A stacked ring 2 that forms a transmission belt is formed by stacking a plurality of elastically deformable ring materials 201 to 206 together. Shot peening is performed on surfaces of the ring materials 201 to 203 of the first layer as the innermost layer to the third layer so that a residual compressive stress in the ring materials 201 to 203 is higher than that in the ring materials 204 to 206 of the fourth to sixth layers. The outer circumferential length of the ring material 203 of the third layer is longer than the inner circumferential length of the ring material 204 of the fourth layer, and the ring material 203 of the third layer is press-fit into the ring material 204 of the fourth layer.