I have a small habit: when looking at stablecoins, I don't first consider "how high the yield is," but rather "if the market turns out to be bad, what will support it." The answer for USDD 2.0 is quite direct: over-collateralization is the foundation, on-chain transparency is self-evidence, and audits are external stress tests. You may not like its narrative, but it's hard to deny that it lays bare the most sensitive information for you to see—reserve situation, collateral structure, data changes, all of which can be tracked. For someone like me who tends to overthink, this kind of "verifiable sense of security" is very important.
In terms of stability, its design resembles a tool that can operate long-term rather than a fleeting trend. The PSM provides a 1:1 exchange channel, reducing slippage and giving arbitrageurs enough clear space to pull the price back to the pegged range. Many people worry about de-pegging, but what they actually worry about is "if it can be pulled back after deviating, and how long will it take to pull back." This kind of mechanism precisely tells you: deviation is not scary; what’s scary is having no correction channel.
In terms of yield, it does not lock you into a single strategy.
If you want to earn more native yields in a multi-chain environment, you can choose sUSDD; if you want to earn some extra rewards during event windows, there are LP incentives; if you want something simple, transparent, and flexible, there are platform-oriented choices; DeFi players can also obtain relatively stable annualized returns through on-chain lending. Ultimately, yield is just an embellishment; what truly makes people willing to hold long-term is the safe and stable foundation.
Also, don't forget the difference between USDDOLD and USDD 2.0. Many misunderstandings come from "applying the impressions of the old version to the new version." The upgraded USDD 2.0 emphasizes decentralization and on-chain native attributes, and the system is iterating towards self-sustainability. You don't necessarily need to participate immediately, but it’s at least worth observing it as a sample of the "stablecoin 2.0 model."