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
0.4% of USD stablecoin supply · 12th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
25th of 70 USD stablecoins read on chain · median 2
Holders on Tron
Share of supply in lending
at least · USD median 4.0%
USDD is a USD stablecoin issued by TRON DAO Reserve, launched on 5 May 2022.
USDD launched on 5 May 2022, when TRON founder Justin Sun announced it through TRON DAO Reserve as a stablecoin "algorithmically pegged to the U.S. dollar". About three-quarters of today's supply is owed against a single vault type, SA001-A, which the issuer's API showed carrying $990 million of USDD debt on 2 October 2026. The Smart Allocator lends the assets behind that vault to Spark, Aave, JustLend and Morpho, including about $723 million of USDS on Spark. The USDD and JUST DAO teams pick those venues.
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.
The map tracks USDD's supply on Tron, Ethereum and BNB Chain.
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), TRON DAO launch press release via Newsfile, 5 May 2022 (Justin Sun announcement, algorithmic peg, launch chains), USDD public API, Smart Allocator detail overview (SA001-A vault debt by chain, holdings per platform), USDD public API, USDD supply by chain (total supply for the three-quarters share), USDD Docs, Smart Allocator (platform selection by USDD and JUST DAO teams)
1.3B USDD in circulation across 3 chains; Tron carries 88.0%. That is 0.4% of the USD stablecoin supply on the map, 12th largest of 70.
On 2026-10-02 the supply series steps down by about $124M. The legacy 2022 Ethereum contract is no longer counted, since the issuer's own supply API does not include it. Figures from that date match the issuer's supply API.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across USDD’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
1.3B USDD
0.4% of all USD stablecoin supply, #12 of 70
Tron 88.0% · other chains 12.0%
Tron1.1B USDD · 88.0%
Ethereum151.9M USDD · 11.8%
BSC1.9M USDD · 0.1%Supply growth
Counted on Tron. Excludes issuer treasuries, includes contracts. Shares are of the supply on Tron less issuer treasuries and burn addresses. This source names no contracts, so they count as holders.
Source: Tronscan.
466,533holders on Tron
| USDD | |
|---|---|
| Top holder | 34.9% |
| Top 10 | 76.4% |
| Top 50 | 85.5% |
Excludes issuer treasuries, includes contracts. Shares are of the supply on Tron less issuer treasuries and burn addresses. This source names no contracts, so they count as holders.
USDD's typical daily move over the last 90 days was 7.5 bps, steadier than 28 of 66 other USD stablecoins.
By default USDD sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much USDD's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
7.5 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USDD's daily swings around $1 were smaller than those of 28 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 USDD | −13 bps (−0.13%) | 7.5 bps | 7.5 bps | −42 bps (−0.42%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
$397.9M of USDD is supplied to 1 lending market on 1 protocol, 31.0% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much USDD is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed USDD again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of USDD, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for USDD.
Both figures are averages across markets, weighted by how much USDD each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 100% of the balance report an APY.
Ranks and the median compare USDD with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$397.9M31.0% of supply
supplied to 1 lending market on 1 protocol
Median across 41 USD stablecoins in lending markets: 4.0%
<1%
Borrowed
share of supplied USDD now on loan
<0.01%
Average supply APY
weighted by USDD balance in each market
By protocol
100%$397.9MTronUSDD$397.9M<0.01%<1%USDD in lending markets, by chain, largest first. The bar is each chain's share of USDD's lending balance.
Tronin 1 lending market100%$397.9MAmong 41 USD stablecoins in lending markets
Top 1 USDD pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
3.88%Rewards only | 4.00% | IncentiveStable | Tron | +3.88% | $398.4M | Lending |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
USDD in pool is USDD's own side of the pool, at its USD price. Pool liquidity counts both sides.
$73.2K of USDD sits in 2 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼USDD in pool | 24h volume |
|---|---|---|---|---|---|
| USDD / USDT | BSC | $100.3K | $48.8K | $125 | |
| USDD / USDT | Ethereum | $50.0K | $24.4K | $40 |
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 Peg Stability Module swaps USDD against supported stablecoins at a fixed 1:1 rate with no service fee, gas only. On 2 October 2026 the PSM on Tron held about $25 million of USDT against an equal amount of USDD debt.
Sources: USDD Docs, sUSDD mechanism (ERC-4626 tokenised vault), USDD Docs, Peg Stability Module (1:1 rate, no service fee), USDD public API, latest collateral snapshot on Tron (PSM-USDT-A locked value and debt)
USDD is designed to be backed by other stablecoins.
What the vaults hold
The issuer's public API returns per-vault state. On 2 October 2026 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 $990 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: about $723 million of USDS on Spark, $116 million of USDT on Aave and $46 million of USDT0 on Aave's Plasma market. The Ethereum operator address holds about 651 million sUSDS and 116 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.
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)
Tron0x45e51bc2…895d66bamint(address,uint256)0x4f8e5de4…61becd1amint(address,uint256)TXDk8mbtRb…T8XWv9Hzmint(address,uint256)Read from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can mint
Who licenses USDD's issuer and how its reserves are reported.
None foundlicence tier of TRON DAO Reserve
Collateral concentrated in one ecosystem
On 2 October 2026 about $1.17 billion of the roughly $1.97 billion of collateral recorded on Tron sat in TRX and sTRX vaults. TRX is the native asset of Tron, the chain that carries most of USDD's supply.
Reserve lent into third-party protocols
About $990 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
On 2 October 2026 the TRX 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 $990 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.
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 most of the supply. Two different Ethereum contracts are named USDD: 0x0C10bF8FcB7Bf5412187A595ab97a3609160b5c6 with about 124 million tokens, and 0x4f8e5DE400DE08B164E7421B3EE387f461beCD1A with about 53 million, which is the one the issuer's documentation and supply API cover.
2 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: Tronscan, Tron Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -150 bps to +100 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 6 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
USDDSource: DeFiLlama and CoinGecko prices Updated