There's an old saying in the market: "The first million belongs to dreamers, the first billion belongs to believers."
As 2025 comes to a close, the circulating supply of USDD has officially surpassed 800 million, with the total locked value (TVL) also skyrocketing to over $850 million. This is not just a growth curve on a spreadsheet, but a psychological breakthrough for the entire stablecoin sector.
1. Beyond the shadow of "shanzhai coins"
For years, decentralized stablecoins were considered "secondary projects" to giants like USDT and USDC. But data from December 2025 tells a different story.
USDD has climbed into the top ten global stablecoins (ranked 9th on CoinMarketCap), with its overall market ranking jumping from 99th to 74th in just a few months. This "wave" of growth is driven by verified reliable records. Users are no longer merely experimenting with USDD out of curiosity; they are transferring large-scale funds here because it has withstood every market stress test in 2025.
2. The "magnet" effect of sUSDD
The huge driving force behind achieving the 800 million milestone is the explosive growth of sUSDD (the interest-bearing version). The TVL of sUSDD alone has exceeded $150 million, clearly indicating the market's desire for "real yields".
While traditional savings accounts are still struggling to cope with inflation, the 12% annual yield offered by sUSDD, driven by intelligent allocators investing in blue-chip protocols like Aave and Spark, acts like a block magnet, attracting funds from both retail and "whales".
3. The confidence brought by the "glass vault"
Why are people now willing to mint hundreds of millions of new USDD?
The reason lies in the "glass vault". Unlike centralized competitors that release "proofs" every few months, USDD's 130%+ reserve ratio is visible on-chain 24/7 in real-time. In a world where trust in traditional banking is constantly being tested, being able to see exactly what assets (BTC, TRX, USDT) back your dollars provides the ultimate competitive advantage.
Conclusion: A call for 1 billion
Reaching 800 million is a large-scale "proof of concept". It indicates that the USDD 2.0 model, which combines over-collateralization with automated yields, is not just a trend but a new standard for digital currencies.
As the supply gradually approaches the 1 billion mark, the theme of discussion is changing. We are no longer asking whether decentralized stablecoins are viable, but rather how large they can grow.
Disclaimer: The content of this article is for educational purposes only and reflects market milestones as of December 2025. Cryptocurrency investment involves risks. Please be sure to conduct your own research.
