In this analysis, we intend to examine the popularity of the three stablecoins USDT, USDC and STBL and compare each with the other. All the results obtained in this analysis are related to March 2022. In order to be able to decide which StableCoin is more popular, we need to compare a few. The first is the volume of stablecoins that have been swaped by other coins, and the second is the number of swaps that have occurred.

But before comparing these three stablecoins, it is better to give a brief description of stablecoins, USDC, USDT and STBL.

USDC: Launched in late 2020, Algorand USDC serves as a foundation for fast, low-cost, simple movement of funds across traditional banks, card networks and digital dollars on the Algorand blockchain. It has scaled quickly, with more than 200 million Algorand USDC in circulation as of September 2021. With partners like crypto broker Floating Point Group already supporting Algorand USDC, the network is robust and continuing to grow.

USDT: the most liquid stablecoin with a market cap above 9 billion USD, was the first stablecoin to be issued on the Algorand blockchain thereby taking advantage of the ASA feature upgrade in Algorand 2.0 for widespread financial applications. This collaboration was meant not only to enhance liquidity access to tokens issued on Algorand but also to provide options for swift trading as well as instant transaction confirmation.

STBL: STBL an algorithmic stablecoin that is native to the Algofi protocol. It functions via the same basic premise as the rest of the protocol - over-collateralization. 1 Trillion STBL were minted and irretrievably deposited into the Algofi protocol. This is the max supply of STBL that can be brought into open circulation.

Stablecoin: Stablecoins are a type of digital asset designed to maintain a stable value, typically linked to a fiat currency or a commodity, and have found product market fit when it comes to transacting and accounting. Stablecoins are now used in real-world instances; from cross-border payments to functioning as banking infrastructure for those without access, stablecoins are growing in popularity around the world.

Now let's compare these three Stablecoins. From Table algorand.swaps and then, We get the total volume of these stablecoins when swapped from other coins (swap_to_amount). We have also calculated the number of these swaps.

The chart below shows the volume and number of swaps of each of the three stablecoins USDC, USDT and STBL.

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As can be seen from the chart, the USDC and then STBL has the most swaps among the stablecoins swapped to.

In order to have more accurate statistics for these stablecoins, we have shown the volume of these stablecoins and the number of swaps in the chart below on a daily basis in March.

It is clear that not only in the whole month, but not in every day, the largest volume of Stablecoin Swapped from another coin belongs to the USDC. Also, the lowest value with a very large difference belongs to the USDT.