USDT outflows since the beginning of 2022.

• USDT outflows transactions have been decreasing over time, but as we have seen in the previous charts, the volume of outflows has been increasing in recent weeks, which can be concluded that transactions with a larger USDT volume in the weeks recently done.

USDC outflows vs USDT outflows :

Possible reasons for the decrease in USDC market cap on Solana network

1. SLOPE Wallet Hack On August 2022 : An unknown attacker drained thousands of wallets containing at least $4 million worth of Solana and USDC. The hack.
2. Binance Announcement to Auto-Convert USDC to BUSD : Binance, the world's largest crypto exchange, said on 5th September 2022 that it will automatically convert user balances and new deposits of the stablecoin USDC into its own stablecoin, Binance USD.
3. Circle has Frozen USDC on banned Addresses by US Treasury : On August 8, the US Treasury sanctioned TornadoCash. After that, Circle Company, The USDC issuer, has blacklisted wallet addresses associated with this crypto-mixing service.

• almost 82% of removed volume from Solana belong to the USDC and only almost 18% of this volume belong to the USDT asset. So this shows the quite high USDC removal compared to USDT.

Concolusion :

From the above analysis, we get the following results:

1. USDC marcketcap : $2.44 B.

   USDT marcketcap : $1.81 B.

2. the volume of USDC inflows to CEXes has been increasing in recent weeks, but since the beginning of this year, the volume of outflows from the CEXes has been higher in total.

3. USDC inflows to known platforms have fallen sharply since mid-May, but have picked up in recent weeks. The same thing is true for the volume of outputs. we can see quite increasing trend of USDC removal from USDC over time. as time goes on, we can see more and more USDC volume removed from Solana chain over time.

4. the volume of USDC outflows from these platforms has been higher than the volume of USDC inflows since the beginning of this year.

5. the FTX wallet has had the largest volume of USDC outflows since the beginning of 2022.

6. USDC outflows transactions have been decreasing over time, but as we have seen in the previous charts, the volume of outflows has been increasing in recent weeks, which can be concluded that transactions with a larger USDC volume in the weeks recently done.

7. USDT outflows volume has increased drastically in the last two weeks.

8. USDT inflows to known platforms have fallen sharply since mid-May, but have picked up in recent weeks. The same thing is true for the volume of outputs. we can see quite increasing trend of USDT removal from USDT over time. as time goes on, we can see more and more USDT volume removed from Solana chain over time.

9. The growth rate of USDT inflows has been higher since the beginning of this year, unlike USDC.

10. As we can see, the FTX wallet has had the largest volume of USDT outflows since the beginning of 2022.

11. USDT outflows transactions have been decreasing over time, but as we have seen in the previous charts, the volume of outflows has been increasing in recent weeks, which can be concluded that transactions with a larger USDT volume in the weeks recently done.

12. almost 82% of removed volume from Solana belong to the USDC and only almost 18% of this volume belong to the USDT asset. So this shows the quite high USDC removal compared to USDT.