USDD, the decentralized stablecoin issued by the TRON DAO Reserve, has seen its circulating supply increase by 56% over roughly three months, according to data from analytics firm Artemis. The supply grew from $452.23 million in late November 2025 to $728.50 million by early March 2026.
The growth pattern was not linear. Supply began near $452 million in late November, climbed gradually through December, and then accelerated sharply into January 2026, peaking near $778 million around January 25. Since that peak, supply has pulled back modestly and stabilized in the $720 to $750 million range through early March, suggesting the rapid issuance phase has slowed.
"USDD's stablecoin supply has risen 56% since November, reaching ~$750M," Artemis noted in a social media post accompanying the data.
The steepest growth phase coincided with a period when crypto markets were still in a late-cycle phase before a broader downturn accelerated. Analysts interpret stablecoin supply growth as a signal of increasing liquidity available for deployment into crypto markets. More stablecoins in circulation represent "dry powder" that can be converted into risk assets when market conditions shift.
Unlike centralized stablecoins like USDT or USDC, USDD's supply expansion is driven by demand within the TRON ecosystem and connected DeFi protocols. This 56% increase in a bear market period is a notable data point, suggesting USDD demand was building precisely as broader crypto sentiment was deteriorating.
