Introduction

Tether leverages blockchain technology to allow users to store, send and receive stable coins. This digital token is pegged to the US dollar. USDT enables investors to take advantage of the speed and security of digital assets while maintaining the everyday utility of fiat currencies. USDT is the most widely traded cryptocurrency in transaction volume and has the third-largest market cap of all cryptocurrencies. Using Algorand's network, USDT can be transacted at over 1000 transactions per second scalable, secure, and decentralized. With Algorand's simplified asset creation, instant financial exchange, and immediate transaction finality, Tether is leveraging technology at the forefront of open financial innovation. USDC, which has a market cap above 1 billion USD, recently announced to become the second stable coin to integrate with Algorand to handle high-volume financial applications swiftly. Circle, the USDC issuance company, envisions supporting a multi-chain framework to allow for multi-chain transfers to support use cases, developers, and ecosystems.

Part1:What’s the number of people who currently hold USDC vs USDT?

The bar chart below shows the holders with USDT and USDC in their wallets separately. In the Algorand blockchain, the two holders are about the same size, the USDT with 1.55 million holders and the USDC with 1.43 million holders. It is more popular and has more holders with a bit of difference.

Part 2:Create a time series chart counting the number of transactions a day for each stablecoin

In the chart below, the bars indicate the number of USDT transactions per day since the beginning of September, and the chart line indicates the USDC transactions. In general, the increasing and decreasing trend of transactions for the two is similar, but if we want to look in more detail, we see that the USDC with 1.9 million transactions had 400k more transactions than the USDT.

Part 3: Create 1 chart for each stablecoin visualizing the current distribution of holders. Does one have a better distribution than the other? If so, explain why.

The first bar chart shows the distribution of USDTs in the Algorand network among the 21 holders with the most assets. We removed one wallet of $ 18.44T from the list to make the value of others more clearly. There was such a wallet worth $ 18.44 trillion for the USDC distribution, which we did not consider. Based on the two charts below, it can be seen that the USDC distribution was more suitable for wallets worth more than $100k compared to the USDT distribution. Also, the number of wallets above $100k is twenty-one for USDT and 87 for USDC, which indicates a more appropriate distribution.

Conclusion

Based on this dashboard, the following results were obtained:

1- In five months, the number of USDC and USDT holders did not differ much, but with a slight difference, USDT was slightly higher.

2- During this period, USDC transactions were 400k more than the USDT. The USDC had more transactions but less displaced value than the USDT.

3- According to the last two charts, the USDC distribution between wallets has been more appropriate than the USDT.