Stablecoin Supply Ratio (SSR)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
About this metric
What it measures
The Stablecoin Supply Ratio (SSR) divides Bitcoin's market capitalization by the combined market capitalization of the tracked stablecoins. It is a dimensionless multiple: a lower SSR means a larger stablecoin pool relative to BTC, with Upper band (+2σ) and Lower band (−2σ) providing statistical context.
How to read it
A falling SSR increases the stablecoin pool's relative purchasing capacity, whether through stablecoin growth or a lower BTC market cap; a rising SSR does the reverse. The lowest recorded SSR was about 2.07 on November 9, 2022, demonstrating that a large relative stablecoin pool can coincide with market stress.
Stablecoins also fund other assets, payments and collateral, so this pool is not committed demand for BTC. Coverage changes and depegs can affect the denominator, while ±2σ bands are statistical references rather than price targets or guaranteed reversal levels.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Breakdown
- Data since
- 2017-03-29
- Latest data
- 2026-10-27
FAQ
How is SSR different from the SSR Oscillator?
SSR is the raw BTC-to-stablecoin market-cap multiple. An SSR Oscillator expresses the ratio's deviation from its historical baseline, so it has a different scale and should not be compared numerically with raw SSR.
What do the upper and lower SSR bands show?
They are the supplied statistical bounds labeled +2σ and −2σ. The bands begin on September 4, 2018, later than SSR itself, and crossing them does not establish that BTC must reverse.
Does a lower SSR mean stablecoins are flowing into Bitcoin?
No. BTC market cap can fall while stablecoin capitalization stays unchanged, lowering the ratio without any new stablecoin issuance or BTC purchases. Actual deployment requires separate flow evidence.
