October 2026: USDD Monthly Transparency Report

Data as of: October 31, 2026

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

This report is intended solely to disclose USDD's reserves, revenue, treasury, and ecosystem progress during the reporting period and does not constitute any investment advice, return commitment, or financial guarantee. On-chain asset prices, protocol revenue, and collateral ratios may fluctuate with changing market conditions. For relevant data, please refer to real-time on-chain records and the official USDD page.

1. Overview

In October 2026, USDD continued its steady development trajectory. As of the end of the month, USDD's circulating supply reached 1.5 billion, reserve assets totaled $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 grew 10.5% month-over-month. During the week of October 12 to 19, USDD's market cap increase reached $180.3 million, leading all stablecoins. On October 12, USDD's circulating supply surpassed $1.81 billion and TVL exceeded $2.51 billion, both hitting all-time highs. Meanwhile, USDD continued to advance its multi-chain development, with activity on BNB Chain steadily increasing, further promoting a balanced layout across network ecosystems.

● Smart Allocator outperforms: Smart Allocator continued to achieve month-over-month growth in core metrics such as investment returns and capital deployment scale.

● Expanded yield scenarios: USDD's partnerships with Binance Wallet, Gate DEX, Morpho, and Pendle continued to expand its yield matrix, further consolidating its position in DeFi. The third phase of the TRON DeFi Summer campaign has also launched, creating sustainable yield opportunities for users.

2. USDD Supply Scale and Reserves

1. Key Data

As a multi-chain decentralized overcollateralized stablecoin, USDD is committed to providing global users with a stable, transparent, and verifiable on-chain store of value. Currently, USDD has been deployed on major blockchain networks including TRON, BNB Chain, and Ethereum, and is gradually expanding into DeFi, yield products, and multi-chain scenarios.

In October 2026, all metrics across the USDD ecosystem performed well. As of the end of the month, its circulating supply was approximately 1.5 billion.

USDD Circulating Supply

From September to October, USDD's total average daily minting volume grew 10.5% month-over-month, indicating 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 growth led the stablecoin sector ($180.3 million).

Stablecoin Market Cap Growth Report

On October 12, USDD's circulating supply surpassed $1.81 billion and TVL exceeded $2.51 billion. Both metrics hit all-time highs twice within a single week. Although they pulled back by month-end due to overall market conditions and other factors, overall performance remained strong.

USDD Circulating Supply and TVL Hit New Highs

As of October 31, USDD's circulating supply distribution across networks was as follows:

2. Reserve Structure and Mechanism

To ensure that all circulating tokens are fully backed by assets, USDD employs a strict overcollateralization mechanism. As of October 31, USDD's collateral ratio remained at 146.99%, meaning each 1 USDD in circulation corresponds to approximately $1.47 in reserve assets. This ratio is significantly above the 100% minimum requirement, giving USDD ample buffer against market volatility.

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, the protocol's supported reserve assets include USDT, TRX, Staked TRX (sTRX), WBTC, and ETH.

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

3. Revenue and Capital Operations

1. Smart Allocator Revenue

Smart Allocator is a revenue-sharing mechanism that generates returns such as interest and platform rewards by allocating a portion of USDD's reserve funds to high-quality projects.

Currently, Smart Allocator diversifies funds across multiple mainstream DeFi protocols, including Spark, Aave, JustLend, Morpho, and others, reducing single-protocol risk and enhancing capital allocation flexibility. At the same time, USDD conducts continuous monitoring and dynamic adjustments based on market conditions, yield changes, and risk profiles. All asset distributions, strategy configurations, and every investment operation are publicly transparent and can be viewed and verified in real time on the USDD Smart Allocator page.

Smart Allocator Capital Deployment Details (Captured on November 4; the report shall be based on the data in the main text)

From September to October, Smart Allocator delivered strong performance.

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

As of the end of October, Smart Allocator's cumulative revenue reached $33,593,204, up 10.74% month-over-month.

2. Use of Revenue

USDD ecosystem revenue is primarily used to enhance the long-term stability and sustainable development capacity of the entire system. Revenue generated by Smart Allocator is reinvested to continuously strengthen stablecoin incentive mechanisms, bolster reserve strength, and provide more robust financial support for ecosystem growth.

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

This month, USDD's yield product matrix maintained steady growth. Among them, USDD Earn on BNB Chain performed notably well: month-end TVL grew 62.9% month-over-month, and average daily TVL increased 15.7%. In addition, the number of wallet addresses participating in this product also recorded a 2.6% increase, demonstrating dual growth in ecosystem user base and capital volume.

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

3. Transparency and Sustainability

USDD regularly discloses core operational and revenue data through the official website dashboard. Users can 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.

4. USDD Treasury Data Disclosure

Since Q3 2025, USDD has begun regularly disclosing project treasury data at the beginning of each quarter. Through the USDD Treasury Dashboard, users can comprehensively review the protocol's financial performance and core ecosystem developments.

Q3 2026 treasury data was disclosed in October 2026.

USDD Q3 2026 Treasury Data

According to the report, cumulative rewards distributed to community members during the quarter exceeded $9.55 million, reflecting the project's continued investment in revenue distribution and ecosystem incentives. Treasury data is published quarterly, and October data will be presented in the Q4 report to be released in January 2027.

Overall, USDD treasury revenue maintained steady growth with strong profitability, supporting the protocol's long-term development. In Q3 2026, the treasury balance increased from $7,631,793 to $9,696,693, up 27.1% month-over-month. The treasury balance surpassed $30 million for the first time, marking a new milestone.

5. Governance and JST Buyback Plan

With the JST buyback and burn plan formally approved by JustLend and launched, the portion of USDD's total multi-chain revenue exceeding $10 million after deducting TRON subsidies 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 cycles.

6. Key Developments This Month

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

● USDD demand continues to strengthen: USDD's average daily minting volume steadily climbed in October. During the period from October 12 to 19, USDD's market cap growth ranked first among stablecoins, increasing by $180.3 million in 7 days. On October 12, USDD's circulating supply surpassed $1.81 billion and TVL exceeded $2.51 billion, both hitting all-time highs. Meanwhile, USDD continued to deepen its multi-chain layout, with both TVL and participating wallet count for USDD Earn on BNB Chain growing, driving balanced development across network ecosystems.

● Smart Allocator continues to grow: Smart Allocator maintained strong month-over-month growth momentum, with both investment returns and capital deployment scale rising, highlighting the robust operation of its underlying investment strategy.

● Incentive campaigns continue to ramp up: USDD further increased incentives in October. The Binance Wallet Strategy Campaign, Gate DEX reward campaign, and TRON DeFi Summer successively launched new phases, continuing to help users maximize returns.

7. Summary and November Outlook

In October 2026, USDD's core metrics continued to strengthen: minting activity steadily climbed, market cap grew robustly, and Smart Allocator performance continued to improve. The expansion of USDD Earn yield scenarios and the launch of new DeFi integrations further solidified its position as a yield-bearing stablecoin; the continued advancement of transfer solutions further highlighted its growing utility value beyond yield generation.

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 queryable and verifiable 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 side, USDD will strive to expand sustainable yield opportunities through deeper DeFi integrations and lower-barrier wealth management products. On the transfer side, USDD will continue to advance wallet integrations and Gas payment solutions, comprehensively improving transfer convenience, efficiency, and cost-effectiveness.

By pursuing both yield generation and transfers, USDD is committed to integrating stablecoins into more everyday on-chain scenarios, not only helping users activate their stablecoins to earn returns but also enabling value to flow smoothly throughout the entire blockchain ecosystem.

Appendix: USDD Reserve Asset Addresses

To enhance reserve transparency and on-chain verifiability, USDD has disclosed its reserve addresses. Users can query asset balances, fund flows, and collateral changes of the relevant addresses in real time through the corresponding blockchain explorers. The address information below is compiled as of the reporting time 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 used to demonstrate reserve transparency and on-chain verifiability and do not constitute any investment advice.