Introduction

This analysis examines the popularity of three stablecoins (USDT, USDC, and STBL) for Algorand swaps to answer the following Flipside Crypto bounty:

Which stablecoin is more popular for a wallet to use in swaps: USDT, USDC, STBL? Compare volumes and number of swaps for each over the month of March 2022.

Method

The analysis timeframe is 1st-31st March 2022.

This analysis calculates:

• daily swap count for swaps on Algorand that were made from each stablecoin USDC/USDT/STBL,

• total daily volume of the above swaps from stablecoins (measured in respective tokens),

• the daily Algorand count for swaps made to each of these stablecoins,

• total daily volume of the above swaps to stablecoins (also measured in respective tokens), and

• the share taken up by each of these tokens.

Data Results

This analysis was created by catscatscode (Flipside, Twitter) for Flipside Crypto's "Stablecoin Popularity for Swaps" Algorand bounty.

Takeaways

• USDC is the most popular choice for Algorand swaps that include one of the 3 examined stablecoins on either side of the swap.

• STBL is the second most popular of the three, and USDT comes last.

• This is true for both the number of swaps and the total amount swapped, where one of these 3 stablecoins is involved on either side of the swap.

• Looking at the swap count, USDC is more dominant on the "to" side of swaps than on the "from" side. Swaps from stablecoins are somewhat more evenly distributed among the 3 tokens, whereas in swaps to stablecoins USDC dominates with almost 3/4 of the swaps.

• However, when we look at the swap amounts, the distribution of amounts swapped to and from each stablecoin evens out.