Lava is made of metal silicates stable at high temperatures. it is not likely to be very stable at all at lower temps submerged in water, though is going to be dependant on the exact makeup. If it breaks down it is going to release those metals and silicate minerals as ions, and that is going to likely 'help' give you algae problems.
I kept some lava in my display once and some very red hair and branch algaes grew very, very quickly on it compared to calcaerous material