Hệ sinh thái stablecoin USDD đột phá: TVL vượt 900 triệu USD, triển khai chuỗi chéo mở ra chương mới

【Coin Circle】Decentralized stablecoin USDD has delivered impressive performance over the past year. Since upgrading to version 2.0, the project’s core metrics have been continuously refreshing.

The data is indeed eye-catching — protocol TVL peaked above $900 million, circulating supply exceeded 860 million tokens, indicating rising market recognition of its stablecoin mechanism. Token holder addresses reached 459,000, showing the user base continues to expand. More interestingly, the project distributed approximately $20 million in various rewards and subsidies to the community, and while this incentive model is common in the DeFi ecosystem, few projects can sustain this scale.

The ecosystem layout is also worth attention. As of Q4 2025, USDD has been natively deployed on mainstream public chains including TRON, Ethereum, and BNB Chain, forming an ecosystem network comprising 20+ exchanges, wallets, and DeFi protocols. This multi-chain strategy helps it avoid single-chain dependency risks.

The official stance has also shifted. They emphasize that the USDD ecosystem is entering a mature and stable development phase, with the next focus shifting from incentive-driven to real usage-driven growth. In simple terms, relying less on subsidies to pile on growth, but rather supporting it through actual application scenarios. This transition typically indicates the project team has greater confidence in its fundamentals.