#USDD以稳定性如何 Is it trustworthy?
First, let's understand what USDD is
@USDD - Decentralized USD is a decentralized dollar stablecoin (referred to as USDD) that aims to achieve value pegging to the US dollar through blockchain technology, featuring decentralization, transparency, and resistance to censorship. USDD is commonly used in scenarios such as digital asset trading, value storage, and cross-border payments, allowing users to trade and use it on supported platforms.
Understanding the stability and reliability of USDD (Tron decentralized stablecoin),
Core: look at the mechanism, collateral, transparency, risks, conclusion is that short-term stability improves, but long-term extreme risks still exist, and the trust threshold is higher than that of mainstream fiat-backed stablecoins.
1. Core stability mechanism (version 2.0)
- Over-collateralization: Supports collateral such as TRX and USDT, with a collateral ratio above 100%, and automatic liquidation auctions below the threshold to mitigate volatility risk.
- PSM price stability module: USDD and USDT exchange at near-zero fees 1:1 in seconds, quick arbitrage correction, reducing the probability of decoupling.
- Security audits and transparency: Smart contracts are audited by ChainSecurity, with collateral verifiable on-chain (TRONSCAN), and on-chain governance is traceable.
- TRON DAO Reserve: Provides liquidity and price intervention support during extreme market conditions.
2. Stability Performance
- After the 2.0 upgrade, the extent and frequency of decoupling have decreased, mostly fluctuating around 1 dollar.
- Historically (especially during version 1.0), there have been short-term decouplings due to market panic and insufficient liquidity, relying on the intervention of the Federal Reserve to restore the peg.
- In extreme market conditions, if collateral assets (like TRX) plummet and PSM liquidity is exhausted, there is still a risk of decoupling.
3. Key disputes regarding trustworthiness
- Doubts about the degree of decentralization: The influence of the Federal Reserve and whitelist institutions is significant, ordinary users face restrictions in the primary market for free exchange, core governance and intervention rights are concentrated, and it is not fully decentralized.
- Quality and concentration of collateral: Over-reliance on TRX and USDT, with significant price fluctuations in TRX, and risks from USDT will transmit to USDD.
- The current market acceptance and liquidity scale are far smaller than USDT/USDC, with insufficient liquidity on some platforms, large transactions prone to slippage, affecting stability and convertibility.
4. Conclusions and recommendations on trustworthiness
- Relatively trustworthy scenarios: Short-term trading, applications within the Tron ecosystem, utilizing PSM and over-collateralization for security, with controllable risk.
- Cautious scenarios: Long-term savings, large asset allocation, where the degree of decentralization, collateral structure, and market liquidity are inferior to compliant fiat-backed stablecoins like USDC.
- Recommendation: Use small amounts; prioritize exchange between PSM and USDT to reduce risk; closely monitor collateral ratio, reserve size, and on-chain data.
5. Specific operations and recommendations
1. Collateral ratio and reserves: Check USDD official website (app.usdd.io), TRON DAO Reserve (tdr.org), and search USDD contract on TRONSCAN browser to view real-time collateral assets and totals.
2. PSM liquidity: Check PSM contract address on TRONSCAN to see USDT/USDC balance; view TVL and trading volume of USDD related pools on Curve.
3. Price and Slippage: Check USDD price on CoinGecko/CoinMarketCap; examine USDD/USDT depth on major exchanges (such as Binance), calculate slippage of 100,000/1,000,000.
4. Liquidation and on-chain governance: View liquidation transaction records on TRONSCAN; check governance proposals and intervention records on TDR's official website.
5. Security audit: Check USDD smart contract audit report on ChainSecurity's official website to confirm there are no high-risk vulnerabilities.
