Stablecoin Beat S0/S1/S2 Monetary Aggregates — Specification 1.1
This paper specifies the S0/S1/S2 stablecoin monetary aggregates, a three-tier classification of fiat-denominated stablecoin claims expressed in United States dollars at official reference exchange rates. The tiers are ordered by claim form: primary claims, representations of those claims in other settlement environments, and other transferable claims derived from them. For each admitted instrument, the specification also records claim distance, defined as the number of redemption steps between the token held and the base instrument's redemption endpoint. That endpoint may be an issuer redemption obligation or a protocol redemption mechanism. S0 measures base stablecoin supply: native primary stablecoin claims intended to redeem at or track par. S1 measures represented supply by adding tokenized representations of S0 claims created in other settlement environments. S2 measures extended claims by adding transferable instruments whose principal exposure can be traced to an S0 asset. S1 and S2 are each defined on a net basis, which deduplicates backing relationships, and a gross basis, which counts every token layer circulating at the same time. The ratio of gross extended claims to base supply, termed the representation multiplier, measures the amount of claim structure built on each unit of base supply. The specification defines the equations, constituent admission policy, and edge-case rules for bridge designs, wrapper chains, tranches, rebasing designs, issuer treasury balances, tokenized securities, and claims issued in excess of backing held. It also establishes the versioning and revisions policy. The aggregates are published as a maintained daily series.