This chart compares the Ethereum Market Cap, to the aggregate value of the top stablecoins USDT, USDC, BUSD, DAI, and TUSD. Note that the supplies of these stablecoins are distributed between multiple host blockchains, including Ethereum.
An area curve is shown reflecting the ratio between the two, calculated as (Aggregate Stablecoin Cap / Ethereum Market Cap) - 1.
This metric was first introduced by Glassnode in A Challenging Bear Market (July 2022).