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Issued by TRON DAO Reserve
Market cap
DeFiLlama estimate
DIA price
Total supply
Holders
1.3B USDD
1,234holders
Measured on Ethereum. Shares are of the Ethereum supply, not the multi-chain total.
-7.8M USDDsince Fri, Aug 28 UTC
Change in the supply DIA reads across this coin’s chains, between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Market data · CoinGecko
Market data · CoinGecko
Circulating supply · DeFiLlama
Aggregator figure, not a contract read. DIA’s own onchain supply is the separate series below.
Percentage change in USDD's circulating supply as reported by DeFiLlama, measured against that source's own past. It is not a change in the onchain supply above, which DIA reads from the contracts directly and which is a different measurement of the same coin. A dash means the map has no reading close enough to the start of the window, a stretch inside it where supply was not reported at all, or a starting figure too small for a percentage to describe. Hover a dash for which.
USDD is pegged to the US dollar and backed by crypto collateral locked in vaults, the model common to crypto-backed stablecoins. Users lock eligible assets such as TRX and USDT, mint USDD against them, and become liquidatable when a vault's collateral ratio falls below a per-asset minimum. Collateral prices come from Chainlink and WinkLink data feeds.
TRON DAO Reserve issued the earlier token, which the docs now call USDDOLD and describe as minted by whitelisted TDR institutions through burning TRX, backed by BTC, USDT, USDC and TRX. Tronscan dates the current Tron contract to 20 January 2025. The governance page describes the present protocol only as community-driven and names no entity, quorum or multisig.
DIA's own registry records supply across Tron, Ethereum and BNB Chain of about $1.36 billion, at a price of $0.9985.
Sources: USDD Docs, System Architecture (vault model, collateral ratio, liquidation), USDD Docs, Oracle (Chainlink and WinkLink data feeds), USDD Docs, What is USDDOLD (TRON DAO Reserve issuance, BTC/USDT/USDC/TRX backing), USDD Docs, Governance overview, Tronscan TRC20 token API, USDD on Tron (name, issue date, supply, holders)
What the vaults hold
The issuer's public API returns per-vault state. The three TRX vault types held about $1.16 billion of collateral against roughly $457 million of USDD debt, at ratios between 2.4 and 2.6 times. Minimums run from 105% on USDT-A to 150% on WBTC-A, with the three TRX types at 120%, 117% and 130%. Stability fees are 0.5% on the TRX vaults and 1% on sTRX-A and USDT-A. Both WBTC vault types carried no collateral and no debt.
The slice that carries no buffer
A vault type called SA001-A held about $985 million of debt across Tron and Ethereum at a collateral ratio of exactly 1.00. The issuer's Smart Allocator endpoint identifies SA001-A as its own vault and reports where that money sits: roughly $720 million of USDS on Spark, $115 million of USDT on Aave and $90 million of USDT0 on Aave's Plasma market. The Ethereum operator address holds about 651 million sUSDS and 115 million aUSDT. The docs say platforms such as Aave are picked by the USDD and JUST DAO teams.
What is not published
The security page lists five smart contract audits by ChainSecurity and CertiK, dated between January and October 2025. No reserve attestation by an accounting firm appears in the documentation. The dashboards at usdd.io and tdr.org render client side and return no figures to a plain fetch. The public API is the only machine-readable disclosure.
Sources: USDD public API, vault configuration list (minimum collateral ratios, stability fees), USDD public API, latest collateral snapshot on Tron (locked value, minted USDD, live collateral ratios), USDD public API, Smart Allocator detail overview (platform holdings and SA001-A vault debt), Blockscout token-balances API, USDD Smart Allocator operator address on Ethereum (sUSDS and aUSDT holdings), USDD Docs, Audits (ChainSecurity and CertiK smart contract audit list with dates), USDD Docs, Smart Allocator (platform selection by USDD and JUST DAO teams)
sUSDD is the yield-bearing wrapper, built on the ERC-4626 tokenised vault standard. Its value rises as the protocol accrues returns through the Smart Allocator. The savings endpoint returned 4% on Tron, Ethereum and BNB Chain when read.
The Peg Stability Module swaps USDD against supported stablecoins at a fixed 1:1 rate with no service fee, gas only. On Tron the PSM held about $32 million of USDT against an equal amount of USDD debt.
Sources: USDD Docs, sUSDD mechanism (ERC-4626 tokenised vault), USDD public API, Earn APY per chain, USDD Docs, Peg Stability Module (1:1 rate, no service fee), USDD public API, latest collateral snapshot on Tron (PSM-USDT-A locked value)
Collateral concentrated in one ecosystem
About $1.17 billion of the roughly $1.94 billion of collateral recorded on Tron sits in TRX and sTRX vaults. TRX is the native asset of the chain that carries about 95% of USDD supply.
Reserve lent into third-party protocols
About $985 million of USDD debt stands against SA001-A at a 1.00 ratio. The assets behind it are lent on Spark, Aave, JustLend and Morpho, so USDD holders carry the smart contract and liquidity risk of those lending venues and of USDS and USDT.
Two Ethereum contracts named USDD
The tokens at 0x0C10bF8FcB7Bf5412187A595ab97a3609160b5c6 and 0x4f8e5DE400DE08B164E7421B3EE387f461beCD1A are both named USDD on Ethereum. The documentation lists only the second. The issuer's supply API counts only the second. The first still carries about 124 million tokens.
No named governance
The governance page names no entity, quorum, multisig or timelock. The documentation does not say who sets debt ceilings or minimum collateral ratios.
Sources: USDD public API, latest collateral snapshot on Tron (TRX and sTRX vault locked value, total collateral value), USDD public API, Smart Allocator detail overview (SA001-A debt, Spark, Aave, JustLend, Morpho holdings), USDD public API, USDD supply by chain (Tron, Ethereum, BNB Chain), Blockscout token API, USDD at 0x0C10bF8F on Ethereum (name, supply, holder count), Blockscout token API, USDD at 0x4f8e5DE4 on Ethereum (name, supply, holder count), USDD Docs, Contract Addresses (USDD token address per chain), USDD Docs, Governance overview
What the map reads
The Global Stablecoin Map tracks USDD on Tron, Ethereum and BNB Chain, reading supply from one contract per chain. Two of the three match the issuer.
The Tron contract TXDk8mbtRbXeYuMNS83CfKPaYYT8XWv9Hz is the current token: Tronscan names it Decentralized USD, dates it to 20 January 2025 and reports more than 460,000 holders. The BNB Chain contract is the address the docs list, and the map's figure of $3.32 million matches the issuer's supply API to the cent.
Where Ethereum diverges
The map reads 0x0C10bF8FcB7Bf5412187A595ab97a3609160b5c6 at about 124 million tokens. The docs and the supply API cover 0x4f8e5DE400DE08B164E7421B3EE387f461beCD1A instead, at about 55 million. That difference accounts for the whole gap between the map's total of about $1.36 billion and the issuer's about $1.29 billion. The holder count shown here is the Ethereum contract only.
Source of the vault figures
Vault collateral ratios, liquidation state and Smart Allocator positions come from the issuer's API, not from DIA's own on-chain reads.
Sources: USDD Docs, Contract Addresses (USDD token addresses on Tron, Ethereum and BNB Chain), USDD public API, USDD supply by chain, Tronscan TRC20 token API, USDD on Tron (name, issue date, supply, holder count), Blockscout token API, USDD at 0x0C10bF8F on Ethereum, Blockscout token API, USDD at 0x4f8e5DE4 on Ethereum
TRX and sTRX vaults on Tron held about $1.16 billion of collateral against roughly $457 million of USDD debt. A separate vault type called SA001-A held about $985 million of debt at a collateral ratio of exactly 1.00, backed by reserves the issuer's Smart Allocator reports as lent on Spark, Aave, JustLend and Morpho.
No accounting firm attestation appears in the USDD documentation. The security page lists five smart contract audits by ChainSecurity and CertiK dated between January and October 2025, which are code reviews rather than opinions on reserves. The dashboards at usdd.io and tdr.org render client side and return no figures to a plain fetch, so the public API is the only machine-readable disclosure.
TRON DAO Reserve issued the earlier token, which the documentation now calls USDDOLD and describes as minted by whitelisted TDR institutions through burning TRX. For the current protocol the governance page names no entity, quorum, multisig or timelock, and the documentation does not say who sets debt ceilings or minimum collateral ratios.
Tron, Ethereum and BNB Chain. Tron carries about 95% of supply. Two different Ethereum contracts are named USDD: 0x0C10bF8FcB7Bf5412187A595ab97a3609160b5c6 with about 124 million tokens, and 0x4f8e5DE400DE08B164E7421B3EE387f461beCD1A with about 55 million, which is the one the issuer's documentation and supply API cover.
0x45e51bc2…895d66baExplorer ↗0x0C10bF8F…9160b5c6Explorer ↗TXDk8mbtRb…T8XWv9HzExplorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
0x45e51bc2…895d66bamint(address,uint256)0x0c10bf8f…9160b5c6mint(address,uint256)Not read on Tron. no RPC config.
Read from the deployed contract. “Not determined” means the contract’s full function set could not be enumerated, not that the capability is absent: a bytecode scan can confirm that a function exists and can never prove that one does not.