The dashboard below shows the activities for USDT and USDC between April to June and the swap activities Vs the block number on these 3 months.

For USDT, we can see that the swap activities of USDT spike on 11th May which reach about 5k of block by 235 unique wallets in Algorand. Which shows that people is swapping more on this day due to the market volatility and BTC being crash from 30k range to 20k range which is the begining of the bear cycle. So people tend to do more transaction on this day because of the crash. And most importantly is that the UST depegged incident on May caused more FUD in the stablecoin market.

For USDC, we can see that the swap activities of USDC spike on 11th May which reach near to 15k of block by 1184 of unique wallets in Algorand. It has the same trend as USDT, but the volume is so much higher due to the UST depegged on May. In term of stablecoin activities, USDC is so much higher compare to USDT.

In conclusion, we can see that people choose USDC over USDT in term of stability of the stablecoins. The UST depegged this does bring a new spike to the activities of USDC and USDT on May.