This chart shows the relative dominance of the top four stablecoins USDT 🟢, USDC 🔵, BUSD 🟡, DAI 🟣,TUSD 🔘. Note that the supplies of these stablecoins are distributed between multiple host blockchains.

The dominance of USDT for example is calculated as USDT Dominance = USDT Supply / sum(USDT, USDC, BUSD, DAI, TUSD)

References

This metric was first introduced by Glassnode in A Challenging Bear Market (July 2022).