in the last few days, some bad things happened for Terra and it caused UST depeg and LUNA price crash. although this bounty is about solana stables but UST depeg impacted all of crypto tokens even Bitcoin. so we analyze solana stables and check UST impact on them.

Solana stables that we analyze since April 1st are : USDC, USDT, UST, USDH, UXD, PAI.

to find flow between these Stables, I will made some charts in the next parts and I will shows flow for each stables.

below is contract address for each stablecoin:

USDC:EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v

USDT:Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB

USDH Hubble Stablecoin (USDH): USDH1SM1ojwWUga67PGrgFWUHibbjqMvuMaDkRJTgkX

UXD:7kbnvuGBxxj8AG9qp8Scn56muWGaRaFqxg1FsRp3PaFT

PAI (Parrot USD) (PAI):Ea5SjE2Y6yvCeW5dYTn7PYMuW5ikXkvbGdcmSnXeaLjS

the next charts will show the flow, I made a chart for each stable per day since April 1st.

above chart shows flow from USDC to other stable coins. USDC has swapped to USDT more than other stables. on May 12th we see a ath for USDC to USDT amount which is about 43.8M. USDC has swapped to another stables less than 1M for each one. so swapping from USDC to USDT is popular.

above chart shows flow from USDT to other stable coins. USDT to USDC swapping is popular than other swaps and on May 11th there is 37M USDT swapped to USDC.

above chart shows flow from USDH to other stable coins. USDH to USDC has the highest volume on stables. in some days there is no swap from USDH to some other stables.

above chart shows flow from UXD to other stable coins. UXD to USDC has the highest volume among these stables and on May 14th these is about 4.2M volume which is the dily highest volume

above chart shows flow from PAI to other stable coins. again PAI to USDC is the popular swap. and on May 11th there is about 1M volume for swap PAI to USDC.

What types of wallets hold a USDH, UXD, or PAI compared to a USDC and what are users doing with those coins?

first let's see daily transferred USDH, UXD, PAI and USDC since April 1st.

for daily transfer USDC has more volume than other stables. some stables in some days has no transfer.

the next charts shows top 10 wallets that are holding USDH, UXD, PAI and USDC.

I couldn't find a special difference between these wallets. the only wallet I found was first wallet for USDC which is ftx hot wallet.

to find what these holders are doing with these stables I checked swaps table to see if they are swapping their tokens.

6ZRCB7AAqGre6c72PRz3MHLC73VMYvJ8bi9KHf1HFpNk is ftx hot wallet.

so these top holders are swapping. and the top stable volume for swapping is USDC.