What happened
USDD outpaced every other top-10 stablecoin issuer in weekly market cap growth during the Oct. 12 to Oct. 19 window, per a joint report from RWA Foundation and Token Terminal. The $180.3 million added by USDD was more than double the $86 million gain at Sky, the second-ranked issuer, and almost eight times what United Stables printed over the same stretch. By Oct. 29, USDD's circulating supply reached $1.48 billion and protocol TVL hit $2.18 billion, reinforcing its status as the largest decentralized stablecoin on TRON.
The growth lines up with USDD's Q3 2026 Treasury Report, published Thursday on usdd.io. Revenue came in at $9.70 million, a 26.7% jump quarter over quarter. The treasury balance crossed the $30 million threshold for the first time, closing the quarter at $31.24 million. Of that income, $9.11 million came from Smart Allocator, the on-chain system that deploys protocol capital across selected DeFi strategies and whose book is viewable on-chain.
Why it matters
Decentralized stablecoins have spent most of the current cycle losing share to centralized issuers backed by T-bills. A $180.3 million weekly print from USDD, taken against a $449.1 million combined move across the top-10 cohort, says the gap is narrowing in at least one corner of the market. The protocol is now shipping treasury revenue in the eight-figure range per quarter, with a transparent on-chain accounting layer. That's a different profile from the algorithmic stablecoins that defined the last cycle's decentralized attempts.