I am just making some fun out of fact that any chart analysis without content is wrong… Lets see this example… According to this chart in mid August the algo price will be negative 
(i know we will brake that trend within next month… any chart analysis should be served with content and news points)
I do perfectly understand that the foundation has to do its accounting in Algos which is fine. The only issue is that any grant requester when he makes the proposal, it takes for example month to make to the state when it is voted on, then it takes month when it is being voted on, then it will take few weeks for the foundation to close deal with him, then he can hedge the price if he wants.
I would prefer to have grant requests in usdc, but making them in algos is also fine. Once the price goes up, second time goes down, little harder to make the calculations from it but it is fine…
Btw, the alternative solution has pop in my mind… If you say there is specific budget in algos, perhaps for businesses it might be the best if you convert those algos at the start of the grant window to usdc, you state how many usdc there is for grants to be given, and the whole grant program would be for businesses much more friendlier.
The only issue with this is the selling pressure on algorand, and I do not want the sell pressure to be very high by the foundation (you also have to pay salaries and other expanses)…
Also I wonder if there is some better grant scheme possible… AF has a lot of algos to give away, but it would be better if those algos are spend to the projects that can generate revenues and give some profit back to the AF. For example the OpenAMM will have some fees structure in place and if there would be some investment grant program where there is some requirement of token creation and some buyback of tokens from profit, I would be much more happy to support the AF than for example Arrington.
Two years back my team was overall winner at the swiss blockchain hackathon with project Decentralized real estate marketplace, but the lack of VCs who understand the potential of tokenization of real estate rental income is quite frustrating… Meanwhile i have made the onchain voting system and national stablecoins projects and my main goal is still the real estates in eu with compliance of MiCA regulation… For the record the grant program 2 mil algos/quarter cannot help with such projects as the minimum requirement to start the project is 350000 eur to start the institution of electronic money…