Stablecoin supply is the quantity of stablecoin units outstanding under a specified measurement convention at a given time.
The appropriate supply measure depends on the analytical purpose. Token-contract supply, circulating supply, and issuer-recognized outstanding claims can differ because of treasury balances, native issuance across several networks, bridges, and wrappers. StablecoinBeat's S0/S1/S2 methodology treats native issuer-recognized par liabilities as the base measure and records bridge and wrapper representations in higher tiers. That convention is specific to SBMP-01 and is designed to prevent represented claims from being counted as new base issuance.
A supply figure is meaningful only with a stated scope. StablecoinBeat separates base issuer-recognized liabilities from represented claims when compiling its S0/S1/S2 monetary aggregates.
Supply feeds market-size, growth, concentration, and representation metrics. Inconsistent treatment of treasury balances, bridges, or wrappers can produce materially different totals.
If an issuer creates tokens on two native networks, both native balances can belong in base supply. A third-party wrapped representation can track an existing claim without creating additional base issuance.