Stablecoin monetary aggregates: S0 base supply, S1 gross, S2 gross, and the representation multiplier.
As of September 08, 2026, base par supply S0 stood at $292.8B and bridge-inclusive S1 gross at $312.4B. Gross claims S2 reached $320.3B, or 1.094 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.
Coverage and boundary: S0 is compiled over the dollar par universe members whose issuance record carries the per-environment decomposition the hierarchy requires, currently 98.18% of that universe by value. Coverage is measured at each observation date rather than asserted once, and is published with the series it qualifies. S0 and the platform's headline supply figure are two compilations of the same base concept and are not the same number: they draw membership from the same par universe but take levels from different source classes, and the headline universe is broader in the tail and spans peg currencies beyond the dollar. The difference between them is 3.31% at this observation date, and the two are reconciled daily.
| Wrapper | Base Asset | Relation | Market Value |
|---|---|---|---|
| SUSDS | USDS | Savings vault | $4.67B |
| SUSDE | USDE | Staking receipt | $1.37B |
| SYRUPUSDC | USDC | Lending vault share | $0.973B |
| SYRUPUSDT | USDT | Lending vault share | $0.393B |
| SUSDD[2] | USDD | Savings vault | $0.204B |
| SDAI | DAI | Savings vault | $0.166B |
| SAVUSD[2] | AVUSD | Staking receipt | $0.102B |
| STEAKUSDC | USDC | Lending vault share | $0.093B |
| GTUSDCP | USDC | Lending vault share | $0.089B |
| STEAKUSDT | USDT | Lending vault share | $0.061B |
| SDAI | DAI | Savings vault | $0.051B |
| SFRXUSD[2] | FRXUSD | Staking receipt | $0.035B |
| SUSN[2] | USN | Staking receipt | $0.031B |
| SRUSDE | USDE | Structured tranche | $0.029B |
| SCRVUSD[2] | CRVUSD | Savings vault | $0.016B |
| SDOLA[2] | DOLA | Savings vault | $0.015B |
| GTUSDA | USDC | Lending vault share | $0.002B |
| GTUSDTP | USDT | Lending vault share | $0.001B |
| STEAKPYUSD | PYUSD | Lending vault share | $0.3M |
| SLVLUSD[2] | LVLUSD | Staking receipt | $0.1M |
| Coin | Bridged Value | Share of Bridge Layer |
|---|---|---|
| USDT | $12.9B | 65.7% |
| USDC | $3.87B | 19.8% |
| USDe | $1.91B | 9.8% |
| DAI | $0.623B | 3.2% |
| USDS | $0.107B | 0.5% |
| PYUSD | $0.083B | 0.4% |
| USDG | $0.062B | 0.3% |
| GHO | $0.056B | 0.3% |
Native, issuer-recognized liabilities intended to redeem at or track par, net of unreleased treasury balances and deduplicated across chains. The published S0 series is compiled from per-chain issuance records over the largest USD par coins, while the headline "total stablecoin supply" is compiled over the full par universe from market data — two compilations of the same base concept, reconciled daily; wrapper and bridge values are never added to headline 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.
S1 plus transferable claims whose principal economic 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.
A high multiplier is consistent with every layer being fully backed, and a multiplier of 1.0 is consistent with a base coin whose reserves are impaired. The multiplier is compiled from outstanding quantities and contains no information about the quality of any issuer's reserves. No threshold is a warning level, and none is published.
Value created by leverage within a wrapper structure is excluded from the S2 gross wrapper total and recognized separately. The layers the multiplier counts are, in the normal case, fully backed claims on the same base: the same obligation represented more than once, not borrowed against more than once.
The layers the multiplier counts sum to no additional claim on the base issuer, except in documented cases. Deposit creation changes the aggregate quantity of claims; representation and wrapping change the number of tokens through which an unchanged quantity of claims is held.
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, and is published as the constituent record.
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 September 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. A day whose dominant constituents have not reported is not published: missing days are absent, not filled.
Valuation basis: base and representation layers are measured at par, wrapper layers at outstanding market value. The asymmetry is deliberate, and it means the multiplier is a ratio whose numerator contains a market-valued component and whose denominator does not. Accrued yield is inside S2 gross: the wrapper layer's value grows with accrued yield even when no new deposit occurs. No principal-only variant is published.
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.
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.
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.
Current reading: 1.094×.
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.
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.
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.
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 September 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.
What is included in the wrapper universe The admitted set of wrappers, their underlying assets and the relationship between them, alongside documented exclusions and a dated record of constituent changes.
How the headline supply measure is constructed These series cover the same par-value universe as S0, but draws on a different source class and captures a broader tail of assets. The two measures therefore differ by construction rather than through a reconciliation error.
Where S1 supply sits across chains A breakdown of the chains on which each coin circulates, including the share of supply that reached those networks through bridges.
Concentration versus claim-layer complexity Concentration is measured at the base-asset level. The multiplier captures a different feature: how much additional claim structure has been built on top of that same underlying supply.
What the wrapper layer pays The economics of S2: the yield paid by savings products, staking receipts and other claims that sit above the underlying stablecoin layer.
Methodology and reconciliation Definitions of the universes used on this page, the hierarchy of source authority and the reconciliation tests applied to each series.