Results are not unexpected as USDC is a more secure and trusted asset and users tend to trade and hold USDC over other Stable coins.

But if it is true that users prefer USDC because of it's security so why they prefer STBL over USDT which reasonably should be the rival? to answer this question i take a look at what people do with their STBL and turned out they are mostly swap them for USDC and algo. since Algofi is the main source that people acquire STBL as loan to their collateral, this will inevitably results in more volume and transaction number for STBL while users are not willing to use STBL but this is like a gate to some Financial exposures.