Flows

SSR — Stablecoin Supply Ratio

How many times stablecoin supply fits inside Bitcoin's market cap: how much dry powder there is relative to the size of what it could buy.

Why it matters

Raw stablecoin supply only grows over the years, so comparing it against itself says little. Dividing Bitcoin's market cap by it puts it in context: a low SSR means there are a lot of stablecoins relative to Bitcoin's size — plenty of potential buying power waiting — and a high SSR the opposite. It's the same idea as looking at how much cash a fund holds relative to its portfolio.

Build it yourself

Drag both magnitudes and watch how many times one fits inside the other.

SSR = Bitcoin market cap ÷ Total stablecoin supply
SSR

Read the other way: stablecoins per dollar of Bitcoin:

Illustrative example numbers for practice — not real data.

How it's calculated, step by step

  1. The day's total stablecoin supply is taken (the previous indicator).
  2. That same day's Bitcoin market cap is taken, which the project already has computed.
  3. SSR = Bitcoin market cap ÷ total stablecoin supply. If there is no supply, nothing is written.
Descriptive. Descriptive. The project also tested inverted SSR as a signal and it came back null (IC −0.066, p=0.69). This site attaches no numeric zones to it because the relationship between market cap and stablecoins has shifted level several times as the market matured: a "normal" SSR in 2020 is not the same as in 2026.

Chart

This is real Bitcoin data, computed from the blockchain — not the illustrative example above.

Data last updated on 2026-09-09.

← All indicators