STRICT-Score
Max. Potenzial
1x
Potenzieller Ertrag
Wahrscheinlichkeit
0%
Erfolgschance
Risikoniveau
8/10
Hohes Risiko
Marktkapitalisierung
$829.26M
Volumen
$5.38M
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
USDD is Tron's overcollateralized stablecoin, launched in May 2022 and upgraded to USDD 2.0 in January 2025. With a market cap of approximately $829 million and trading at $0.999 as of December 2025, USDD claims collateralization ratios exceeding 230% through reserves of TRX, sTRX, and USDT. However, independent rating agency Bluechip estimates effective collateralization at only 53%, giving USDD an F grade. The stablecoin expanded to Ethereum in September 2025, offering 6-12% APY yields to attract users. Notable depeg events occurred in June 2022 (dropped to $0.93) and November 2022 ($0.97), requiring $2 billion in emergency interventions. Governance remains centralized under Justin Sun with no on-chain voting despite DAO claims.
Investitionsthese
USDD serves yield-seeking DeFi users within the Tron ecosystem who accept elevated risk for higher returns. The stablecoin offers 6-12% APY on Ethereum and 7-12% APY on JustLend, significantly above typical DeFi rates of 2-5%. USDD 2.0 introduced on-chain verifiable collateral and a Peg Stability Module (PSM) for 1:1 swaps with other stablecoins. However, the $726 million Bitcoin collateral removal in August 2024 without DAO approval, combined with the Bluechip F rating and depeg history, means users should only allocate funds they can afford to lose. USDD functions best as a high-yield vehicle within Tron's mature DeFi infrastructure rather than a primary dollar-equivalent holding.
Wettbewerbsposition
USDD occupies a high-yield niche in the stablecoin market, competing with USDe as a "super-stablecoin" offering elevated returns. On Tron, USDD complements USDT, which dominates with 44% of global USDT issuance on TRC-20. USDD offers 7-12% APY on JustLend versus USDT's 3.4%, targeting yield-seekers. However, USDD's $829M market cap represents only 0.5% of USDT's $169B dominance (61.74% market share). Compared to MakerDAO's DAI, USDD has weaker decentralization - Bluechip notes no on-chain governance votes exist despite DAO structure claims. The conflicting ratings (CertiK AA vs Bluechip F) reflect the uncertainty: smart contracts may be secure, but reserve management and governance remain opaque. For risk-tolerant users seeking yields above market rates, USDD provides utility; for those prioritizing stability and transparency, USDT or USDC remain safer alternatives.
Fazit
USDD represents a high-yield, high-risk stablecoin primarily useful within Tron's DeFi ecosystem. While USDD 2.0 brought transparency improvements and the market cap has grown to $829M, fundamental concerns persist: Bluechip's F rating, the 53% vs 230% collateralization dispute, multiple depeg events, and centralized governance under Justin Sun. The 6-12% APY yields attract users, but these rates exceed sustainable DeFi norms and may rely on subsidization. Users should treat USDD as a yield-generation tool within Tron rather than a primary stable store of value.
Stärken
- Market cap growth to $829M with claimed 230%+ overcollateralization ratio
- USDD 2.0 PSM enables 1:1 no-slippage swaps with other stablecoins
- Multi-chain presence on Tron, Ethereum, and BSC increases accessibility
- CertiK AA security rating (87.5/100) for smart contract safety
- Attractive yields of 6-12% APY versus typical 2-5% DeFi rates
Risiken
- Bluechip F rating with 53% effective collateralization estimate vs claimed 230%
- Multiple depeg events: June 2022 ($0.93), November 2022 ($0.97) required $2B intervention
- TRX-heavy collateral after $726M Bitcoin removal in August 2024 without DAO vote
- No operational decentralized governance despite DAO claims - Justin Sun controls decisions
- Subsidized yields above market rates (6-12% vs 2-5%) may not be sustainable long-term
STRICT-Score
Bewertung: 42/100 | Potenzial: 1x
Verwandte im gleichen Sektor - Stablecoin
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Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.