# SSR (Stablecoin Supply Ratio)

## Indicator Overview

The Stablecoin Supply Ratio (SSR) is the ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC.

When the SSR is low, the current stablecoin supply has more "buying power" to purchase BTC. It serves as a proxy for the supply/demand mechanics between BTC and USD.

<figure><img src="https://2190898932-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-Ldi5WtVBeQ2iFbdqJ1a%2Fuploads%2Fgit-blob-cf777063a08abf365d26719f5a75481dd374f545%2F1.png?alt=media" alt="Bitcoin: Stablecoin Supply Ratio (SSR)"><figcaption></figcaption></figure>

* [View SSR in Glassnode Studio](https://studio.glassnode.com/metrics?a=BTC\&m=indicators.Ssr)
* [View SSR in Glassnode API Docs](https://docs.glassnode.com/basic-api/endpoints/indicators#stablecoin-supply-ratio-ssr)

## How is it measured?

SSR is calculated by dividing the total [market capitalization](https://docs.glassnode.com/guides-and-tutorials/metric-guides/market-capitalization) of BTC by the total market cap of all (known and tracked) stablecoins in circulation.

$$
\textrm{SSR} = \frac{\textrm{Market Cap}~~{\color{gray}{\textrm{(of BTC)}}}}{\textrm{Market Cap}~~{\color{gray}{\textrm{(of all Stablecoins)}}}}
$$

## About

### Coined By

[Renato Shirakashi](https://twitter.com/renato_shira)

### Date Created

November 2019

## Further Resources

Rafael Schultze-Kraft and Renato Shirakashi - [Stablecoins' Buying Power over Bitcoin](https://insights.glassnode.com/stablecoins-buying-power-over-bitcoin/)