USDD
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anchored·XyJNjt…SnS7Summary
USDD is a stablecoin issued by the TRON DAO Reserve, launched in May 2022 and marketed as an over-collateralized, algorithmically-assisted alternative to Terra's failed UST. USDD de-pegged from its $1.00 target within weeks of launch and again during the November 2022 FTX collapse, and has since faced sustained criticism over opaque, shifting reserve composition, a defunct governance structure, and the concentration of control and collateral around TRON founder Justin Sun and his exchange HTX. Independent stablecoin rating firm Bluechip assigned USDD the lowest grade ('F') among stablecoins it assessed, citing commingled reserves and an absence of functioning decentralized governance.
Connected Entities
11 entities · 60 linked investigations- Huobi / HTX→mentioned with→Binance(65%)
- Huobi / HTX→mentioned with→HTX(70%)
- Justin Sun→mentioned with→Poloniex(80%)
- Justin Sun→mentioned with→HTX(70%)
- Justin Sun→mentioned with→Ethereum(65%)
- Binance→mentioned with→Ethereum(65%)
- Justin Sun→mentioned with→TRON(70%)
- HTX (Huobi) Exchange→mentioned with→Binance(65%)
- HTX (Huobi) Exchange→mentioned with→HTX(70%)
- HTX (Huobi) Exchange→mentioned with→TRON(70%)
- + 38 more
Timeline(8 events)
5 May 2022
USDD launches on the TRON blockchain, marketed by Justin Sun as a more resilient alternative to Terra's recently-collapsed UST.
eco.com support article on USDD's depeg history13 June 2022
USDD loses its $1.00 peg roughly five weeks after launch; TRON DAO Reserve deploys billions of dollars in reserve assets attempting to restore parity.
The Crypto Basic10 November 2022
USDD wobbles from its dollar peg again amid the market-wide panic following the FTX exchange collapse.
CoinDesk12 December 2022
USDD falls below $0.97, its lowest level since June 2022, despite TRON DAO adding USDC to reserves.
CoinDeskMay 2023
TRON DAO Reserve holds what is reported to be its only governance vote in USDD's history, on whether to use burned TRX tokens.
Protos21 August 2024
TRON DAO Reserve removes approximately 12,000 bitcoin (roughly $750 million) from USDD's disclosed collateral without a corresponding DAO governance vote; the bitcoin address is quietly delisted from USDD's transparency page.
Protos22 August 2024
Justin Sun announces via his personal account that USDD's backing shifts primarily to TRX, framing the move as correcting inefficient capital allocation; The Block reports USDD is 'no longer backed by bitcoin.'
The Block5 March 2026
SEC and Rainberry Inc. (Justin Sun, Tron Foundation, BitTorrent Foundation) reach settlement over wash-trading allegations tied to TRX; Rainberry pays $10 million penalty, remaining claims against Tron defendants dismissed with prejudice.
CoinDeskDecision Log
- slot 443501172 · hash GYNwqnveAfWXsdwTtGfFK2kgiAbCNqavvz1GrQYkPLD2
This investigation is cryptographically anchored to the Solana blockchain (1 decision). 17 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 7/22/2026, 3:24:13 AM
last updated: 7/22/2026, 3:24:13 AM
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