Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin
Share of total stablecoin supply
#11 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #45 of 98 issuers
Share of supply in lending
lower bound; above the median issuer (3.2%)
Founded
TRON DAO Reserve launched USDD in May 2022 and acted as its early custodian. It issued the original token, now called USDDOLD, through whitelisted institutions that burned TRX, backed by BTC, USDT, USDC and TRX. The current USDD is a vault protocol on TRON, Ethereum, BNB Chain and BTTC in which users lock crypto collateral to mint USDD.
TRON DAO Reserve publishes no legal entity, registered address or regulator. The USDD documentation names no company behind the protocol. The usdd.io terms of use say the interface is provided by "the USDD Team".
Who it is
TRON DAO Reserve was "Initiated by the TRON network", according to its legacy documentation. Its stated jobs were to stabilise stablecoin exchange rates, hold reserve assets and subsidise yields. It launched USDD in May 2022 and served as the stablecoin's early custodian.
How the model changed
The current USDD 2.0 is a vault protocol in which users lock crypto collateral to mint USDD. Tronscan dates its Tron contract to 20 January 2025. The native USDD contract on Ethereum was deployed on 2 September 2025.
Sources: USDD legacy docs: TDR (TRON DAO Reserve), USDD docs: Terms of Use (last updated 2026.07.22), TRON DAO launch press release via Newsfile, 5 May 2022 (TRON DAO Reserve as early custodian), USDD docs: System Architecture (users lock collateral to mint USDD), Tronscan TRC20 token API, USDD on Tron (issue date), Blockscout address API, native USDD contract on Ethereum (creation transaction)
USDD is TRON DAO Reserve's only stablecoin.
USDD's supply, counted once across its chains.
Supply of every coin TRON DAO Reserve issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$1.3B
Read on 3 chains, all in the total
Tron89%$1.2B
Ethereum11%$151.5M
BSC<1%$1.9MIn DIA's latest read, USDD sits 15 bps below its USD peg. USDD's typical daily move over the last 90 days was 7.5 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | Today | 90d | Largest |
|---|---|---|---|
 USDDUSD | −15 bps (−0.15%) | 7.5 bps | −42 bps (−0.42%) |
$397.8M supplied to 1 lending market on 1 protocol. That is 29.7% of its onchain supply; the median across 44 issuers in lending markets is 3.2%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every TRON DAO Reserve coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins TRON DAO Reserve issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$397.8M
supplied to 1 lending market on 1 protocol
<1%
Borrowed
share of supplied stablecoins now on loan
<0.01%
Average supply APY
weighted by the balance in each market
100%$397.8MTronUSDD$397.8M<0.01%<1%Tronin 1 lending market100%$397.8MEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
29.7%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Above the median issuer (3.2%)
A protocol or DAO with no issuing legal entity, where the absence of a licence is the design rather than a gap in our records.
No attestation or reserve audit is published for USDD. Backing sits in onchain contracts.
What is published
The docs list the collateral contracts by address on TRON, Ethereum and BNB Chain. A public API with no key returns supply, collateral per vault and Smart Allocator positions. Its vault list sets a minimum collateral ratio for each vault, from 105% for USDT-A to 150% for WBTC-A. The three TRX vaults sit between 117% and 130%.
Audits and yield
The docs list smart-contract audits by ChainSecurity (January and October 2025) and CertiK (September 2025). The Smart Allocator moves capital from USDD's cash reserve into platforms such as Aave. The docs say USDD's yield was previously funded by TRON DAO.
What is not published
The docs name no off-chain custodian and no legal owner of the collateral contracts.
Sources: USDD docs: Contract Addresses (collateral and PSM contracts), USDD public API: vault configuration list, USDD docs: Public API reference, USDD docs: Audits, USDD docs: Smart Allocator
TRON DAO Reserve has one stablecoin on the map, USDD, pegged to the US dollar.
USDD has existed in two versions. The original, now called USDDOLD, was minted by TRON DAO Reserve's whitelisted institutions by burning TRX. The current USDD is minted by users against collateral in vaults, or swapped 1:1 for USDT or USDC through the Peg Stability Module. Depositing USDD into USDD Earn mints sUSDD, an ERC-4626 vault token whose value in USDD rises as yield accrues. The docs list USDD 2.0 on TRON, Ethereum, BNB Chain and BTTC. The map covers the first three.
Sources: USDD docs: What is USDDOLD?, USDD docs: System Architecture (collateral, PSM), USDD docs: sUSDD Mechanism, USDD docs: Ecosystem Migration Progress (supported chains)
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
