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Stablecoin Monetary Aggregates

· Updated daily

As of August 16, 2026, base par supply S0 stood at $288.9B and bridge-inclusive S1 gross at $308.2B. Gross claims S2 reached $316.4B, or 1.095 dollars of claims per dollar of base supply.

How many dollar claims circulate per dollar of base stablecoin? Stablecoin Beat answers with three aggregates, analogous to M0/M1/M2 but ordered by claim distance rather than liquidity: S0 counts native issuer liabilities, S1 adds bridge-wrapped representations on other chains, and S2 adds savings and staking wrappers with a traceable claim lineage to a base asset. As of Aug 2026: S0 $288.9B, S2 gross $316.4B, representation multiplier 1.095×.

S0 — Base Supply
—
native issuance, net
S1 — Represented (Gross)
—
+ bridged copies
S2 — Extended (Gross)
—
+ lineage wrappers
Representation Multiplier
—
gross claims / net base

Aggregate Levels

Daily S0 base supply, S1 gross (base plus bridge-wrapped representations) and S2 gross (plus claim-lineage wrappers). The gap between the lines is the claim structure built on the same base dollars.

Representation Multiplier

Gross claims per dollar of net base. A reading near 1.0 describes a fully-collateralised system with little layering; a rising reading means representations and wrappers are accumulating on the same base. The dashed line isolates the bridge layer alone.

What Sits in Each Layer (Latest)

S2 Wrapper Composition

Savings, staking and lending-vault tokens admitted to S2 through the curated claim-lineage map, ranked by market value. Each is a claim redeemable, directly or through one redemption step, into the base asset shown.

Wrapper Base Asset Relation Market Value
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Bridged Representations by Coin

The S1 layer: value of bridge-wrapped copies circulating away from each coin's native chains. Every dollar here is matched by a locked dollar in the base supply — it is the same claim, represented twice.

Coin Bridged Value Share of Bridge Layer
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The Three Tiers

S0 — Base stablecoin supply
Native, issuer-recognised liabilities intended to redeem at or track par, net of unreleased treasury balances and deduplicated across chains. S0 is the platform's headline total: nothing above it is ever added to headline supply.

S1 — Represented supply
S0 plus bridge-wrapped copies of S0 claims circulating in other settlement environments. Net of the backing relationship, S1 equals S0; gross, it counts every simultaneously circulating token representation.

S2 — Extended claims
S1 plus liquid claims whose principal exposure derives from a stablecoin: savings, staking and lending-vault wrappers with a traceable claim lineage to an S0 asset. Tokenized treasury funds claim T-bills directly, so they sit outside the hierarchy as an adjacent segment.

Methodology

Native/bridged decomposition: per-chain issuance data records, for each coin on each chain each day, the natively minted balance, the circulating balance, and the value bridged in from other chains. Summing circulating balances across chains nets out bridge flows, so the base is never double-counted; summing bridged balances measures the representation layer. The decomposition is published for the largest USD-pegged coins, which cover the overwhelming majority of par supply.

Wrapper admission: S2 membership is curated per instrument, not inferred. A wrapper qualifies only with a documented redemption path to a single base stablecoin (staking receipt, savings vault, lending-vault share, or a tranche on such a claim). Composite strategies and tokenized treasuries are excluded; the full inclusion and exclusion list is maintained as a versioned data file and reviewed as new instruments enter coverage.

Reading the multiplier: the representation multiplier is a measure of claim layering, not of liquidity or leverage. Bridged copies and wrappers are typically fully backed, so a high reading is not by itself a solvency signal; what matters is the trend, and which layer drives it. Full definitions in the methodology.

Series coverage: each tier begins when its constituent coverage enters the record. S0 and S1 derive from per-chain issuance data and run from 2018; the S2 series begins when instrument-level wrapper coverage enters the record, and earlier values are not reconstructed retrospectively. The representation multiplier is published over the period where all of its inputs exist.

Revisions: constituent changes are explicit, dated and logged; history is never restated silently. 2026-08-09: tokenized treasury instruments were removed from the base compilation as a definitional correction; levels published on the two preceding days were overstated by their balances.

Frequently Asked Questions
What are stablecoin monetary aggregates?
Stablecoin monetary aggregates classify dollar-denominated stablecoin claims into tiers by their distance from the issuer's balance sheet, analogous to the M0/M1/M2 hierarchy for fiat money. S0 counts native issuer liabilities, S1 adds bridge-wrapped representations of those liabilities on other chains, and S2 adds savings and staking wrappers with a traceable claim lineage to a base stablecoin. Unlike the fiat hierarchy, which orders money by liquidity, this hierarchy orders claims by how many layers separate the token a holder owns from the issuer's redemption obligation.
What is the representation multiplier?
The representation multiplier is the ratio of gross stablecoin claims (S2 gross) to the net base supply (S0). It measures how much claim structure — bridged copies plus yield-bearing wrappers — has been built per dollar of base stablecoin. A reading near 1.0 describes a system with little layering; a rising reading means token representations are accumulating on the same base dollars.
Does bridging a stablecoin create new money?
No. Bridging locks the original token and mints a representation on the destination chain, so the economic claim is unchanged — one dollar of redemption obligation now has two circulating token forms. That is why S1 net equals S0, while S1 gross counts both forms. The gap between the two is the bridge layer, which the multiplier tracks.
Why is net S2 equal to S0?
Depositing a stablecoin into a savings or staking wrapper does not create a new dollar claim: the wrapper token is a receipt for base tokens that already exist in S0. Deduplicating those backing relationships collapses every tier to the base supply, absent leverage or external collateral. The analytically interesting quantity is therefore the gross series and its ratio to the base.
Are tokenized treasury funds like USDY or BUIDL included in S2?
No. S2 admission requires a traceable claim lineage to a base stablecoin. Tokenized treasury funds are claims on securities — T-bills and repos — not on a stablecoin, so they sit outside the S0/S1/S2 hierarchy as an adjacent segment, tracked separately and never added to stablecoin supply.
Why does the S2 series start later than S0 and S1?
Each tier is published from the date its constituent coverage enters the record. S0 and S1 derive from per-chain issuance data with history back to 2018; S2 additionally requires instrument-level data for each admitted wrapper, and that coverage enters the record later. Earlier S2 values are not reconstructed retrospectively: publishing an estimate built on partial constituent coverage would misstate the level of the series.

Cite as: Stablecoin Beat Research, “Stablecoin monetary aggregates (S0/S1/S2),” stablecoinbeat.com/charts/aggregates/, retrieved August 16, 2026.