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Chart guide

Crypto Market

USDT Dominance

Tether's market cap as a percentage of the total crypto market: the market's largest pool of sidelined dry powder. USDT.D typically rises in risk-off phases as capital rotates into stables, and peaks near market bottoms; falling USDT.D means stablecoin capital deploying into BTC and altcoins. Daily from 2015, calculated by ChartInspect.

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Interpretation and limitations

Coverage and update frequency can differ between sources. An indicator describes the data used to calculate it; it does not guarantee a future price move.

Data documentation

Explore related charts

Stablecoin Dominance
USDC Dominance
Stablecoin Net Supply Change
Stablecoin Supply Ratio (SSR)
SSR Oscillator

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About USDT Dominance

Tether's market cap as a percentage of the total crypto market: the market's largest pool of sidelined dry powder. USDT.D typically rises in risk-off phases as capital rotates into stables, and peaks near market bottoms; falling USDT.D means stablecoin capital deploying into BTC and altcoins. Daily from 2015, calculated by ChartInspect.

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Stablecoin Dominance

Each major stablecoin's share of total stablecoin supply over time. Tracks the USDT versus USDC market-share battle: USDT (Tether) has historically dominated at ~60-70%, with USDC (Circle) the regulated challenger. Shifts in dominance signal where liquidity is concentrating: offshore/retail (USDT) versus regulated/institutional (USDC). Toggle DAI and FDUSD to see the smaller issuers.

USDC Dominance

Circle USDC's market cap as a percentage of the total crypto market: the regulated, US-domiciled share of sidelined capital. Divergence between USDC.D and USDT.D tracks the onshore-versus-offshore liquidity split; sharp moves have accompanied both risk rotations and issuer events like the March 2023 depeg. Daily from 2018, calculated by ChartInspect.

Stablecoin Net Supply Change

The change in total stablecoin supply over the trailing 30 days (and 7 days), in USD. Positive net change is fresh stablecoin minting, i.e. liquidity / dry powder entering crypto (historically bullish for BTC); negative is net redemptions, i.e. capital leaving (bearish). The 30-day window smooths daily noise into a clean liquidity-momentum signal.

Stablecoin Supply Ratio (SSR)

Glassnode's flagship Stablecoin Supply Ratio (SSR): Bitcoin market cap divided by the total supply of USD stablecoins, a measure of stablecoin buying power relative to the BTC market. A LOW SSR means stablecoins are large relative to BTC's market cap, i.e. plenty of dry powder ready to rotate into Bitcoin (historically bullish potential); a HIGH SSR means weaker fiat buying power. Plotted on a log scale against BTC price.

SSR Oscillator

The Stablecoin Supply Ratio (SSR) Oscillator: the z-score of SSR versus its trailing 200-day mean and standard deviation. It normalizes SSR against its own recent trend so it oscillates around 0 regardless of the absolute level. Strongly negative (below -1.5) means SSR is unusually low, i.e. peak stablecoin buying power on the sidelines (historically bullish for BTC); strongly positive (above +1.5) means weak or exhausted buying power.

Stablecoin Supply

Total circulating supply (market cap) of the major USD stablecoins (USDT, USDC, DAI, FDUSD) over time. Because fiat stablecoins peg to ~$1, market cap is a faithful proxy for supply. Total stablecoin supply is the dry powder sitting in crypto: a rising total is fresh liquidity entering the ecosystem (historically bullish), while a shrinking supply signals capital leaving. Toggle individual coins to track USDT versus USDC market share.

Stablecoin Dominance

Each major stablecoin's share of total stablecoin supply over time. Tracks the USDT versus USDC market-share battle: USDT (Tether) has historically dominated at ~60-70%, with USDC (Circle) the regulated challenger. Shifts in dominance signal where liquidity is concentrating: offshore/retail (USDT) versus regulated/institutional (USDC). Toggle DAI and FDUSD to see the smaller issuers.

USDC Dominance

Circle USDC's market cap as a percentage of the total crypto market: the regulated, US-domiciled share of sidelined capital. Divergence between USDC.D and USDT.D tracks the onshore-versus-offshore liquidity split; sharp moves have accompanied both risk rotations and issuer events like the March 2023 depeg. Daily from 2018, calculated by ChartInspect.

Stablecoin Net Supply Change

The change in total stablecoin supply over the trailing 30 days (and 7 days), in USD. Positive net change is fresh stablecoin minting, i.e. liquidity / dry powder entering crypto (historically bullish for BTC); negative is net redemptions, i.e. capital leaving (bearish). The 30-day window smooths daily noise into a clean liquidity-momentum signal.

Stablecoin Supply Ratio (SSR)

Glassnode's flagship Stablecoin Supply Ratio (SSR): Bitcoin market cap divided by the total supply of USD stablecoins, a measure of stablecoin buying power relative to the BTC market. A LOW SSR means stablecoins are large relative to BTC's market cap, i.e. plenty of dry powder ready to rotate into Bitcoin (historically bullish potential); a HIGH SSR means weaker fiat buying power. Plotted on a log scale against BTC price.

SSR Oscillator

The Stablecoin Supply Ratio (SSR) Oscillator: the z-score of SSR versus its trailing 200-day mean and standard deviation. It normalizes SSR against its own recent trend so it oscillates around 0 regardless of the absolute level. Strongly negative (below -1.5) means SSR is unusually low, i.e. peak stablecoin buying power on the sidelines (historically bullish for BTC); strongly positive (above +1.5) means weak or exhausted buying power.

Stablecoin Supply

Total circulating supply (market cap) of the major USD stablecoins (USDT, USDC, DAI, FDUSD) over time. Because fiat stablecoins peg to ~$1, market cap is a faithful proxy for supply. Total stablecoin supply is the dry powder sitting in crypto: a rising total is fresh liquidity entering the ecosystem (historically bullish), while a shrinking supply signals capital leaving. Toggle individual coins to track USDT versus USDC market share.

Stablecoin Dominance

Each major stablecoin's share of total stablecoin supply over time. Tracks the USDT versus USDC market-share battle: USDT (Tether) has historically dominated at ~60-70%, with USDC (Circle) the regulated challenger. Shifts in dominance signal where liquidity is concentrating: offshore/retail (USDT) versus regulated/institutional (USDC). Toggle DAI and FDUSD to see the smaller issuers.

USDC Dominance

Circle USDC's market cap as a percentage of the total crypto market: the regulated, US-domiciled share of sidelined capital. Divergence between USDC.D and USDT.D tracks the onshore-versus-offshore liquidity split; sharp moves have accompanied both risk rotations and issuer events like the March 2023 depeg. Daily from 2018, calculated by ChartInspect.

Stablecoin Net Supply Change

The change in total stablecoin supply over the trailing 30 days (and 7 days), in USD. Positive net change is fresh stablecoin minting, i.e. liquidity / dry powder entering crypto (historically bullish for BTC); negative is net redemptions, i.e. capital leaving (bearish). The 30-day window smooths daily noise into a clean liquidity-momentum signal.

Stablecoin Supply Ratio (SSR)

Glassnode's flagship Stablecoin Supply Ratio (SSR): Bitcoin market cap divided by the total supply of USD stablecoins, a measure of stablecoin buying power relative to the BTC market. A LOW SSR means stablecoins are large relative to BTC's market cap, i.e. plenty of dry powder ready to rotate into Bitcoin (historically bullish potential); a HIGH SSR means weaker fiat buying power. Plotted on a log scale against BTC price.

SSR Oscillator

The Stablecoin Supply Ratio (SSR) Oscillator: the z-score of SSR versus its trailing 200-day mean and standard deviation. It normalizes SSR against its own recent trend so it oscillates around 0 regardless of the absolute level. Strongly negative (below -1.5) means SSR is unusually low, i.e. peak stablecoin buying power on the sidelines (historically bullish for BTC); strongly positive (above +1.5) means weak or exhausted buying power.

Stablecoin Supply

Total circulating supply (market cap) of the major USD stablecoins (USDT, USDC, DAI, FDUSD) over time. Because fiat stablecoins peg to ~$1, market cap is a faithful proxy for supply. Total stablecoin supply is the dry powder sitting in crypto: a rising total is fresh liquidity entering the ecosystem (historically bullish), while a shrinking supply signals capital leaving. Toggle individual coins to track USDT versus USDC market share.

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