Introduction

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 of FTX and Alameda repercuted to Solana and stablecoins were affected recently. As well the whole crypot market is the recently fail of the ecosytem. In fact, the USDC and USDT deposits to many exchanges have been paused temporarly.

As far as the number of swaps is concerned, we can see that USDC and USDT have been the leaders during the past month, as they have been doing for a long time. However, despite the continuous rise in the daily number of swaps since October, we can see that just after the 8th of November, the day of the FTX news, all the stablecoins took a downturn and seems not to have recovered yet. Looking at the percentage of swaps, we can see that USDC went down from 78 to 75 while USDT went up from 19 to 20%. We can see that these two stablecoins practically represent 100% of the swaps.

On the other hand, if we look at the daily swapped volume, we can see that there was an important peak on November 9th just the day after the FTX and Alameda announcement, where USDC led with more than 130M dollars exchanged. If we look at the market share, we can see in this case that USDC is dominating.

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 other tables, 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.

As it can be seen, when the major fo voluem has been moving in both cases against the stablecoins which are being sold by other tokens, during the turbulance days when the FTX news where announced, the amount of volume was in favour of the stablecoins, being the major of the altcoins on Solana being sold for stablecoins.

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 representing that more volume has been going out of Solana. Not the same for USDT. The numbers remained constant over time but spikes just after the FTX news. In this case, we can see how the most affected volume was the USDC ones. Maybe, it caused the pause of the USDC and USDT inflows and outflows from the exchanges.

Key insights

• USDC and USDT have been the leaders during the past month, as they have been doing for a long time. However, despite the continuous rise in the daily number of swaps since October, we can see that just after the 8th of November, the day of the FTX news, all the stablecoins took a downturn and seems not to have recovered yet.

• USDC swaps market share went down from 78 to 75 while USDT went up from 19 to 20%. We can see that these two stablecoins practically represent 100% of the swaps.

• There was an important peak in terms of volume swapped on November 9th just the day after the FTX and Alameda announcement, where USDC led with more than 130M dollars exchanged. If we look at the market share, we can see in this case that USDC is dominating.

• When the major of volume has been moving in both cases against the stablecoins which are being sold by other tokens, during the turbulance days when the FTX news where announced, the amount of volume was in favour of the stablecoins, being the major of the altcoins on Solana being sold for stablecoins.

• 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 constant over time but spikes just after the FTX news. In this case, we can see how the most affected volume was the USDC ones.

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Methods

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 this news, 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