Aggregate Constituents

Admitted Wrapper Set (S2)

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
SUSDD	Savings USDD	USDD	savings	high	yes
SDAI	Savings Dai	DAI	savings	high	yes
SDAI	Savings xDAI	DAI	savings	high	yes
SRUSDE	Strata Senior USDe	USDE	structured-tranche	high	yes
SFRXUSD	Frax Staked frxUSD	FRXUSD	staked	high	yes
SCRVUSD	Savings crvUSD	CRVUSD	savings	high	yes
SDOLA	sDOLA	DOLA	savings	high	yes
SLVLUSD	Staked Level USD	LVLUSD	staked	high	yes
SUSN	Staked USN	USN	staked	high	yes
SAVUSD	Avant Staked USD	AVUSD	staked	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

Adjacent Segment

Shares in pools that lend the base coin onward are reported alongside the hierarchy and counted in no tier (rule R7). Removed from the wrapper set on 16 September 2026; see the change log.

Symbol	Name	Base	Code
SYRUPUSDC	syrupUSDC	USDC	adjacent-lending
SYRUPUSDT	syrupUSDT	USDT	adjacent-lending
GTUSDA	Gauntlet USD Alpha	USDC	adjacent-lending
GTUSDCP	Gauntlet USDC PRIME V2	USDC	adjacent-lending
GTUSDTP	Gauntlet USDT PRIME V2	USDT	adjacent-lending
STEAKUSDC	Steakhouse USDC V2	USDC	adjacent-lending
STEAKUSDT	Steakhouse USDT V2	USDT	adjacent-lending
STEAKPYUSD	Steakhouse PYUSD V2	PYUSD	adjacent-lending

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.

Constituent-Change Log

2026-10-07 — Base universe: removal of Gate USD from S0

Recorded 6 October 2026.

Change. Gate USD (GUSD, issued by Gate) is removed from the S0 base compilation from 7 October 2026.

Reason. Section 2.2 admits to S0 only an instrument that is itself the redemption endpoint. Gate USD is redeemed one for one into the stablecoin used to subscribe, USD Coin or Tether, and its backing combines several asset classes, including tokenized treasuries. Rule R7 excludes an instrument backed by multiple asset classes, or redeemable into more than one base coin, from every tier until its claim can be assigned to exactly one base coin. It is reported outside the hierarchy.

Window affected. None restated. The change applies from 7 October 2026. Published values before that date, including the September 2026 monthly report, include the instrument and are not revised. At the effective date the amount is $0.320B, or 0.11 percent of S0.

Classification. Constituent change under section 7.2, recorded under section 7.3. This is not a data correction: the source data were accurate, but the exclusion rule was not fully enforced.

2026-10-07 — Base universe: constituent review under section 6.5

Recorded 7 October 2026.

Change. Of the 26 members the review trigger flagged on 6 October 2026, 11 receive a non-par verdict and leave S0 from 7 October 2026. 8 hold no verdict from that date and are candidates under section 5.6 until a credible price can be observed. 7 are unchanged: 2 were flagged because their peg currency was recorded as the US dollar and are re-tested against the euro, and 5 were marginal or back within the band.

Reason. Section 6.5. A non-par verdict requires the deviation to be confirmed by an independent observation. A coin without a credible or independent price holds no verdict (section 6.4.1). The rules and the evidence for each coin are published with this entry.

Window affected. None restated. At the effective date the members leaving S0 amount to $0.248B, or 0.08 percent of S0.

Classification. Constituent change under section 7.2, recorded under section 7.3.

Scheduled — 1 November 2026: constituent update

On 1 November 2026 the S0 compilation will apply section 2.2's exclusion of unreleased issuer treasury balances to the instruments whose issuers or protocols disclose such balances, and will remove one bridged instrument whose issuer does not issue it. Issuer attribution in the concentration series will be keyed by instrument. Published values before that date are not restated. The entry recording the change, with its amounts, will be published on the effective date.

2026-09-28 — Constituent map version 4: three confidence grades resolved

Recorded 28 September 2026.

Change. Strata Senior USDe (SRUSDE), Staked USN (SUSN) and Avant Staked USD (SAVUSD) move from confidence grade `medium` to `high`. Relation, base coin and admission are unchanged.

Reason. Section 5.3: the redemption path of each entry is verified from the issuing arrangement's own documentation, and each base coin (Ethena USDe, Noon USN and Avant USD) is a member of S0.

Window affected. None. Section 5.3: the grade governs permissible use of the entry rather than its inclusion in the compilation. No value of S0, S1 or S2 changes.

Classification. Constituent change under section 7.2, recorded under section 7.3.

2026-09-21 — Base universe: four members enter S0 on the date of their verdicts

Recorded 27 September 2026.

Change. Gemini Dollar (GUSD), mStable USD (MUSD), StraitsX XUSD (XUSD) and Universal USD (USDU) received stored par verdicts on 21 September 2026 and are members of S0 from that date. On earlier dates they are candidates under section 5.6.

Reason. Section 6.4.7: a candidate enters S0 on the first vintage with a passing verdict. Section 6.4.1: the backcast applies the verdicts in force on its compilation date, 19 September 2026.

Window affected. S0, S1 gross, S2 gross and both multipliers from 9 April 2025 through 20 September 2026. The restated values are lower. The largest single-day effect is $0.148B, on 9 September 2025.

Classification. Constituent change under section 7.2, recorded under section 7.3.

2026-09-16 — Base universe: membership resolved per instrument

Change. Membership attaches to the instrument rather than the ticker. Specification 1.1 widens `U` to every instrument in the issuance record, where a ticker may name more than one instrument. Under version 1.1 each instrument is a member in its own right and carries the verdict of the coin whose prices formed it. An instrument whose coin holds no verdict is a candidate under section 5.6.

Reason. Version 1.0 compiled a narrower population in which one ticker named one instrument, and identified members by ticker. The 1.1 population does not have that property. A verdict describes one instrument's prices and is applied only to that instrument.

Window affected. S0, S1 gross, S2 gross and both multipliers over the full compiled window, 27 September 2018 to 18 September 2026. At the effective date $0.50 billion moves from S0 to the candidate set, 0.17 percent of S0; $0.18 billion of it is one instrument whose par verdict rested on no price the platform holds. The candidate set is published daily with its members.

Classification. Constituent change under section 7.2, recorded under section 7.3. The definition of `U` is unchanged; the unit to which membership attaches is now the instrument.

Recorded 28 September 2026: the figures in this entry are withdrawn in Specification 1.1.1 (Annex D, lines 12 to 14).

2026-09-16 — Base universe: removal of a representation from S0

Change. Polymarket USD was removed from the S0 base compilation. It is minted one for one against USD Coin locked in the issuing venue's collateral contracts. That collateral is already included in the published supply of USD Coin, so its inclusion in S0 caused the same dollar of base supply to be counted twice.

Reason. The representation exclusion was adopted on 23 August 2026 and applied to the headline supply figure and the platform's supply total. It was not applied to the S0 compilation, which used a separate exclusion set. Rule R0 and section 2.3 exclude from the base universe a representation of a claim that is already counted.

Window affected. The revision affects S0, S1 gross, S2 gross, and both multipliers published from 6 July 2026, when the instrument first entered the compilation, through 15 September 2026, the final day compiled under version 1.0. At the effective date, the amount is $0.468 billion, or 0.16 percent of S0. Levels from 16 September 2026 onward, together with the recomputed history, exclude it.

Classification. Constituent revision under sections 7.2 and 7.3. This is not a data correction. The source data were accurate, but the exclusion rule was not fully enforced.

Recorded 28 September 2026: the figures in this entry are withdrawn in Specification 1.1.1 (Annex D, lines 12 to 14).

2026-09-16 — Wrapper set: shares in pools that lend the base coin onward

Change. Eight instruments were removed from the wrapper set and are reported as an adjacent segment under the code `adjacent-lending`: syrupUSDC, syrupUSDT, gtUSDa, gtUSDCp, gtUSDTp, steakUSDC, steakUSDT, and steakPYUSD. Together, they were valued at $1.545 billion on the effective date.

Reason. Rule R7. A pool that lends deposited base coins onward holds loan receivables, which are claims against borrowers denominated in the base coin, instead of holding the base coin itself. A receivable denominated and repayable in a stablecoin has no stablecoin in its claim lineage. Rule R6 applies the same reasoning to securities settled in stablecoins. The pool share is also a claim created by lending the base coin against other collateral, a form of leverage that falls outside the scope of the multiplier under section 4.3.

Window affected. The revision affects S2 gross and the representation multiplier published from 9 April 2025, the start of wrapper coverage, through 15 September 2026. At the effective date, S2 gross falls by $1.545 billion and the multiplier falls by 0.0052, from 1.0933 to 1.0881. S0, S1 gross, and the bridge-only multiplier are unchanged.

Classification. Constituent change under section 7.2, recorded under section 7.3. The definition of the wrapper layer is unchanged. The revision is therefore a constituent change under a minor version, not a redefinition of a layer under section 7.1.

Recorded 28 September 2026: the figures in this entry are withdrawn in Specification 1.1.1 (Annex D, lines 12 to 14).

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.

Review records: 2026-10-07 (26 members)