Definition. Stablecoin Supply Ratio (SSR) is the ratio between Bitcoin market cap and the aggregate market cap of stablecoins denoted in BTC, computed as Bitcoin Market Cap / Stablecoin Market Cap. It serves as a proxy for the supply/demand mechanics between BTC and USD.

Technical. The stablecoin aggregate covers USDT, TUSD, USDC, USDP, GUSD, DAI, SAI, and BUSD.

Interpretation. A low SSR means the current stablecoin supply has more "buying power" to purchase BTC, a high SSR means stablecoins are thin relative to BTC.

Notes. For more information, see Stablecoins: Buying Power Over Bitcoin.