sUSDD, issued by the USDD Protocol smart contracts under the governance of the USDD community through onchain voting, is a yield-bearing token that represents a deposit in the USDD Savings module and accrues value from underlying yield strategies [S1][S2][S3].

Holders deposit the USDD stablecoin, which is pegged 1:1 to the U.S. dollar (USD) and over-collateralized by crypto assets, into the USDD Savings module and receive sUSDD as proof of stake [S1][S2][S4]. The USD value of sUSDD increases automatically over time to reflect accrued yield, and on withdrawal the sUSDD is burned and converted back to USDD plus accumulated yield [S2]. No management or redemption fee for USDD Savings is published [S2].

sUSDD is administered by smart contracts and is not issued by a single corporate entity; the protocol operates without a central authority and is governed by the community through transparent proposals and onchain voting [S1][S5][S3]. The token functions as a bearer-style crypto claim against onchain protocol contracts rather than an interest in a fund or a claim against a corporate issuer, and it cannot be frozen [S1][S4]. Users must be at least 18 years old, and access is restricted in Mainland China, Taiwan, Hong Kong, the United States, and Singapore [S6]. Savings deposits can be withdrawn at any time with no lock-up period [S2].

sUSDD is issued onchain on the Ethereum and BNB Chain networks, following each network's native token standard [S7]. Depositing USDD mints sUSDD, and withdrawal burns sUSDD and converts it back to USDD plus accrued yield [S2]. Collateral pricing for the broader system uses onchain Median and OSM oracles, and settlement is onchain and effectively instant subject to network gas fees [S4][S8].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.usdd.io/introduction/readme.md" },
    { id: "S2", url: "https://docs.usdd.io/user-guide/usdd-savings.md" },
    { id: "S3", url: "https://docs.usdd.io/governance/overview.md" },
    { id: "S4", url: "https://docs.usdd.io/system-architecture/system-architecture.md" },
    { id: "S5", url: "https://docs.usdd.io/introduction/readme.md?ask=What%20is%20the%20legal%20entity%20issuer%20of%20USDD" },
    { id: "S6", url: "https://docs.usdd.io/introduction/readme.md?ask=How%20do%20users%20mint%20USDD%20using%20vaults%20and%20what%20are%20the%20eligibility%20requirements" },
    { id: "S7", url: "https://docs.usdd.io/introduction/collateral-asset-contract-addresses.md" },
    { id: "S8", url: "https://docs.usdd.io/user-guide/psm-peg-stability-module.md" },
  ]}
/>


# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

Tokenized funds

governance

twitter

website

Stablecoin issuers

Tron USDD

Savings USDD (sUSDD) is a tokenized fund share issued by Tron USDD.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in crypto assets, and locks up subscriptions for 0 months.

Retail investors can mint and redeem directly with Tron USDD in USDD, and holders have a right to redeem at net asset value.

sUSDD has been issued on public blockchains since September 2025 and is native to Ethereum and BNB Chain.

Savings USDDsUSDD