USDD: stablecoins rating breakdown
Tron · crypto-backed
It is on this page because of what it used to be and what that teaches. USDD launched in 2022 as an algorithmic design of the family that destroyed $40bn of value at Terra, and it has since been rebuilt as an over-collateralised token with published collateral. $1.51bn of supply, concentrated on Tron.
It is on this page because of what it used to be and what that teaches. USDD launched in 2022 as an algorithmic design of the family that destroyed $40bn of value at Terra, and it has since been rebuilt as an over-collateralised token with published collateral. $1.51bn of supply, concentrated on Tron.
How the score is built
Each criterion is scored 0–10 and weighted. The median column is the middle score across every entry in this ranking, so a row reads as a position rather than a number.
| Criterion | What we measured | Weight | Score | Category median | Rank | Weighted gap |
|---|---|---|---|---|---|---|
| What is behind it, and who verifies that | — | 32% | 3 | 7 | 9 of 9 | -1.28 |
| Peg record, and the deviation right now | −0.0576% deviation from $1.00 · measured · 2026-08-27 · source | 25% | 4 | 8 | 8 of 9 | -1.00 |
| Who can freeze your balance | — | 18% | 4 | 4 | 4 of 9 | 0.00 |
| Supply and where it is accepted | $1.51bn circulating supply · sourced · 2026-08-27 · source | 15% | 4 | 6 | 7 of 9 | -0.30 |
| Who keeps the interest on the reserves | — | 10% | 5 | 4 | 4 of 9 | +0.10 |
Measured 27 August 2026 · weights and method · decided by what is behind it, and who verifies that, worth -1.28 points against the median
What is behind it, and who verifies that: 3/10
Sourced to primary documents: what the reserves actually hold, who attests and how often, and — the distinction the industry blurs deliberately — whether that is a full audit or a point-in-time attestation. A monthly attestation by a named accounting firm and a quarterly self-published summary are not the same instrument, and neither is an audit. Crypto-backed and synthetic designs are judged on their own terms: the collateral ratio, where the collateral lives, and what it does in a drawdown.
Scored 3 of 10 against a category median of 7, which places it 9th of 9 among stablecoins on this criterion. At a 32% weight that is 1.28 points below the median contribution of the weighted total. The best score in the category is 9, the worst 3.
Peg record, and the deviation right now: 4/10
Every historical break with its date, depth and cause, plus the live deviation from $1.00 measured at a stated timestamp. Both halves matter: the current price says almost nothing on a quiet day, and the history says everything about what happens on a violent one.
Scored 4 of 10 against a category median of 8, which places it 8th of 9 among stablecoins on this criterion. At a 25% weight that is 1.00 points below the median contribution of the weighted total. The best score in the category is 8, the worst 3.
Who can freeze your balance: 4/10
Whether the issuer can blacklist an address, whether it has actually done so, and at whose request. Nearly every fiat-backed stablecoin can freeze funds — that is not a defect, it is the design, and it is the single fact most likely to matter to a holder who never reads a reserve report. We record it as a fact rather than a moral judgement.
Scored 4 of 10 against a category median of 4, which places it 4th of 9 among stablecoins on this criterion. At a 18% weight that is exactly level with the median of the weighted total. The best score in the category is 6, the worst 2.
Supply and where it is accepted: 4/10
Circulating supply and the number of chains it genuinely circulates on, from public data at a stated timestamp. Supply is the closest available proxy for whether you can exit at size without moving the price.
Scored 4 of 10 against a category median of 6, which places it 7th of 9 among stablecoins on this criterion. At a 15% weight that is 0.30 points below the median contribution of the weighted total. The best score in the category is 10, the worst 4.
Who keeps the interest on the reserves: 5/10
The reserves behind a large fiat-backed stablecoin earn a market rate. We record who receives that: the issuer, the holder, or a distributor. It is the least discussed economic fact in the category and it is worth billions a year.
Scored 5 of 10 against a category median of 4, which places it 4th of 9 among stablecoins on this criterion. At a 10% weight that is 0.10 points above the median contribution of the weighted total. The best score in the category is 9, the worst 2.
Other measurements
Its nearest neighbours in this ranking
Questions about this score
Is USDD still algorithmic?
+
No. It launched in 2022 with an algorithmic design and was rebuilt as an over-collateralised token with published collateral. The history matters because it tells you what the project was willing to ship, and the current design is genuinely different from what failed at Terra.
Why does USDD trade further from a dollar than other stablecoins?
+
Thinner arbitrage and narrower distribution. Our measurement found −0.0576% deviation, the widest among the large stablecoins here, and drift of that size persists when there are fewer participants with the capital and incentive to close it. On a large transfer that gap is a real cost that never appears in a fee schedule.