October 2026: USDD Monthly Transparency Report

This report is solely for disclosing the reserves, earnings, treasury, and ecological progress of USDD during the reporting period and does not constitute any investment advice, earnings commitment, or financial guarantee. On-chain asset prices, protocol earnings, and collateral ratios may fluctuate with changes in market conditions; please refer to on-chain real-time records and the official USDD page for relevant data.

I. Overview

In October 2026, USDD continued its steady development trend. By the end of the month, the circulating supply of USDD reached 1.5 billion, and the reserve asset scale reached 2.21 billion USD, with a collateral ratio maintained at 146.99%.

Key progress includes:

Market demand rising: In October, the average daily minting volume of USDD increased by 10.5% month-on-month. From October 12 to 19, the market capitalization of USDD increased by 180.3 million USD, leading all stablecoins. On October 12, the circulating supply of USDD exceeded 1.81 billion USD, and the TVL surpassed 2.51 billion USD, both setting historical highs. Meanwhile, USDD continued to promote multi-chain development, with increasing activity on BNB Chain, further facilitating a balanced layout among various network ecosystems.

Smart Allocator performed excellently: Smart Allocator consistently maintained month-on-month growth in core indicators such as investment returns and capital deployment scale.

Earnings scenario expansion: The collaboration between USDD and Binance Wallet, Gate DEX, Morpho, and Pendle has continuously expanded the earnings matrix, further consolidating its layout in the DeFi field. The third phase of the TRON DeFi Summer event has also been launched, creating sustainable earning opportunities for users.

II. USDD Supply Scale and Reserves

1. Key Data

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

In October 2026, various indicators of the USDD ecosystem performed well, with a circulating supply of approximately 1.5 billion by the end of the month.

USDD Circulating Supply

From September to October, the average daily minting volume of USDD increased by 10.5% month-on-month, indicating a growing demand for it 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 capitalization increase led the stablecoin sector (180.3 million USD).

Stablecoin Market Capitalization Increase Report

On October 12, the circulating supply of USDD exceeded 1.81 billion USD, and the TVL surpassed 2.51 billion USD. Both indicators set historical highs twice within a single week. Although there was a slight decline at the end of the month due to overall market conditions, the overall performance remained strong.

USDD Circulating Supply and TVL Set New Highs

As of October 31, the circulating supply distribution of USDD across various networks is as follows:

Blockchain | USDD Circulating Supply

TRON | 1,166,192,474

Ethereum | 319,016,717

BNB Chain | 17,062,718

Total | 1,502,271,910

2. Reserve Structure and Mechanism Description

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

Indicator | Value

Total Collateral Asset Value | $2,208,215,980

Value Corresponding to USDD Circulating Supply | 1,502,271,910

Collateral Ratio | 146.99%

3. Asset Diversification and Transparency

USDD employs a diversified reserve portfolio and a dynamic collateral adjustment mechanism, effectively mitigating the impact of single asset volatility, enhancing its stability and risk resistance during market fluctuations. Currently, the reserve assets supported by the protocol 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 verify asset balances, track fund flows, and monitor changes in collateral assets in real-time on-chain (for complete address details, please refer to the appendix).

III. Earnings and Fund Operation Situation

1. Smart Allocator Earnings

Smart Allocator is an earnings-sharing mechanism that generates returns by allocating part of the reserve funds of USDD to high-quality projects to earn interest and platform rewards.

Currently, Smart Allocator diversifies funds across multiple mainstream DeFi protocols, including Spark, Aave, JustLend, Morpho, etc., reducing the risk of a single protocol and enhancing the flexibility of capital allocation. At the same time, USDD continuously monitors and dynamically adjusts based on market conditions, earnings changes, and risk situations. All asset distributions, strategy configurations, and each investment operation are publicly transparent and can be viewed and verified in real-time on the USDD Smart Allocator page.

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

From September to October, Smart Allocator performed impressively.

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

By the end of October, the cumulative earnings of Smart Allocator reached 33,593,204 USD, with a month-on-month increase of 10.74%.

Indicator | September 2026 | October 2026 | Month-on-Month Growth

Smart Allocator Cumulative Earnings | $30,334,899 | $33,593,204 | 10.74%

2. Earnings Usage Description

The earnings of the USDD ecosystem are primarily used to enhance the long-term stability and sustainable development capabilities of the entire system. The earnings generated by Smart Allocator are reinvested to continuously strengthen the stablecoin incentive mechanism, enhance reserve strength, and provide more robust financial support for ecological growth.

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

This month, the scale of USDD's earning product matrix maintained steady growth. Among them, USDD Earn on BNB Chain performed particularly well: the TVL at the end of the month increased by 62.9% month-on-month, and the average daily TVL grew by 15.7%. In addition, the number of wallet addresses participating in this product also recorded a 2.6% increase, demonstrating a dual rise in the scale of ecological users and capital volume.

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

3. Transparency and Sustainability

USDD regularly publishes core operational and earnings information through the official website 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 2025, USDD has begun to regularly disclose project treasury data at the beginning of each quarter. Through the USDD treasury dashboard, users can comprehensively grasp the financial performance and core ecological trends of the protocol.

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

Indicator | Q3 2026 Amount | Q2 2026 Amount | Month-on-Month Change

Treasury Income | $9,704,294 | $7,656,616 | +26.7%

Treasury Expenditure | $7,601 | $24,823 | −69.4%

Quarterly Net Balance | $9,696,693 | $7,631,793 | +27.1%

USDD Q3 2026 Treasury Data

According to the report, over 9.55 million USD in rewards were distributed to community members during the quarter, reflecting the project's ongoing investment in earnings distribution and ecological incentives. Treasury data is released quarterly, and the October data will be presented in the Q4 report to be released in January 2027.

Overall, USDD treasury income has maintained steady growth, demonstrating strong profitability to support the long-term development of the protocol. In Q3 2026, the treasury surplus increased from 7,631,793 USD to 9,696,693 USD, with a month-on-month growth of 27.1%. The treasury balance has surpassed 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 the TRON subsidy, the portion of USDD's total multi-chain revenue exceeding 10 million dollars will be fully injected into the JST buyback pool.

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

### Key Progress This Month

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

USDD demand continues to strengthen: The average daily minting volume of USDD steadily increased in October. From October 12 to 19, USDD's market capitalization growth ranked first among stablecoins, with an increase of 180.3 million dollars within 7 days. On October 12, USDD's circulation exceeded 1.81 billion dollars, and TVL surpassed 2.51 billion dollars, both setting historical highs. At the same time, USDD continued to deepen its multi-chain layout, with the TVL and number of participating wallets for USDD Earn on BNB Chain both increasing, promoting balanced development across networks.

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

Incentive activities continue to ramp up: In October, USDD further increased its incentive efforts. The Binance Wallet Strategy Campaign, Gate DEX reward activities, and TRON DeFi Summer have all entered a new phase, continuously helping users maximize their returns.

### Summary and Outlook for November

In October 2026, all core indicators of USDD continued to strengthen: minting activity steadily increased, market capitalization grew robustly, and Smart Allocator's performance also continued to improve. The expansion of USDD Earn revenue scenarios and the implementation of new DeFi integrations further solidified its position as an interest-bearing stablecoin; while the ongoing promotion of transfer solutions highlighted its increasingly growing practical value beyond earning interest.

At the same time, USDD adheres to the principle of transparency across all chains, adopting a 100% ON-CHAIN VERIFIED reserve model, where all reserve assets can be queried and verified in real-time through public addresses.

Looking ahead to November, USDD will continue to promote multi-scenario stablecoins, focusing on the two core use cases of earning interest and transfers. On the earning side, USDD will strive to expand sustainable revenue space through deeper DeFi integration and lower-threshold financial products. On the transfer side, USDD will continue to enhance wallet integration and Gas payment solutions, comprehensively improving the convenience, circulation efficiency, and cost-effectiveness of transfers.

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

Appendix: USDD Reserve Asset Addresses

To enhance reserve transparency and on-chain verifiability, USDD has publicly disclosed reserve addresses. Users can query the asset balances, fund flows, and collateral changes of the corresponding addresses in real-time through the respective blockchain explorers. The following address information is compiled as of the reporting time, and specific asset balances and statuses are subject to real-time on-chain data.

A. TRON Network Reserve Addresses

Name | Address | Description

TRX-A | TJ1VWPvFVq7sVsN7J7dWJVZz4SLT14qRUr | TRX reserve address

TRX-B | TGQKnHDQNyc3QeHJ7YxH8wggdg89UVXyvX | TRX reserve address

TRX-C | TPUPPLTYLdbW4jxwD5g2T7ystxsR9HL2mt | TRX reserve address

sTRX-A | TKha7zcAXZMaaWzoVmUHtvVFqr9GeiChgJ | sTRX reserve address

USDT-A | TDUkQbjrXs6xUbxGCLknWwJHxVTdysXBhy | USDT reserve address

PSM-USDT | TSUYvQ5tdd3DijCD1uGunGLpftHuSZ12sQ | PSM related USDT address

SA001-A | TXdYNjXaHn3c1whomRpzCkaFbjfCffMFGf | Smart Allocator reserve output address

B. Ethereum Network Reserve Addresses

Name | Address | Description

PSM-USDT | 0xce355440c00014a229bbec030a2b8f8eb45a2897 | PSM related USDT address

PSM-USDC | 0x12d0351f68035a41d13fc8324562e2d51b7a3b93 | PSM related USDC address

SA001-A | 0x7a69D5BfC49bC48AF6A2ed4969d32752362793Fc | Smart Allocator reserve output address

C. BNB Chain Reserve Addresses

Name | Address | Description

PSM-USDT | 0x939d3FB56cd12d68CaA1125cc57a8d2391F7Ee29 | PSM related USDT address

SA001-A | 0x062a738465F30EBe6dD06cFAd3256Ba783EDf000 | Smart Allocator reserve output address

D. Data Query Entry

Name | Link | Description

USDD Data Dashboard | https://usdd.io/data | View USDD total supply, TVL, chain data, and historical APY and other core indicators

Smart Allocator Page | https://usdd.io/sa | View Smart Allocator asset distribution, strategy configuration, and yield situation

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