HTX Releases In-depth Research Report on USDD: Distinctive Advantages Evident, Entering Mature Competition Phase

The report suggests that USDD completed a crucial architectural upgrade in early 2025, transitioning from its early reserve-driven algorithmic stabilization mechanism to a community-governed over-collateralization model. This transformation not only significantly reduces systemic risk but also marks its entry into the same maturity bracket as Sky/USDS (formerly MakerDAO/DAI) in terms of stablecoin design pathways.

Dual-Layer Stabilization Framework and Yield Ecosystem Offer Clear Advantages

At the specific mechanism level, USDD has constructed a relatively mature dual-layer stabilization framework within the current DeFi space by combining its over-collateralization system with a zero-slippage Price Stability Module (PSM). The PSM, by introducing external stablecoin reserves, enables 1:1 zero-slippage swaps between USDD and USDT/USDC. This allows price deviations to be automatically corrected through arbitrage mechanisms, forming a market-driven stabilization path that requires no manual intervention.

Simultaneously, the report points out that the evolution of USDD’s yield mechanism constitutes a key feature distinguishing it from traditional stablecoins. Through the Smart Allocator, collateral assets are allocated to external high-quality protocols under controlled risk, with the generated yields distributed to sUSDD holders. This transforms it from a mere value-pegging tool into an on-chain asset with sustainable earning capabilities. This model is designed to parallel sDAI and, through a multi-strategy portfolio (including staking, liquidity provision, and looping strategies), forms a relatively comprehensive yield ecosystem.

Multi-Chain Deployment Enables Layered Distribution of Use Cases

At the infrastructure level, USDD has adopted a native multi-chain deployment strategy, with independent contracts already operational on TRON, Ethereum, and BNB Chain. The report argues that compared to expansion models reliant on cross-chain bridges, this design effectively avoids the systemic risks associated with “lock-and-mint” mechanisms. Furthermore, it achieves a layered distribution of liquidity and use cases based on the differing user structures across chains.

The report further emphasizes that USDD’s development is highly synergistic with the TRON ecosystem. As one of the public chains with the most active stablecoin usage globally, TRON has long maintained a leading position in terms of transaction volume and user activity. Its penetration in markets like Southeast Asia and the Middle East provides USDD with stable and potentially expansive real-world use cases. Against this backdrop, USDD, as the only decentralized native stablecoin on TRON, holds a clear niche advantage within the ecosystem.

Differentiated Pathway to Unlock Greater Application Value

Regarding security and transparency, the report notes that since the USDD 2.0 upgrade, it has undergone multiple rounds of audits jointly conducted by ChainSecurity and CertiK, with the relevant reports publicly available. Additionally, the collateral asset structure, yield allocation, and liquidation data are all verifiable on-chain in real-time. This “minimal trust” mechanism holds significant differentiating value within the current stablecoin landscape and serves as a key reference point for institutional participation.

Based on the above analysis, the report concludes that USDD has completed its transition from a “mechanism exploration phase” to a “mature competition phase.” Within the current decentralized stablecoin arena, it not only possesses mechanism design capabilities comparable to DAI but has also established a difficult-to-replicate differentiated pathway through its multi-chain deployment, yield model, and ecosystem synergy.

The report also indicates that with the ongoing advancement of multi-chain expansion and the further growth of the TRON ecosystem, USDD’s strategic position in the global stablecoin market is expected to continue strengthening, demonstrating greater application value in exchange product integration and emerging market expansion.

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