Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$25.14KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Nov 2026 | $25.14K | -- | -- | -- |
| Oct 2026 | $199.69K | -- | -- | -- |
| Sep 2026 | $240.76K | -- | -- | -- |
| Aug 2026 | $535.68K | -- | -- | -- |
| Jul 2026 | $528.14K | -- | -- | -- |
| Jun 2026 | $458.05K | -- | -- | -- |
Comparison
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| No Data | ||||
Follow Updates
About USDD
USDD is a crypto-collateralized dollar stablecoin managed by the TRON DAO Reserve and circulating on TRON, Ethereum and BNB Chain. Overcollateralization anchors the peg, a PSM on Ethereum supports one-to-one swaps with USDT and USDC, sUSDD adds a yield-bearing version, and GasFree lets users transfer without holding TRX.
It serves TRON's demand for a stablecoin with a decentralized narrative, used mainly for trading, payments and yield. In January it adopted Chainlink as its oracle standard; the site reports total supply near $1.78 billion and an APY around 4%. Rating agency Bluechip assigns it an F, citing centralized governance and insufficient collateralization once endogenous TRX collateral is excluded, and the asset has seen depeg pressure before. Collateral correlation and governance structure are the two things most worth scrutinizing. The depth of the PSM determines whether short depegs are arbitraged away quickly.
On May 5, 2022 the TRON DAO Reserve issued USDD, initially copying Terra's UST algorithmic design outright and luring deposits with high yields.
Days after launch it ran into the UST collapse; in June 2022 USDD depegged to about $0.97, briefly hit $0.93, and the reserve was forced to add BTC and USDC.
From late 2022 into early 2023 USDD traded persistently between $0.96 and $0.99, repeatedly showing how fragile the algorithmic model was under stress.
In August 2024 the TRON DAO Reserve removed roughly $750 million of Bitcoin collateral without a governance vote, leaving TRX as the dominant backing asset and raising doubts about decentralized governance.
On January 25, 2025 USDD relaunched as USDD 2.0, abandoning the algorithmic model for a MakerDAO-style collateralized debt position system with a one-to-one peg stability module.
Through 2025 and 2026 USDD expanded to Ethereum, BNB Chain and Solana, integrated Chainlink oracles and launched sUSDD, a savings version yielding roughly 12%.
In January 2026 USDD's TVL passed $1 billion, and in the first half of 2026 circulating supply grew from $452 million to $728 million, driven mainly by DeFi yield demand rather than exchange inflows.
According to the April 2026 transparency report, USDD supply peaked at $1.56 billion (up 10.87% month over month), backed by $2.16 billion in collateral at a 146% ratio, with new WBTC vaults and AI ecosystem integrations added during the period. The Q3 treasury report released on October 19 showed quarterly revenue of $9.7 million (up 26.7% QoQ) against expenses of only $7,601, net profit of about $9.7 million, and a treasury balance of $31.24 million, an all-time high; Smart Allocator allocation earnings were $9.11 million.
As of October 2026, USDD supply is about $1.78 billion with TVL of $2.48 billion, up roughly 262% year to date; reserves span TRON, Ethereum and BNB Chain, maintain over 105% overcollateralization, and offer yield through sUSDD staking and PSM modules.
USDD systematically rebuilt its underlying mechanics and multi-chain footprint in 2026. USDD 2.0 adopts a Maker-style CDP vault model where users mint against TRX, sTRX, USDT and WBTC, and introduces a Peg Stability Module (PSM) enabling 1:1, zero-slippage swaps with USDT/USDC as an arbitrage correction channel. On January 19, USDD standardized on Chainlink Price Feeds as its exclusive oracle across TRON, Ethereum and BNB Chain. On the yield side, a Smart Allocator deploys reserves into Aave, Spark and Morpho, with cumulative yield reaching about $26.74 million by August. As of end-August, circulating supply was about $1.53 billion against $2.26 billion in reserves (148% collateralization) and protocol TVL of about $2.2 billion; sUSDD, an ERC-4626 yield token, offers lock-free returns.
Future strategy and roadmap: USDD trades yield for scale and is now converting subsidy into real income: an early 20% annual rate pulled deposits in, and the Smart Allocator now deploys reserves into Aave, Spark and Morpho with proceeds flowing back to sUSDD, while the protocol booked 3.8 million dollars of revenue against 630,000 dollars of operating cost in the fourth quarter of 2025. The fragility is equally clear: collateral is concentrated in TRX and WBTC, and even a 293% collateral ratio on TRX vaults cannot hedge a systemic drawdown in a single ecosystem, while yield depends on external lending rates. Its rival is not USDT but synthetic yield dollars such as USDe, leaving freeze-resistance and on-chain verifiability as the only real differentiators. How the subsidy is phased out is the second test: once yield falls back to the market average, deposit retention and collateral demand have to hold up at the same time.
Justin Sun: founder of TRON and initiator of USDD, founded TRON in 2017, brought BitTorrent into the system in 2018, launched USDD on May 5, 2022 and led the 2.0 upgrade decision on January 25, 2025; holds a BA in history from Peking University and an MA in East Asian studies from the University of Pennsylvania, founded the voice social app Peiwo before crypto, served as Grenada's Permanent Representative to the WTO from 2021 to 2023 and was a member of HTX's Global Advisory Board.
Core decisions are led by Justin Sun; development and operations sit with the TRON DAO and JUST teams, organized into engineering, reserve management and external affairs.
sUSDD is maintained by the JUST team.