Introduction

The capacity of Algorand to handle the high-volume demands of contemporary financial institutions while also providing decreased transaction costs, transaction finality, and solid security has led to a surge of stablecoins on the platform, including market leaders USDT and USDC.

Methodology

The bounty here addresses the stable coin usage in the Algorand Blockchain in the month of March 2022. Three stable coins are accounted for here including USDC, USDT, and STBL. The total volume of usage and their swaps are counted. To analyze the dominance of one among the three stable coins in the blockchain.

The popularity of the three stable coins is hereby analyzed. It is seen that USDC and STBL have almost the same popularity than the USDT tokens. Both the coins are swapped almost for the same amount of time by the wallet swappers of the Algorand Blockchain.

The swap number of each of the stable tokens is addressed here. From the count of the transactions using the on-chain data of Algorand, it is seen that USDC holds the maximum transactions done by the users in the case of swapping and STBL holds the second chance in the top swapped stable coin for the month of March 2022.

A similar analysis is also done for the case of the Volume of the swaps performed. The same trend is found in the case that USDC holds the maximum volume of the swap transactions in comparison with the addressed other two stable coins in the same duration of time.

Conclusion

Many market-leading stablecoins, including the two market leaders, USDT and USDC, have flocked to Algorand because of its revolutionary architecture. The combination of stablecoins and superior Algorand technology allows for an increasing variety of financial and economic applications.

Reference:

https://www.algorand.com/resources/blog/stablecoin-use-cases-on-algorand