Stablecoin Beat S0/S1/S2 Monetary Aggregates: Specification
Originally issued under the Stablecoin Beat Research imprint; publisher of record transferred to the Institute for Digital Money Statistics.
Abstract
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.
Versions
| Version | Date | DOI | Changes | |
|---|---|---|---|---|
| 1.1.1 | 10.5281/zenodo.23019327 | Revision record in Annex D. No value quoted in 1.1 changes. | ||
| 1.1 | 10.5281/zenodo.22744683 | Claim-form ordering, specified par test, coverage reporting, non-dollar fiat claims. | ||
| 1.0 | 10.5281/zenodo.21861584 | Initial release. |
Cite
Silenzi, M. (2026). Stablecoin Beat S0/S1/S2 Monetary Aggregates: Specification 1.1.1. SB Methodology Papers No. 1. Institute for Digital Money Statistics (IDMS), Baden. https://doi.org/10.5281/zenodo.23019327
Changelog
- Version 1.1.1, 2 October 2026: restates Specification 1.1 with the revisions recorded in Annex D. No value of S0, S1 or S2 quoted in Specification 1.1 changes.
- Version 1.1, 20 September 2026: minor version. States the ordering of the tiers as claim form and records claim distance as an instrument property; specifies the parameters of the par test and changes its statistic to the median absolute deviation from parity; separates the base universe from compilation coverage and publishes coverage daily; extends the universe to par claims in any fiat unit of account at official reference rates; compiles S0 over every member of the issuance record; restates rule R9; removes shares in pools that lend the base coin onward from the wrapper set. Tier boundaries and the net and gross conventions are unchanged. No value published under version 1.0 is restated.
- Version 1.0, 9 August 2026: initial release.