October 2026: USDD Monthly Transparency Report
Data as of: October 31, 2026
Data sources: usdd.io and on-chain public data
This report is solely for disclosing USDD's reserves, revenue, treasury status, and ecosystem progress during the reporting period, and does not constitute any investment advice, return promises, or financial guarantees. On-chain asset prices, protocol revenues, and collateral ratios may fluctuate with market conditions. For related data, please refer to real-time on-chain records and the official USDD webpage.
I. Overview
In October 2026, USDD maintained a steady growth trend. As of the end of the month, the circulating supply reached 1.5 billion tokens, reserve assets amounted to $2.21 billion, and the collateral ratio remained at 146.99%.
Key developments include:
Rising Market Demand: In October, USDD's average daily minting volume increased by 10.5% month-on-month. From October 12 to 19, USDD's market cap grew by $180.3 million, leading all stablecoins. On October 12, USDD's circulating value surpassed $1.81 billion and TVL exceeded $2.51 billion, both reaching new all-time highs. Meanwhile, USDD continues to advance its multi-chain strategy, with increasing activity on BNB Chain further promoting a balanced distribution across network ecosystems.
Strong Performance of Smart Allocator: Smart Allocator has consistently maintained sequential growth in core metrics such as investment returns and deployed capital scale.
Expansion of Revenue Scenarios: Partnerships with Binance Wallet, Gate DEX, Morpho, and Pendle continue to expand the yield matrix, further solidifying USDD's position in the DeFi sector. The third phase of the TRON DeFi Summer campaign is also now live, providing users with sustainable earning opportunities.
II. USDD Supply Scale and Reserves
1. Key Data
As a cross-chain decentralized over-collateralized stablecoin, USDD is committed to providing global users with a stable, transparent, and verifiable on-chain value carrier. Currently, USDD is deployed on mainstream blockchain networks including TRON, BNB Chain, and Ethereum, and is gradually expanding into DeFi, yield products, and multi-chain scenarios.
In October 2026, various indicators within the USDD ecosystem performed well, with the circulating supply reaching approximately 1.5 billion tokens by the end of the month.
USDD Circulating Supply
From September to October, USDD's total average daily minting volume increased by 10.5% sequentially, indicating growing demand across the entire ecosystem.
According to a joint report by RWA Foundation and Token Terminal, USDD's market cap growth led the stablecoin sector over the seven days from October 12 to 19 ($180.3 million).
Stablecoin Market Cap Growth Report
On October 12, USDD's circulating value surpassed $1.81 billion and TVL exceeded $2.51 billion. Both metrics hit new all-time highs twice within a single week. Although there was some pullback at the end of the month due to broader market conditions, overall performance remained strong.
USDD Circulating Value and TVL Hit New Highs
As of October 31, the distribution of USDD's circulating supply across networks is as follows:
2. Reserve Structure and Mechanism Explanation
To ensure all circulating tokens are adequately backed by assets, USDD employs a strict over-collateralization mechanism. As of October 31, USDD's collateral ratio remained at 146.99%, meaning each circulating USDD token is backed by approximately $1.47 in reserve assets. This ratio is significantly above the 100% minimum requirement, providing USDD with ample buffer space during market fluctuations.
3. Asset Diversification and Transparency
USDD utilizes a diversified reserve portfolio and dynamic collateral adjustment mechanism to effectively mitigate the impact of single-asset volatility, enhancing stability and risk resistance during market turbulence. Currently, the protocol supports reserve assets including USDT, TRX, Staked TRX (sTRX), WBTC, and ETH.
To ensure absolute transparency, all core USDD reserve addresses have been publicly disclosed. Users can verify asset balances in real-time on-chain, track fund flows, and monitor collateral asset changes (see the appendix for complete address details).
III. Revenue and Capital Operations
1. Smart Allocator Revenue
Smart Allocator is a revenue-sharing mechanism that allocates a portion of USDD's reserve funds to high-quality projects to generate returns such as interest and platform rewards.
Currently, Smart Allocator diversifies capital deployment across multiple mainstream DeFi protocols, including Spark, Aave, JustLend, Morpho, etc., reducing single-protocol risk and enhancing capital allocation flexibility. Meanwhile, USDD continuously monitors and dynamically adjusts based on market conditions, revenue changes, and risk profiles. All asset distributions, strategy configurations, and every investment operation are fully transparent and can be viewed and verified in real-time on the USDD Smart Allocator page.
Smart Allocator Capital Deployment Details (Screenshot from Nov 4, refer to main text data for the report)
From September to October, Smart Allocator delivered outstanding performance.
In October, its investment returns grew by 8.5% sequentially, and the average daily capital deployment scale increased by 15%.
By the end of October, Smart Allocator's cumulative revenue reached $33,593,204, an increase of 10.74% sequentially.
2. Use of Revenue
Revenue generated by the USDD ecosystem is primarily used to enhance the long-term stability and sustainable development capacity of the entire system. Returns generated by Smart Allocator are reinvested to continuously strengthen the stablecoin incentive mechanism, bolster reserve strength, and provide more robust funding support for ecosystem growth.
One of the core directions of revenue reinvestment is supporting USDD Earn. Smart Allocator continuously generates returns through high-quality on-chain investment opportunities and distributes a portion of these profits to ecosystem users, establishing a revenue-sharing mechanism. Currently, users can participate in ecosystem yields by staking USDD in DeFi protocols or holding sUSDD to earn interest returns.
This month, the scale of USDD's yield-generating product matrix continued to grow steadily. Notably, USDD Earn on BNB Chain delivered particularly strong results: TVL at month-end increased by 62.9% sequentially, with average daily TVL up 15.7%. Furthermore, the number of wallet addresses participating in the product grew by 2.6%, reflecting a dual surge in both user base and capital volume.
Looking ahead, protocol revenue will serve as a key driver to enhance the resilience of the USDD ecosystem, helping to improve risk resistance, support sustainable growth and innovation, strengthen reserve security, and further boost the protocol's long-term stability and competitiveness.
3. Transparency and Sustainability
USDD regularly publishes core operational and revenue metrics via an official data dashboard, allowing users to track total supply, TVL, multi-chain data, APY fluctuations, and Smart Allocator-related metrics in real-time. All data originates from on-chain information and supports cross-verification through public addresses and on-chain records.
IV. USDD Treasury Data Disclosure
Starting from Q3 2025, USDD began regularly disclosing project treasury data at the beginning of each quarter. Through the USDD Treasury Dashboard, users can comprehensively track the protocol's financial performance and core ecosystem developments.
The Q3 2026 treasury data was disclosed in October 2026.
USDD Q3 2026 Treasury Data
According to the report, cumulative rewards distributed to community members this quarter exceeded $9.55 million, demonstrating the project's ongoing commitment to revenue distribution and ecosystem incentives. Treasury data is published quarterly, and October data will be consolidated in the Q4 report to be released in January 2027.
Overall, USDD treasury revenue maintains steady growth and possesses strong profitability, supporting the protocol's long-term development. In Q3 2026, the treasury balance increased from $7,631,793 to $9,696,693, a rise of 27.1%. The treasury balance broke through the $30 million mark for the first time, setting a new milestone.
V. Governance and JST Buyback Plan
With the JST buyback and burn plan officially approved and launched by JustLend, after deducting TRON subsidies, the portion of USDD's multi-chain total revenue exceeding $10 million will be fully injected into the JST buyback pool.
As USDD's revenue scale continues to grow, this mechanism is expected to gradually enter the execution phase in subsequent periods.
VI. Key Progress This Month
In October 2026, USDD achieved sustained growth in market demand, Smart Allocator performance, and yield ecosystem expansion:
Sustained Strength in USDD Demand: USDD's average daily minting volume steadily climbed in October. Between October 12 and 19, USDD led all stablecoins in market cap growth, surging by $180.3 million within 7 days. On October 12, USDD's circulating value surpassed $1.81 billion and TVL exceeded $2.51 billion, both hitting new all-time highs. Meanwhile, USDD continues to deepen its multi-chain layout, with TVL and active wallet counts for USDD Earn on BNB Chain both growing, driving balanced cross-network ecosystem development.
Continuous Growth in Smart Allocator: Smart Allocator maintained strong sequential growth momentum, with both investment returns and deployed capital scales rising, highlighting the robust operation of its underlying investment strategies.
Expanded Incentive Activities: USDD increased incentive efforts throughout October. The Binance Wallet Strategy Campaign, Gate DEX Rewards event, and TRON DeFi Summer all initiated new phases, continuously assisting users in maximizing their yields.
VII. Summary and November Outlook
In October 2026, USDD's core indicators continued to strengthen: minting activity steadily climbed, market cap saw robust growth, and Smart Allocator performance remained positive. The expansion of USDD Earn yield scenarios and the implementation of new DeFi integrations further solidified its position as a yield-generating stablecoin; meanwhile, the continuous advancement of transfer solutions highlights its growing practical utility beyond yield generation.
Meanwhile, USDD adheres to full on-chain transparency principles, adopting a 100% ON-CHAIN VERIFIED reserve model where all reserve assets can be queried and verified in real-time through public addresses.
Looking ahead to November, USDD will continue to advance its multi-scenario stablecoin strategy, focusing on two core use cases: yield generation and transfers. On the yield front, USDD is committed to expanding sustainable revenue spaces through deeper DeFi integration and lower-barrier wealth management products. On the transfer front, USDD will intensify efforts on wallet integration and gas payment solutions, comprehensively improving transfer convenience, liquidity efficiency, and cost-effectiveness.
By simultaneously advancing both yield generation and transfer capabilities, USDD aims to integrate stablecoins into more everyday on-chain scenarios, not only helping users unlock value from their stablecoins to earn yields, but also enabling seamless value flow throughout the entire blockchain ecosystem.
Appendix: USDD Reserve Asset Addresses
To enhance reserve transparency and on-chain verifiability, USDD has publicly disclosed its reserve addresses. Users can query asset balances, fund flows, and collateral changes for these addresses in real-time via corresponding blockchain explorers. The following address information is compiled up to the statistical cutoff of this report; specific asset balances and statuses are subject to real-time on-chain data.
A. TRON Network Reserve Addresses
B. Ethereum Network Reserve Addresses
C. BNB Chain Reserve Addresses
D. Data Query Portal
Note: The addresses listed in this appendix are intended to demonstrate reserve transparency and on-chain verifiability, and do not constitute any investment advice.