This chart shows the aggregate valuation 🔴 of the top five stablecoins USDT 🟢, USDC 🔵, BUSD 🟡, DAI 🟣, TUSD 🔘. Note that the supplies of these stablecoins are distributed between multiple host blockchains, including Ethereum.

References

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