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, USDC, USDS, SUSDS, DAI, USD1, USDE, USDG, PYUSD, RLUSD, USDD, USDF, BFUSD, TUSD, KAU, FDUSD, CRVUSD, FRAX, EURCV, MNEE, DOLA, ZCHF, GUSD, BUSD, USTC, USDP, LUSD, XSGD, EURR, SUSD, EURS, ANZENUSD, USDR, OUSD, GYEN, USDQ, EURQ, ZARP, MIM, MUSD, PARAL, AGEUR, RAI, USDM, USR, CNHT, TRYB, EURT, DEUSD, and USDZ.

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.