Stablecoin monetary aggregates: S0 base supply, S1 gross, S2 gross, and the representation multiplier.
As of October 01, 2026, base par supply S0 stood at $299.0B and bridge-inclusive S1 gross at $319.1B. Gross claims S2 reached $325.7B, or 1.089 units of claims per unit of base supply.
How many claims circulate per unit of base stablecoin supply? Stablecoin Beat answers with three aggregates, analogous to M0/M1/M2 but ordered by claim form rather than liquidity: S0 counts native primary claims intended to redeem at or track par, in any fiat unit of account; S1 adds tokenized representations of those claims in other settlement environments; and S2 adds transferable claims whose principal exposure traces to a base stablecoin, such as savings and staking wrappers.
Backcast, 19 September 2026. Figures under Specification 1.1 for 27 September 2018 through 18 September 2026 were compiled on 19 September 2026 as a backcast. The backcast applies the par verdicts in force on 19 September 2026 throughout the window. Figures for the same period under Specification 1.0 remain retrievable (series as compiled under Specification 1.0) and are not restated.
Revision, 19 September 2026. Figures published from 16 through 18 September 2026 were revised on 19 September 2026. The revision reflects a constituent change recorded in the constituent-change log for 16 September 2026.
Revision, 20 September 2026. Figures for 8 August through 19 September 2026 were revised on 20 September 2026.
Revision, 21 September 2026. Figures for 9 April 2025 through 20 September 2026 were revised on 21 September 2026.
Revision, 27 September 2026. Figures for 9 April 2025 through 20 September 2026 were revised on 27 September 2026. The revision reflects a constituent change recorded in the constituent-change log for 21 September 2026.
Coverage and boundary: S0 is compiled over every member of the par universe carried by the issuance record whose peg currency has an official reference rate, currently 99.92% of that universe by value. Coverage is measured at each observation date and published with the series it qualifies. S0 and the platform's headline supply figure measure different populations and therefore produce different totals. The headline figure is the market value of a market-data stablecoin category after representations and yield-bearing instruments are removed; it does not apply the par test. S0 is the par-valued supply of the base universe defined by the specification. At this observation date, the difference between the two is 1.54%.
Coverage: 167 instruments in the issuance record are not counted in these aggregates, worth $2.51B, about 0.83% of the universe. No price series is available for them, so the par test that decides membership cannot be run. Each is added or set aside once its price can be observed.
| Wrapper | Base Asset | Relation | Market Value |
|---|---|---|---|
| SUSDS | USDS | Savings vault | $4.64B |
| SUSDE | USDE | Staking receipt | $1.26B |
| SUSDD | USDD | Savings vault | $0.203B |
| SDAI | DAI | Savings vault | $0.164B |
| SAVUSD | AVUSD | Staking receipt | $0.102B |
| SDAI | DAI | Savings vault | $0.044B |
| SUSN | USN | Staking receipt | $0.036B |
| SFRXUSD | FRXUSD | Staking receipt | $0.033B |
| SRUSDE | USDE | Structured tranche | $0.018B |
| SDOLA | DOLA | Savings vault | $0.018B |
| SCRVUSD | CRVUSD | Savings vault | $0.016B |
| SLVLUSD | LVLUSD | Staking receipt | $0.1M |
| Coin | Bridged Value | Share of Bridge Layer |
|---|---|---|
| 1 | $13.1B | 65.5% |
| 2 | $3.79B | 18.9% |
| 146 | $2.16B | 10.8% |
| 5 | $0.603B | 3.0% |
| 209 | $0.105B | 0.5% |
| 10 | $0.099B | 0.5% |
| 120 | $0.082B | 0.4% |
| 286 | $0.064B | 0.3% |
Native primary stablecoin claims intended to redeem at or track par in any fiat unit of account, net of unreleased treasury balances and deduplicated across settlement environments. The published S0 series is compiled from issuance records over every member of the base universe the record carries, valued at par at official reference rates; the headline "total stablecoin supply" is compiled from market data over a market-defined category. Two compilations of different populations, published side by side and never combined; 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 and staking 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 sought for every member of the par universe. If no decomposition is available for a member, its bridged units are treated as unobserved, not as zero. The share of S0 for which bridges are tracked is published with the series.
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, 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 fiat-pegged stablecoin claims into tiers by the form of the claim, in a three-tier structure that echoes the M0/M1/M2 hierarchy for fiat money. S0 counts native primary claims intended to redeem at or track par, S1 adds tokenized representations of those claims circulating in other settlement environments, and S2 adds transferable claims whose principal exposure traces to a base stablecoin, such as savings and staking wrappers. Unlike the fiat hierarchy, which orders money by liquidity, this hierarchy orders claims by form; the number of redemption steps between the token held and its base is recorded separately as claim distance.
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 representations plus admitted wrappers, has been built per unit of base supply. A reading near 1.0 describes a system with little layering; a rising reading means representations and wrappers are accumulating on the same base.
Current reading: 1.089×.
No. Bridging locks the original token and mints a representation on the destination chain, so the economic claim is unchanged: one unit 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 claim on the base: 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.