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PROGRAMMABLEMONEY

Six pieces of programmable money pulled apart layer by layer, and The Full Stack in the middle showing how they connect. Pick a world to open it.

ANATOMY OF ASTABLECOIN

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Real stablecoin · Anatomy of a Stablecoin

USDD

A dollar coin on TRON that people mint by locking up crypto, mostly TRON’s own TRX, or by swapping in USDT. Its docs call it decentralized; an audit found an admin multisig controls it.

Issuer
USDD (TRON ecosystem)
Launched
May 2022
Supply
≈ $1.8B
Route
Crypto backed
How it is issued
Overcollateralized crypto (version 2 since January 2025)
License
None. No legal issuer is named; the first version was issued by TRON DAO Reserve
Reserves
About 60% TRX and 38% stablecoins lent out in apps, plus a little USDT (Sep 2026, per Pharos); about 150% collateralized
Reports
Self reported on its own dashboard; code audits, but no accounting firm attestation
Networks
TRON holds about three quarters; also Ethereum and BNB Chain
Yield
Yes, through sUSDD (about 4%)
Access
Anyone onchain, with no KYC; exchanges and TRON apps like SUN.io and JustLend
GENIUS Act
No issuer and mostly crypto backing, so it is not a permitted payment stablecoin.

Check the supply yourself

More stablecoins

XO ctUSD USDT USDC USDe DAI USD1 USDG PYUSD RLUSD U TUSD EURC SoFiUSD USDai CASH

Public information as of October 2026, simplified. Not legal or investment advice. Open the full stablecoins world.

Sources165Created by Andres Lamothe