USDD
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USDD in numbers
USDD ranks #48 by market capitalization, at $1.58B. It belongs to the Stablecoins sector (Algorithmic Stablecoin). It has traded since May 5, 2022, across 185 markets on 12 exchanges, with $968.53K of volume in the last 24 hours. Its all-time high of $1.02 was reached on Mar 21, 2025; the current price is 2.1% below that peak. Its cycle low of $0.971889 came on Oct 27, 2026.
1.52B USDD are in circulation. On Ethereum, 6,219 addresses hold USDD. It is available on 6 networks.
About USDD
USDD is an over-collateralized stablecoin that is issued by the TRON DAO Reserve (TDR), which is also the custodian. The TDR is made up of nine crypto-native institutions. USDD’s value is backed by the over-collateralization of crypto assets under the TDR, including BTC, USDT, USDC, and TRX. The peg is maintained through the Peg Stability Module (PSM) that allows 1:1 transfer of USDD for USDT, USDC, TUSD, and USDJ. The PSM’s USDD funding is controlled by the TRON DAO Reserve. USDD can be minted by the whitelisted institutions of the TDR by depositing TRX.
Background
In May 2022, USDD launched as a TRON-based algorithmic stablecoin by the TRON DAO and other major players. The stablecoin was initially listed on Ellipsis, SunSwap, Uniswap, PancakeSwap. TRON DAO detailed USDD as "Stablecoin 3.0" with stages (1.0 Space, 2.0 ISS, 3.0 Moon, 4.0 Mars); emphasized full on-chain decentralization, no centralized redemption.
By December 2022, USDD was upgraded from an algorithmic to an over-collateralized decentralized stablecoin (OCDS).
In March 2023, USDD launched on Optimism, through Velodrome - the central trading and liquidity marketplace - with the new USDD-USDT pool officially live.
By July, the team partnered with SEER and built a community to further expand the SocialFi field, SEER is a Web3 social value discovery protocol, launched on XPLUS and was listed on Bittrex Global.
By the end of 2023, the team introduced the Peg Stability Module (PSM) - a swap tool launched by the TRON DAO Reserve, that serves the purpose of maintaining the stability of USDD. Through PSM, users can effortlessly swap between USDD and other stablecoins (USDT, USDC, TUSD, USDJ) at a 1:1 ratio.
In January 2024, USDD partnered with FBPay to make progress in offering more payment options to web3 users. Also, USDD was integrated with Echooo wallet, powered by ERC-4337, which combines MPC & AI technology. USDD was also listed on Mercado Bitcoin, the largest crypto exchange in Brazil, through this collaboration, USDD can gain popularity and usage among a broader user base globally.
By March 2024, the team collaborated with BubbleAI to advance the use of USDD in the AI sector. BubbleAI is a professional off-chain data analysis platform that combines AI functions, with 3Hub.io to further expand Web3 users, and with Rubic
In June 2024, USDD and KODO joined forces to enhance the payment experience. June also marked the project's 2nd anniversary with a month-long celebration.
By July 2024, USDD teamed up with LePoker to launch a joint GameFi campaign, featuring a 250 USDD prize pool. At the same time, USDD collaborated with Bit.Store Card to kick off a marketing campaign.
In January 2025, The USDD 2.0 upgrade was announced by TRON founder Justin Sun following a governance proposal approval. The migration from USDDOLD to USDD 2.0 began on January 25, 2025, with the USDDOLD token remaining fully operational and maintaining its 1:1 peg.
In April 2025, the protocol launched the sTRX Vault on the TRON network after its successful launch of TRX Vault, allowing users to mint USDD against sTRX (Staked TRX) liquid staking tokens. This enhances capital efficiency by enabling users to earn staking rewards while using their assets as collateral. Furthermore, USDD was listed on Kraken.
By July 2025, as part of Campaign Phase 4, stability fees were reduced (TRX vault: 0.5%, sTRX: 1%) with a 30-day promo for yield stacking (stake TRX → sTRX → mint USDD at 12-20% APY).
In September 2025, the USDD protocol deployed its stablecoin on Ethereum, continuing the transition from USDD 1.0 to 2.0, and establishing USDD’s presence within DeFi's largest and most liquid Layer 1 ecosystem.
By October 2025, the sUSDD token achieved over $21M in TVL. Furthermore, USDD was also announced going live on BNB Chain on October 20, 2025, allowing users to obtain USDD via a PSM swap and earn yield by holding sUSDD. At the same time, the USDD Treasury Dashboard was launched to provide quarterly updates on the ecosystem's financial metrics, including revenue, expenditure, and treasury balance.