Aggregate Constituents
Version 2 · as of 2026-08-09 · membership changes are explicit, dated and logged below
As of August 9, 2026, the constituent record admitted 20 wrapper tokens into the S1/S2 aggregates, with 15 documented wrapper exclusions and 9 base-universe exclusions.
The constituent record of the S0/S1/S2 stablecoin monetary aggregates: which wrappers are admitted to the S2 extended tier and on what claim, which instruments are excluded and why, and every change ever made to the membership rules. A machine-readable copy is published alongside.
Each wrapper is a claim redeemable, directly or through one redemption step, into its base asset. A wrapper contributes to S2 only on vintages where its base is inside the S0 coverage; the last column shows the current vintage's status.
| Wrapper | Name | Base | Relation | Confidence | Base in S0 |
|---|---|---|---|---|---|
| SUSDS | sUSDS | USDS | savings | high | yes |
| SUSDE | Ethena Staked USDe | USDE | staked | high | yes |
| SYRUPUSDC | syrupUSDC | USDC | lending-vault | high | yes |
| SYRUPUSDT | syrupUSDT | USDT | lending-vault | high | yes |
| SUSDD | Savings USDD | USDD | savings | high | not this vintage |
| SDAI | Savings Dai | DAI | savings | high | yes |
| SDAI | Savings xDAI | DAI | savings | high | yes |
| SRUSDE | Strata Senior USDe | USDE | structured-tranche | medium | yes |
| SFRXUSD | Frax Staked frxUSD | FRXUSD | staked | high | not this vintage |
| SCRVUSD | Savings crvUSD | CRVUSD | savings | high | not this vintage |
| SDOLA | sDOLA | DOLA | savings | high | not this vintage |
| SLVLUSD | Staked Level USD | LVLUSD | staked | high | not this vintage |
| SUSN | Staked USN | USN | staked | medium | not this vintage |
| SAVUSD | Avant Staked USD | AVUSD | staked | medium | not this vintage |
| GTUSDA | Gauntlet USD Alpha | USDC | lending-vault | medium | yes |
| GTUSDCP | Gauntlet USDC PRIME V2 | USDC | lending-vault | high | yes |
| GTUSDTP | Gauntlet USDT PRIME V2 | USDT | lending-vault | high | yes |
| STEAKUSDC | Steakhouse USDC V2 | USDC | lending-vault | high | yes |
| STEAKUSDT | Steakhouse USDT V2 | USDT | lending-vault | high | yes |
| STEAKPYUSD | Steakhouse PYUSD V2 | PYUSD | lending-vault | high | yes |
Documented Exclusions from S2
Instruments considered and excluded, with the exclusion class. The default is exclusion: an instrument absent from both tables is not counted.
| Symbol | Reason |
|---|---|
| USDY | tokenized-treasury |
| BFUSD | unclear-lineage |
| USDAI | primary-issue |
| ONYC | tokenized-treasury |
| IUSD | composite |
| SUSD1+ | composite-fund |
| MTBILL | tokenized-treasury |
| MRE7YIELD | composite-fund |
| MBASIS | composite-fund |
| YZUSD | unclear-lineage |
| SYZUSD | unclear-lineage |
| APYUSD | unclear-lineage |
| USDU | unclear-lineage |
| USP | unclear-lineage |
| SUSD | unclear-lineage |
Base-Universe Exclusions (S0)
Instruments the issuance source lists as dollar-pegged that are nonetheless outside the base universe: tokenized treasury and fund instruments are claims on securities, not par stablecoin liabilities.
BENJI · BUIDL · MTBILL · TBILL · USDY · USTB · USYC · WTGXX · YLDS
Applied together with the wrapper set above (a wrapper can never sit in its own base), product-level yield flags, and vintage-frozen non-par verdicts.
2026-08-09 — Base-universe correction: tokenized treasuries removed (pre-publication)
Change. USDY, BUIDL, USYC and YLDS were removed from the S0 base compilation, and a curated exclusion class for tokenized treasury and fund instruments was added (`lineage_map.json` v2, `s0_exclusions`), applied together with the wrapper-set members, product yield flags and vintage-frozen non-par verdicts.
Reason. The issuance source's dollar-pegged listing includes instruments whose principal claim is on securities, not on a par stablecoin liability. Their inclusion contradicted the published definition of S0 and the exclusion of tokenized treasuries from the hierarchy.
Window affected. Aggregate levels published from the series' first publication (2026-08-08) until this correction (2026-08-09) — S0, S1 gross, S2 gross and the representation multiplier — were overstated by the excluded instruments' balances (S0 approximately 4% too high at the final affected vintage). Levels from 2026-08-09 onward, and the full recomputed history, reflect the corrected universe.
Classification. Constituent revision (definitional correction), made before the specification and its worked examples were frozen. Not a data correction: source data were accurate; the universe rule was under-enforced.
2026-08-09 — S2 admission tightened: wrapper base must be inside S0 coverage (pre-publication)
Change. A wrapper contributes to S2 gross only on vintages where its base asset is inside the S0 coverage, so the representation multiplier S2gross/S0 never counts numerator claims on base supply absent from the denominator (external review criterion A2). Seven wrappers are currently coverage-excluded (bases USDD, AVUSD, FRXUSD, USN, CRVUSD, DOLA, LVLUSD); each enters automatically the vintage its base enters coverage. The `base_in_s0` flag is published per wrapper per vintage.
Window affected. S2 gross and the multiplier published 2026-08-08 → 2026-08-09 included the coverage-excluded wrappers (≈0.14% of S2 gross).
Classification. Constituent-admission rule change, pre-freeze; adopted during external review of Specification 1.0.
Cite as: Stablecoin Beat Research, “S0/S1/S2 constituent record,” stablecoinbeat.com/charts/aggregates/constituents/, version 2, retrieved 16 August 2026.