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This is Version 2.0 of the Thermo-Credit theory and implementation note. Changes vs v1:- Clarified the thermodynamic mapping and notation (U, S_M, V_C, T_L, p_C, F_C, X_C).- Consolidated the “energy and entropy” caveats and made the non-physical status explicit.- Fixed inconsistencies in the loop-area description and unified the (p_C, V_C) plane notation.- Added a clearer design description for the liquidity temperature T_L and the internal-energy gauge U.- Updated the limitations section to clarify that the JP empirical evaluation is still under development. Empirical status:- The JP indicator pipeline and data-fetching modules are in place, but a full empirical evaluation and figure set are still under development.- A later version will add JP-focused experiments, charts, and a dedicated “Results and Discussion” section. We present a technical note that recasts the Quantity Theory of Credit (QTC) in a thermodynamic-stylestate space to separate scale, dispersion, and capacity in modern credit systems. The key step is anentropy-like dispersion index that factors money-in-circulation and its allocation, combined with anexplicit capacity variable for bank balance sheets. The mapping is an analytic bookkeeping correspondence, not a physical identity: it is designed forstructured bookkeeping, stress diagnostics, and early-warning indicators, rather than importingmicroscopic physical laws into economics. Within this framework we define an internal potentialU(S_M, V_C, ...), derive a first-law-like decomposition of credit creation, introduce a Helmholtz-stylefree energy F_C and an exergy-like measure X_C, and obtain a Maxwell-like integrability condition thatmakes the mapping empirically falsifiable. All quantities are intended to be constructed from public data and integrated into practical monitoringtools for investors, risk managers, and policymakers. This record provides the fixed, citable Version 2.0of the Thermo-Credit Theory note; Version 1.0 remains available under “All versions”. GitHub release: release/v2.1.7