Stablecoin Beat S0/S1/S2 Monetary Aggregates: Specification 1.0

Abstract

This paper specifies the S0/S1/S2 stablecoin monetary aggregates: a three-tier classification of dollar-denominated stablecoin claims ordered by the number of redemption steps separating the token a holder owns from the base instrument's redemption endpoint, which is an issuer's redemption obligation or a protocol redemption mechanism. S0 measures base stablecoin supply, the native issuer liabilities intended to redeem at or track par. S1 measures represented supply, adding tokenized representations of S0 claims created in other settlement environments. S2 measures extended claims, adding transferable instruments whose principal exposure is a traceable claim on an S0 asset. Each tier is defined both net, deduplicating backing relationships, and gross, counting every simultaneously circulating token layer. The ratio of gross extended claims to base supply, the representation multiplier, measures how much claim structure has been built on each unit of base supply. The specification states the equations, the admission policy for constituent instruments, edge-case rules covering bridge designs, wrapper chains, tranches, rebasing designs, issuer treasury balances, tokenized securities and claims issued in excess of the backing held, and a versioning and revisions policy. The aggregates are published as a maintained daily series. JEL: E41, E42, G23.