{"uuid":"d9bb2491-1f4d-480f-7643-f01fd1fe8dc2","categoryUuid":"6c01fa31-d5df-4144-6ff0-aa9dba4b678d","data":{"meta":{"name":"Market: Stablecoin Supplies"},"configs":[{"meta":{"content":"# Aggregate Stablecoin Supplies\n\n---\n\nStablecoins have become a foundational asset class within the digital asset ecosystem, acting as the quote asset for many trade transactions on both centralized, and decentralized trading venues.\n\nThis chart tracks the aggregate supplies of the following major stablecoins:\n\n- **Aggregate Stablecoins 🔴**\n- **USDT 🟢**\n- **USDC 🔵**\n- **BUSD 🟡**\n- **DAI 🟣**\n- **TUSD 🔘**\n\nNote that the supplies of these stablecoins are distributed between multiple host blockchains, including Ethereum."},"uuid":"1986eb45-3526-48fa-8f66-48b47abef088","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"9e446e9b-e6e7-4d07-6eae-b07d6551dc7c"},"uuid":"aa4edb86-23f1-43b5-94a3-f10ffccac9e9","configType":"workbench"},{"meta":{"content":"# Top 4 Supply Net Position Change\n\n---\n\nThis chart presents the 30-day net change in the aggregate Top 4 major stablecoin supplies.\n\n- **🟢 Expansions in stablecoin supplies** are generally associated with increased demand, and capital inflows into the digital asset space.\n- **🔴 Contractions in stablecoin supplies supplies** are generally associated with risk-off environments, and net capital outflows from digital assets."},"uuid":"9de74715-4497-4890-921e-51168603d380","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"66084ad0-696f-4932-7852-fcf55d2f8a1a"},"uuid":"6c76e486-2ffb-4adf-accc-24efc649c4df","extra":{"zoom":"2y"},"configType":"workbench"},{"meta":{"content":"# Stablecoin Supply Dominance\n\n---\n\nStablecoins are a competitive landscape, with each issuer seeking to attain the largest possible market share. This chart tracks the relative dominance of the stablecoins USDT 🟢, USDC 🔵, BUSD 🟡, DAI 🟣, TUSD 🔘. These account for the majority of both aggregate stablecoin supplies (99%+), and stablecoin denominated trading volumes.\n\nThe dominance of USDT for example is calculated as: `USDT Dominance = USDT Supply / sum(USDT, USDC, BUSD, DAI, TUSD )`"},"uuid":"5d23cae7-3446-4ac9-8a2d-ad9f88bdd4fa","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"82b988c9-9312-47c3-4d89-3c7dc64746f5"},"uuid":"451974b2-d693-44ed-8c53-36e960fec1bb","configType":"workbench"},{"meta":{"refUuid":"5d757831-d34b-4e46-4ef7-3949fb0eba5c"},"uuid":"66e21dc1-8d97-4f56-9b34-231b1360fc39","configType":"workbench"},{"meta":{"content":"# Stablecoin Supplies vs Ethereum Market Cap\n\n---\n\nAs stablecoins becoming increasingly integrated, and dispersed across multiple blockchains, it becomes increasingly relevant to track their aggregate size (secured value), compared to the valuation of dominant chains which host them.\n\nThis chart compares the Ethereum Market Cap ⚫, to the aggregate value of the top four stablecoins (USDT, USDC, BUSD , DAI, TUSD) 🟢. Note that the supplies of these stablecoins are distributed between multiple host blockchains, including Ethereum.\n\nAn area curve is shown reflecting the ratio between the two, calculated as `(Aggregate Stablecoin Cap / Ethereum Market Cap) - 1`."},"uuid":"563a624d-6de0-4448-889e-ed2703b1c272","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"# Stablecoin Supply Ratio (SSR)\n\n---\n\nThe Stablecoin Supply Ratio (SSR) is the ratio between the Bitcoin supply and the equivalent supply of stablecoins denoted in BTC. It is calculated as `Bitcoin Market cap / Stablecoin Market cap`. This serves as a proxy for the supply/demand mechanics between BTC and USD.\n\n- **When the SSR is low**, it indicates that the current stablecoin supply has more relative \"buying power\" to purchase BTC. \n\n- **When the SSR is high**, it indicates that the current stablecoin supply has less relative \"buying power\" to purchase BTC."},"uuid":"ff72f03d-4f70-4277-bae6-1ca47d97ec48","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"asset":"BTC","currency":"native","metricCode":"indicators.Ssr","resolution":"24h"},"uuid":"a0891ab2-7573-4b37-96d3-900e44a802bf","extra":{"price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"asset":"BTC","currency":"native","metricCode":"indicators.SsrOscillator","resolution":"24h"},"uuid":"fd6bde9c-73f6-4039-902c-c0dbb75710b2","extra":{"price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"content":"#  Stablecoin Supply Ratio Oscillator\n\n---\n\nThe Stablecoin Oscillator is derived from the Stablecoin Supply Ratio (SSR), and quantifies how the 200D-SMA of the SSR moves within the Bollinger Bands BB(200, 2). It has a similar interpretation to the SSR Ratio with respect to high and low values."},"uuid":"7a66b25d-e2f7-4a03-83a3-f441d9a7d9fa","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"asset":"ETH","currency":"native","metricCode":"transactions.TransfersCountStablecoinsRelative","resolution":"24h"},"uuid":"467c06bb-5166-427a-9b5e-87d5a662ea5f","extra":{"price":true,"scale":"lin","lineColor":"#627eea","chartStyle":"line"},"configType":"metric"},{"meta":{"asset":"ETH","currency":"native","metricCode":"fees.GasUsedSumStablecoinsRelative","resolution":"24h"},"uuid":"0081d61f-9a61-4eab-a6ef-240954a80341","extra":{"price":true,"scale":"lin","lineColor":"#627eea","chartStyle":"line"},"configType":"metric"},{"meta":{"content":"# Transaction Dominance Breakdown\n\n---\n\nThis chart shows the relative dominance of each stablecoin by confirmed transactions on the Ethereum network.\n\nStablecoin are fungible tokens that have their value pegged to an off-chain asset, either by the issuer or by an algorithm. We include 150+ stablecoins in this category, with USDT, USDC, TUSD, BUSD, and DAI being the most prominent ones."},"uuid":"63fd8228-a128-4ad1-a4af-6e745ee81481","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"# Gas Usage Dominance Breakdown\n\n---\n\nAnother mechanism for tracking on-chain dominance of a particular token, or contract type is by gas consumption. This effectively weights dominance by both the computational load, and paid transaction fees, providing a very robust measure of user demand.\n\nThis chart shows the relative dominance of each stablecoin by gas consumption on the Ethereum network."},"uuid":"848a6559-9f7f-4692-a228-ecb2f2079f35","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Disclaimer\n\n---\n\n*This dashboard and associated content does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. For for details, please refer to our [Terms and Conditions](https://studio.glassnode.com/terms-and-conditions).*"},"uuid":"2edfbb8a-38e7-4727-bb92-fc82dc657677","extra":{"backgroundColor":"#ffffff"},"configType":"content"}],"layouts":[{"h":8,"i":"1986eb45-3526-48fa-8f66-48b47abef088","w":4,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"aa4edb86-23f1-43b5-94a3-f10ffccac9e9","w":8,"x":4,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"9de74715-4497-4890-921e-51168603d380","w":4,"x":0,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"6c76e486-2ffb-4adf-accc-24efc649c4df","w":8,"x":4,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"5d23cae7-3446-4ac9-8a2d-ad9f88bdd4fa","w":4,"x":0,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"451974b2-d693-44ed-8c53-36e960fec1bb","w":8,"x":4,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"66e21dc1-8d97-4f56-9b34-231b1360fc39","w":8,"x":4,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"563a624d-6de0-4448-889e-ed2703b1c272","w":4,"x":0,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"ff72f03d-4f70-4277-bae6-1ca47d97ec48","w":4,"x":0,"y":32,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"a0891ab2-7573-4b37-96d3-900e44a802bf","w":8,"x":4,"y":32,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"fd6bde9c-73f6-4039-902c-c0dbb75710b2","w":8,"x":4,"y":38,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"7a66b25d-e2f7-4a03-83a3-f441d9a7d9fa","w":4,"x":0,"y":38,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"467c06bb-5166-427a-9b5e-87d5a662ea5f","w":8,"x":4,"y":44,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"0081d61f-9a61-4eab-a6ef-240954a80341","w":8,"x":4,"y":50,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"63fd8228-a128-4ad1-a4af-6e745ee81481","w":4,"x":0,"y":44,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"848a6559-9f7f-4692-a228-ecb2f2079f35","w":4,"x":0,"y":50,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"2edfbb8a-38e7-4727-bb92-fc82dc657677","w":12,"x":0,"y":56,"minH":1,"minW":3,"moved":false,"static":false}]}}