USDD supply broke $1.8 billion, “hitting a new high,” and today my feed was flooded by a bunch of accounts posting about it. After reading it all, I can only say this: the stablecoin business on TRON has never been propped up by USDD.
Look up the data yourself. TRON DAO’s quarterly report says that in Q3, on-chain USDT and USDD totaled about $93.88 billion. What share of that is USDD’s $1.8 billion? Less than 2%. The other 98% is Tether’s USDT. The stablecoin actually moving transfers and paying transaction fees on TRON every day is USDT. USDD is just sitting on the sidelines.
Now look at where the growth is coming from. What’s been all over the timeline these past few days is JustLend’s Supply Mining: deposit USDD to earn rewards. In the replies, people are also saying JST buybacks and burns only use “realized USDD revenue.” Let me translate: offer subsidies to get people to deposit; the more they deposit, the higher the supply; then use that higher supply to post that “trust is flowing in.” That’s scale created by subsidies, not demand. Stop the subsidies and see how much is left.
That ATH post got 381 views, 9 likes, and 12 replies. More replies than likes, and the comments are things like “the numbers speak for themselves” and “people are genuinely choosing to hold.” You get the idea. You see plenty of this cookie-cutter shilling on the feed, too. When you see a bold, all-English headline and the same talking point repeated on the same day, you can pretty much scroll past.
To be fair, someone posted the official figures: about $2.48 billion in collateral against about $1.79 billion in supply. I’m not disputing that it’s overcollateralized. But what the collateral is, who holds it, and whether it can be sold at the stated price in extreme market conditions—those are the questions you should ask about a stablecoin, not how many times its supply has hit a new high.
If you want to chase those mining rewards, fine. Just work out for yourself who’s issuing the rewards, and whether there’ll be anyone on the other side of the pool when you try to exit.
#USDD #TRON
Look up the data yourself. TRON DAO’s quarterly report says that in Q3, on-chain USDT and USDD totaled about $93.88 billion. What share of that is USDD’s $1.8 billion? Less than 2%. The other 98% is Tether’s USDT. The stablecoin actually moving transfers and paying transaction fees on TRON every day is USDT. USDD is just sitting on the sidelines.
Now look at where the growth is coming from. What’s been all over the timeline these past few days is JustLend’s Supply Mining: deposit USDD to earn rewards. In the replies, people are also saying JST buybacks and burns only use “realized USDD revenue.” Let me translate: offer subsidies to get people to deposit; the more they deposit, the higher the supply; then use that higher supply to post that “trust is flowing in.” That’s scale created by subsidies, not demand. Stop the subsidies and see how much is left.
That ATH post got 381 views, 9 likes, and 12 replies. More replies than likes, and the comments are things like “the numbers speak for themselves” and “people are genuinely choosing to hold.” You get the idea. You see plenty of this cookie-cutter shilling on the feed, too. When you see a bold, all-English headline and the same talking point repeated on the same day, you can pretty much scroll past.
To be fair, someone posted the official figures: about $2.48 billion in collateral against about $1.79 billion in supply. I’m not disputing that it’s overcollateralized. But what the collateral is, who holds it, and whether it can be sold at the stated price in extreme market conditions—those are the questions you should ask about a stablecoin, not how many times its supply has hit a new high.
If you want to chase those mining rewards, fine. Just work out for yourself who’s issuing the rewards, and whether there’ll be anyone on the other side of the pool when you try to exit.
#USDD #TRON