Stablecoins are On The Rise

In the last three months, there has been a substantial increase in the combined market capitalization of the leading five stablecoins: $USDT, $USDC, $BUSD, $DAI, and $TUSD.

This total value has surged by an impressive 10B from its recent low of 119B in October 2023, accompanied by a 3.2% rise in the past 30 days.

The majority of this growth is attributed to $USDT, which boasts an enormous 96B in supply out of the total 129B, while the $USDC supply has also experienced notable growth, now valued at 26.1B, up from a low of 24B.

This influx of stablecoin supply seems to align with the recent surge in Bitcoin to $42,000. This correlation can be analyzed using the Stablecoin Supply Ratio (SSR), a metric comparing the Bitcoin supply with the supply of stablecoins denoted in Bitcoin.

A low SSR indicates that the current stablecoin supply has increased "buying power" to acquire Bitcoin…

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