Stablecoins have become a hot topic in crypto communities in recent times. On THORchain, the story is no different as users are left to choose between BUSD and USDC after the untimely demise of UST. This analytical piece will dig into the data surrounding the swap count and volume of USDC and BUSD from year to date (January - June, 2022).

Swap Count

Swap count is synonymous to activity/popularity which give a rough idea of how users are into a particular asset. Since the beginning of 2022 to date, there has been 65.1k swaps to USDC compared to 459k swaps to BUSD. Mind you, this includes both original and synthetic assets.

Swap Volume

This is the actual value of assets in USD that has been swapped since YTD. The total for USDC is $167m, and that of BUSD is a whopping $1.4b. We can see that both USDC and BUSD began getting traction Q2 of 2022. Although BUSD was getting much higher.

Syth Volume

THORchain launched Synths somewhere in May to give liquidity providers access to liquid funds without taking out their liquidity. So both BUSD and USDC both got their respective Synths. If we take original tokens out and focus on Synths only, we can see that USDC ($190m) has generated more volume than BUSD ($131.7m) from YTD.

Conclusions

• Original BUSD tokens are more popular than USDC tokens
• Synth USDC is more popular than synth BUSD