Data as of: October 31, 2026

Data source: usdd.io and on-chain public data

This report is for disclosing USDD's reserves, income, treasury, and ecological progress during the reporting period and does not constitute any investment advice, income commitment, or financial guarantee. On-chain asset prices, protocol income, and collateral rates may fluctuate with changes in market conditions; relevant data should be based on real-time on-chain records and the official USDD page.

I. Overview

In October 2026, USDD continued its steady development trend. By the end of the month, the circulation of USDD reached 1.5 billion, and the reserve asset scale reached 2.21 billion USD, maintaining a collateral rate of 146.99%.

Key progress includes:

• Market demand surges: In October, the average daily minting volume of USDD increased by 10.5% compared to the previous month. From October 12 to 19, USDD's market cap increased by 180.3 million USD, leading all stablecoins. On October 12, USDD's circulation surpassed 1.81 billion USD, and TVL exceeded 2.51 billion USD, both setting historical highs. At the same time, USDD continues to promote multi-chain development, with the activity on BNB Chain steadily increasing, further facilitating balanced layouts across various network ecosystems.
• Smart Allocator performs excellently: Smart Allocator has consistently maintained month-over-month growth in core indicators such as investment income and capital deployment scale.
• Expansion of income scenarios: USDD's collaboration with Binance Wallet, Gate DEX, Morpho, and Pendle continues to expand the yield matrix, further consolidating its layout in the DeFi field. The third phase of the TRON DeFi Summer event has also been launched, creating sustainable yield opportunities for users.

II. USDD Supply Scale and Reserves

1. Key Data

As a decentralized over-collateralized stablecoin deployed on multiple chains, USDD is committed to providing a stable, transparent, and verifiable on-chain value carrier for global users. Currently, USDD has been deployed on mainstream blockchain networks such as TRON, BNB Chain, and Ethereum, and is gradually expanding into DeFi, yield products, and multi-chain scenarios.

In October 2026, various indicators of the USDD ecosystem performed well, with its circulation reaching approximately 1.5 billion by the end of the month.

USDD Circulation

From September to October, the average daily minting volume of USDD increased by 10.5%, indicating a growing demand across the ecosystem.

According to a joint report by RWA Foundation and Token Terminal, during the seven days from October 12 to 19, USDD's market cap increase led the stablecoin sector (180.3 million USD).

Stablecoin Market Cap Increase Report

On October 12, USDD's circulation surpassed 1.81 billion USD, and TVL exceeded 2.51 billion USD. These two indicators reached historical highs twice within a single week. Despite a slight decline at the end of the month due to overall market environment factors, the overall performance remains strong.

USDD Circulation and TVL Hit New Highs

As of October 31, USDD's circulation distribution across various networks is as follows:

2. Reserve Structure and Mechanism Description

To ensure that all circulating tokens are backed by ample assets, USDD adopts a strict over-collateralization mechanism. As of October 31, USDD's collateral rate remained at 146.99%, meaning each circulating USDD corresponds to approximately 1.47 USD of reserve assets. This ratio is significantly higher than the baseline requirement of 100%, providing ample buffer space for USDD amidst market fluctuations.

3. Asset Diversification and Transparency

USDD employs a diversified reserve portfolio and dynamic collateral adjustment mechanism, effectively mitigating the impact of single asset volatility and enhancing its stability and risk resistance during market turbulence. Currently, supported reserve assets include USDT, TRX, Staked TRX (sTRX), WBTC, and ETH.

To ensure absolute transparency, all core reserve addresses of USDD have been publicly disclosed. Users can check asset balances, track fund flows, and monitor collateral asset changes in real time on-chain (for a complete address detail, please refer to the appendix).

III. Income and Fund Operation Status

1. Smart Allocator Income

Smart Allocator is an income-sharing mechanism that generates returns by allocating part of USDD's reserve funds to high-quality projects, earning interest and platform rewards.

Currently, Smart Allocator diversifies funds across several mainstream DeFi protocols, including Spark, Aave, JustLend, Morpho, etc., reducing risk from a single protocol and enhancing capital allocation flexibility. At the same time, USDD continuously monitors market conditions, income changes, and risk situations for ongoing monitoring and dynamic adjustments. All asset distributions, strategy configurations, and every investment operation are transparent and can be viewed and verified in real time on the USDD Smart Allocator page.

Smart Allocator Fund Deployment Details (as of November 4, report based on main text data)

From September to October, Smart Allocator performed exceptionally well.

In October, its investment income grew by 8.5% month-over-month, and the average daily fund deployment scale also increased by 15%.

By the end of October, the cumulative income from Smart Allocator reached 33,593,204 USD, a month-over-month increase of 10.74%.

2. Income Use Description

USDD ecosystem income is mainly used to enhance the long-term stability and sustainability of the entire system. The income generated from Smart Allocator is reinvested to continuously strengthen the incentive mechanism of the stablecoin, bolster reserve strength, and provide robust funding support for ecological growth.

One of the core directions for reinvestment is to support USDD Earn. Smart Allocator continuously generates income through high-quality on-chain investment opportunities and allocates a portion of the income to ecosystem users, forming a yield-sharing mechanism. Currently, users can participate in ecosystem income by staking USDD or holding sUSDD in DeFi protocols to earn interest returns.

This month, the scale of USDD's yield product matrix has maintained steady growth. Notably, the USDD Earn on BNB Chain performed particularly well: at the end of the month, TVL grew by 62.9% month-over-month, with daily average TVL increasing by 15.7%. Additionally, the number of wallet addresses participating in this product recorded a growth of 2.6%, showcasing a dual increase in ecosystem user scale and fund volume.

Looking ahead, protocol income will become a key driving force for enhancing the resilience of the USDD ecosystem, helping to improve risk resistance, support sustainable growth and innovation, reinforce reserve security, and further enhance the protocol's long-term stability and competitiveness.

3. Transparency and Sustainability

USDD regularly discloses core operational and income status through its official data dashboard, allowing users to track total supply, TVL, multi-chain data, APY fluctuations, and Smart Allocator-related data indicators in real time. All data is sourced from on-chain information and supports cross-verification through public addresses and on-chain records.

IV. USDD Treasury Data Disclosure

Since Q3 of 2025, USDD has begun to disclose project treasury data regularly at the beginning of each quarter. Through the USDD treasury dashboard, users can gain a comprehensive understanding of the protocol's financial performance and core ecological trends.

The Q3 treasury data for 2026 was disclosed in October 2026.

USDD Q3 Treasury Data 2026

According to the report, rewards exceeding 9.55 million USD have been distributed to community members for the quarter, reflecting the project's ongoing investment in income distribution and ecological incentives. Treasury data is published quarterly, and the October data will be presented in the Q4 report to be released in January 2027.

Overall, USDD treasury income continues to grow steadily, possessing strong profitability supporting the long-term development of the protocol. In Q3 2026, treasury surplus increased from 7,631,793 USD to 9,696,693 USD, a month-over-month growth of 27.1%. The treasury balance has exceeded 30 million USD 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 amount exceeding 10 million USD in total multi-chain earnings for USDD will be fully injected into the JST buyback pool.

As USDD's income scale continues to grow, this mechanism is expected to gradually enter the execution phase in the subsequent cycles.

VI. Key Progress This Month

In October 2026, USDD achieved continuous growth in market demand, Smart Allocator performance, and income ecosystem expansion:

• USDD demand continues to strengthen: the average daily minting volume of USDD steadily climbed in October. From October 12 to 19, USDD's market cap increase ranked first among stablecoins, growing by 180.3 million USD in seven days. On October 12, USDD's circulation surpassed 1.81 billion USD, and TVL exceeded 2.51 billion USD, both setting historical highs. Meanwhile, USDD continues to deepen its multi-chain layout, with TVL and participating wallet numbers for USDD Earn on BNB Chain both increasing, promoting balanced development across cross-network ecosystems.
• Smart Allocator continues to grow: Smart Allocator maintained a strong month-over-month growth momentum, with both investment income and capital deployment scale rising, highlighting the robust operation of its underlying investment strategies.
• Incentive activities continue to ramp up: In October, USDD further increased its incentive力度. The Binance Wallet Strategy Campaign, the Gate DEX reward campaign, and the TRON DeFi Summer each launched a new phase, continuously aiding users in maximizing their returns.

VII. Summary and Outlook for November

In October 2026, USDD's core indicators continued to strengthen: minting activity steadily rose, market cap strongly grew, and Smart Allocator's performance remained positive. The expansion of USDD Earn yield scenarios and the implementation of new DeFi integrations further solidified its position as an interest-bearing stablecoin; meanwhile, the continuous advancement of transfer solutions highlighted its increasingly growing practical value beyond just yield.

At the same time, USDD adheres to the principle of full on-chain transparency, adopting a 100% ON-CHAIN VERIFIED reserve model, with all reserve assets available for real-time query and verification through public addresses.

Looking ahead to November, USDD will continue to promote stablecoin across multiple scenarios, with a focus on yield and transfer as the two core use cases. On the yield side, USDD will strive to expand sustainable yield spaces through deeper DeFi integrations and lower-threshold financial products. On the transfer side, USDD will continue to enhance wallet integrations and gas payment solutions, comprehensively improving transfer convenience, circulation efficiency, and cost-effectiveness.

By tackling both yield and transfer, USDD aims to integrate stablecoins into more everyday on-chain scenarios, not only helping users activate stablecoins to earn returns but also ensuring value flows smoothly throughout the entire blockchain ecosystem.

Appendix: USDD Reserve Asset Addresses

To enhance reserve transparency and on-chain verifiability, USDD has made reserve addresses public. Users can use the corresponding blockchain explorer to query the asset balances, fund flows, and collateral changes of related addresses in real time. The following address information is organized as of the time of this report, with specific asset balances and statuses based on real-time on-chain data.

A. TRON Network Reserve Address

B. Ethereum Network Reserve Address

C. BNB Chain Reserve Address

D. Data Query Entry

Note: The addresses listed in this appendix are for demonstrating reserve transparency and on-chain verifiability and do not constitute any investment advice.