USDD 2025 Annual Report: $900 million TVL, Multi-chain Deployment, Ecosystem Shifting Towards Mature Operations

Decentralized stablecoin USDD has delivered a solid performance report for 2025. According to the latest news, USDD has transitioned from rapid expansion to stable operation over the past year, with key metrics breaking through new thresholds and ecosystem development entering a new stage.

Growth Trajectory in 2025

After upgrading to version 2.0 in January 2025, USDD spent the entire year achieving a breakthrough in scale. Official data shows that the protocol’s TVL peaked at over $900 million, with a supply exceeding 860 million tokens, and 459,000 addresses holding USDD. More importantly, USDD distributed approximately $20 million in various yields and subsidies to the community, reflecting ongoing investment in ecosystem incentives.

The latest weekly report further confirms this growth momentum. As of early January, USDD’s TVL surpassed $940 million, with a circulating supply of 893 million tokens, continuously setting new records. This stable growth curve indicates that USDD’s appeal is gradually shifting from subsidy-driven to actual demand-driven.

Multi-Chain Deployment and Ecosystem Maturity

By Q4 2025, USDD has achieved native deployment on major public blockchains such as TRON, Ethereum, and BNB Chain. This is not just simple cross-chain expansion but a key step toward ecosystem maturity.

The significance of multi-chain deployment includes:

• Liquidity Aggregation: Users on different chains can directly use USDD, reducing cross-chain costs
• Ecosystem Integration: Formation of a complete ecosystem including over 20 exchanges, wallets, and DeFi protocols
• Risk Diversification: No longer relying on a single chain, enhancing system stability

Notably, the USDD Smart Allocator has generated over $8.31 million in yields for users. This data shows that USDD is not just a medium of exchange but also plays a real yield-generating role within the DeFi ecosystem.

Transition from Incentive Subsidies to Real Usage

USDD officials have explicitly stated that the ecosystem is undergoing a phased transition from “incentive-driven” to “real usage-driven” development. This is a significant signal shift.

Incentive subsidies were necessary in the early stages to attract users and scale the ecosystem, but in the long run, the vitality of a stablecoin depends on actual demand and use cases. The $20 million distributed in subsidies over the past year is substantial, but the focus now is on whether users are genuinely using USDD for trading, lending, cross-chain transfers, and other practical operations.

This shift mirrors the operational logic of mature stablecoins like USDC and USDT—maintaining ecosystem vitality through real-world usage and demand rather than perpetual reliance on subsidies.

What to Watch for in the Future

The move from incentives to usage means USDD needs breakthroughs in several areas:

• Trading Pair Depth: Establish more trading pairs on exchanges to improve trading convenience
• DeFi Integration: Deepen cooperation with lending and trading protocols
• Payment Scenarios: Explore more practical payment and transfer applications
• Cross-Chain Bridging: Optimize liquidity connectivity across different chains

Based on the latest supply mining activities and Smart Allocator yield data, the USDD ecosystem remains active. The key question is whether this shift can truly attract “non-subsidy-driven” users, which will determine if USDD can join the top tier of stablecoins.

Summary

USDD’s 2025 performance reflects the normal evolution path of a stablecoin project: from rapid expansion to refined operation. A TVL of $900 million, nearly 900 million tokens in supply, and full multi-chain deployment all demonstrate the ecosystem’s scale. More importantly, the official focus on real usage rather than subsidies is an inevitable step toward maturity. In 2026, the challenge will be whether USDD can maintain user engagement and ecosystem vitality with reduced incentives. This will be a critical turning point to watch for USDD and the entire stablecoin sector.