# USDD Intro USDD is an **over-collateralized decentralized stablecoin that** is issued by TRON DAO Reserve, who is also the custodian. USDD is minted by the whitelisted institutions of the TRON DAO Reserve (TDR) through burning TRX. Its value is backed by the over-collateralization of highly liquid crypto assets under the TDR, including BTC, USDT, USDC, and TRX. The circulation and use of USDD are free from the intervention of any centralized parties. Similar to BTC and ETH, USDD grants its holders full ownership, meaning that no organization or individual has access to freeze users’ USDD. USDD is now circulated on several mainstream chains. For more details, please check: . ## **Decentralized** The USDD protocol aims to provide the blockchain industry with the most stable, decentralized, tamper-proof, and freeze-free stablecoin system, a perpetual system independent from any centralized entity. ## **Over-Collateralized** USDD is secured by the over-collateralization of multiple mainstream digital assets (e.g. TRX, BTC, and USDT). The total value of collateralized assets is significantly higher than that of USDD in circulation with the collateral ratio set at 120%, far exceeding the 120% required for DAI. ## **Chain-Agnostic** USDD can now circulate on multiple mainstream networks. Users can transfer USDD across different networks via cross-chain bridges. Similar to TRC20-USDT, USDD caters to users' needs by offering a fast and affordable experience on TRON. # USDD WhitePaper For details, please refer to: . # TDR(TRON DAO RESERVE) Initiated by the TRON network, the TRON DAO Reserve aims to safeguard the overall blockchain industry and crypto market, prevent panic trading caused by financial crises, and mitigate severe economic downturns. The TRON DAO Reserve oversees TRON-based mainstream stablecoins as well as manages Decentralized USD (USDD) on TRON as its early custodian and ensures its price stability with reserves. ### **Regulate Stablecoin Market** The TRON DAO Reserve stabilizes the exchange rates of centralized and decentralized stablecoins on TRON and other blockchains by setting risk-free yield and regulating the market through liquidity provision. It also intends to formulate and implement monetary and exchange rate policies and play the role of a lender of last resort. ### **Manage Financial Risks** The TRON DAO Reserve issues and safeguards reserve assets of multiple blockchains or blockchain-powered financial institutions to minimize systemic risks and ensure the stability of the financial market in the blockchain industry. ### Risk-Free Yield Guidance The TRON DAO Reserve provides risk-free yield subsidies for mainstream stablecoins on the TRON network. Supported by smart contracts on multiple platforms, it offers users higher APYs while safeguarding their assets. # USDD Issuance ## Introduction As introduced in the whitepaper, [/pages/9K6S3XhiLFAKBS0Wh3hI#9-usdd-issuance-in-1.0-space](https://legacy-docs.usdd.io/usdd-issuance/pages/9K6S3XhiLFAKBS0Wh3hI#9-usdd-issuance-in-1.0-space "mention"), USDD is now in USDD 1.0 phase. At this phase, the TRON DAO Reserve pre-issues 999 billion TRC-10 USDD and transfers 1 billion of them to the Authorized Contract, the remaining 998 billion USDD will be transferred and locked in the Issuance Contract. Once the USDD amount in the authorized contract falls below 500 million, the TDR will release [TRC-10 USDD](https://tronscan.org/#/token/1004777) from [Issuance Contract \*](https://tronscan.org/#/contract/TRFGnuUqED3NDpMYgqZY1X3gAeVHNw1SDq) to [Authorized Contract \*](https://tronscan.org/#/contract/TTsASxQhMk4t3S5vZMVVJ7nR2GQjDXNRnq) via multi-signature. The USDD Issuance process is actually the process of converting the TRC-10 USDD to the TRC-20 USDD and releasing the TRC-20 USDD to the users from the Authorized Contract. At the beginning of the USDD 1.0 phase, the TRON DAO Reserve and its members (whitelisted institutions) issue the USDD by staking TRX. With the thriving of the USDD ecosystem, TDR introduced a new Peg Stability Module(PSM) for the USDD ecosystem, which allows all PSM users can participate in the USDD issuance. Now, the USDD can be issued with the following two ways: 1. TDR and its members issue the USDD via staking TRX. 2. Issue the USDD via PSM. The detailed issuance process is shown in the figure below. The upper part of the figure shows TDR and its members issue the USDD via staking TRX, and the lower part shows issue USDD through PSM. In both ways, USDD must be released by Authorized Contract.
## Issuance Process ### Issue the USDD by staking TRX Before the PSM, TDR and its members issued the USDD by staking the TRX. Until August 16, 2022, the TDR and its members have cumulatively issued approximately 725 Million USDDs, These USDDs circulate in multiple mainstream blockchains and are available on multiple mainstream markets, below is the Issuance process: 1\. TDR and its Members deposit TRX into [TRX Burning Contract \*](https://tronscan.org/#/address/TNMcQVGPzqH9ZfMCSY4PNrukevtDgp24dK). 2\. The TDR calculates the dollar value of the TRX based on the prevailing exchange ratio and transfers an equivalent dollar value of [TRC-10 USDD](https://tronscan.org/#/token/1004777) from [Authorized Contract \*](https://tronscan.org/#/address/TTsASxQhMk4t3S5vZMVVJ7nR2GQjDXNRnq) to the circulation account via multi-signature. 3\. The TDR converts [TRC-10 USDD](https://tronscan.org/#/token/1004777) in the circulation account into [TRC-20 USDD](https://tronscan.org/#/token20/TPYmHEhy5n8TCEfYGqW2rPxsghSfzghPDn) and then transfers the USDD to the TDR members. #### Contracts & USDD Token Addresses are as follows. TRC-10 USDD [ID: 1004777](https://tronscan.org/#/token/1004777) TRC-20 USDD [TPYmHEhy5n8TCEfYGqW2rPxsghSfzghPDn](https://tronscan.org/#/token20/TPYmHEhy5n8TCEfYGqW2rPxsghSfzghPDn) TRX Burning Contract \*[TNMcQVGPzqH9ZfMCSY4PNrukevtDgp24dK](https://tronscan.org/#/address/TNMcQVGPzqH9ZfMCSY4PNrukevtDgp24dK) Issuance Contract \*[TRFGnuUqED3NDpMYgqZY1X3gAeVHNw1SDq](https://tronscan.org/#/address/TRFGnuUqED3NDpMYgqZY1X3gAeVHNw1SDq) Authorized Contract \*[TTsASxQhMk4t3S5vZMVVJ7nR2GQjDXNRnq](https://tronscan.org/#/address/TTsASxQhMk4t3S5vZMVVJ7nR2GQjDXNRnq) \* This contract is controlled by multiple signatures, managed by 7 different TDR members, and the transaction is valid when 5 of them have signed. ### Issue the USDD via PSM As a USDD fixed ratio SWAP module, PSM allows users to exchange USDT/USDC/TUSD to USDD at a fixed ratio of 1:1. Similarly, it also allows users to exchange USDD to USDT/USDC/TUSD at a fixed ratio of 1:1. The PSM mechanism perfectly combines the USDD issuance mechanism and introduces a new issuance method for USDD. The PSM USDD issuance process mainly consists of the following two steps (Please refer to the white paper for a detailed description of the issuance process). 1. TDR releases the authorized and unissued TRC-10 USDD from the **Authorization Contract** to the **safeVault** contract of PSM. 2. When PSM executed the USDT/USDC/TUSD → USDD SWAP, it will convert TRC-10 USDD in **safeVault** to TRC-20 USDD and release it to users. In the reverse conversion, TRC-20 USDD will be converted into TRC-10 USDD and transferred to the **safeVault** contract. Note: The TRC-10 USDD in **safeVault** will not affect the total supply of USDD. Only when the exchange is completed, the total supply will change accordingly. * Increase the total supply: When users successfully convert USDT/USDC/TUSD into USDD, the total supply of USDD will increase accordingly. * Reduced the total supply: When users successfully convert USDD into USDT/USDC/TUSD, the total supply of USDD will be reduced accordingly. #### PSM Contracts VAT \* [ TBbYhvifBJVQ5ytThJ5ZfHfX8mK133ccqv](https://tronscan.org/#/contract/TBbYhvifBJVQ5ytThJ5ZfHfX8mK133ccqv) USDDJoin \* [ TUhQDzXJ3QsT6F2KiK5gZ3H673TV1516E9](https://tronscan.org/#/contract/TUhQDzXJ3QsT6F2KiK5gZ3H673TV1516E9) GemJoin \* [ TMn5WeW8a8KH9o8rBQux4RCgckD2SuMZmS](https://tronscan.org/#/contract/TMn5WeW8a8KH9o8rBQux4RCgckD2SuMZmS) USDT PSM \* [ TM9gWuCdFGNMiT1qTq1bgw4tNhJbsESfjA](https://tronscan.org/#/contract/TM9gWuCdFGNMiT1qTq1bgw4tNhJbsESfjA) USDT Quota \* [ TEVuAK3cXeG93wJLE2Hv4U2sx69hFovnjU](https://tronscan.org/#/contract/TEVuAK3cXeG93wJLE2Hv4U2sx69hFovnjU) USDC GemJoin \* [TRGTuMiDYAbztetdndYyMzYvtaRmucjz5q](https://tronscan.org/#/contract/TRGTuMiDYAbztetdndYyMzYvtaRmucjz5q) USDC PSM \* [TUcj1rpMgJCcFZULyq7uLbkmfh9xMnYTmA](https://tronscan.org/#/contract/TUcj1rpMgJCcFZULyq7uLbkmfh9xMnYTmA) USDC Quota \* [TQnAGXspTiqJVvdNqUk8giSBFW4Ykt2Gxm](https://tronscan.org/#/contract/TQnAGXspTiqJVvdNqUk8giSBFW4Ykt2Gxm) TUSD GemJoin \* [TPxcmB9dQC3LHswCNEc4rJs1HFGb8McYjT](https://tronscan.io/#/contract/TPxcmB9dQC3LHswCNEc4rJs1HFGb8McYjT) TUSD PSM \* [TY2op6AKcEkFhv8hxNJj3FBUfjManxYLSe](https://tronscan.io/#/contract/TY2op6AKcEkFhv8hxNJj3FBUfjManxYLSe) TUSD Quota \* [TSApGmpYaPqKrQahjzbs7yrMjobSfugpXT](https://tronscan.io/#/contract/TSApGmpYaPqKrQahjzbs7yrMjobSfugpXT) USDJ GemJoin \* [TKAovR61zwp1t9Rg1UE4UY5mXt7QTJdDXg](https://tronscan.io/#/contract/TKAovR61zwp1t9Rg1UE4UY5mXt7QTJdDXg) USDJ PSM \* [TVS3rVDUSd3ySeXV5moRH2J2t5B9reJfLR](https://tronscan.io/#/contract/TVS3rVDUSd3ySeXV5moRH2J2t5B9reJfLR) USDJ Quota \* [TMdUs66Y4GQjdsPLkDPu2bmDVze6ErZSFY ](https://tronscan.io/#/contract/TMdUs66Y4GQjdsPLkDPu2bmDVze6ErZSFY/code) safeVault [TMgSSHn8APyUVViqXxtveqFEB7mBBeGqNP](https://tronscan.org/#/contract/TMgSSHn8APyUVViqXxtveqFEB7mBBeGqNP) \* This contract is controlled by multiple signatures, managed by 7 different TDR members, and the transaction is valid when 5 of them have signed. ## Replenish Reserves of Authorized Contract Once the amount of USDD reserved in the **Authorized Contract** falls below 500 million, the TDR will automatically replenish the reserves. The TDR will release[ TRC-10 USDD](https://tronscan.org/#/token/1004777) from[ Issuance Contract \*](https://tronscan.org/#/contract/TRFGnuUqED3NDpMYgqZY1X3gAeVHNw1SDq) to[ Authorized Contract \*](https://tronscan.org/#/contract/TTsASxQhMk4t3S5vZMVVJ7nR2GQjDXNRnq) via multi-signature. After the transaction receives five out of seven signatures, USDD will be locked for a minimum of 10 days. Until August 16, 2022, the total amount of USDD released from [Issuance Contract \*](https://tronscan.org/#/contract/TRFGnuUqED3NDpMYgqZY1X3gAeVHNw1SDq) to [Authorized Contract \*](https://tronscan.org/#/contract/TTsASxQhMk4t3S5vZMVVJ7nR2GQjDXNRnq) is 2 billion, with 1,274,667,957 of these USDD authorized but not issued. # Over-Collateralization and Transparency The stability and security of USDD are ensured by the over-collateralization of multiple mainstream cryptocurrencies, including BTC, USDT, USDC, and TRX. Please check the latest Collateral of USDD and Collat. Ratio from or . ## Collateral Details ### TRX Burning Details Below is the TRX burning contract managed by the TRON DAO Reserve. | TRX Burning Contract | Amount | Value | | ------------------------------------------------------------------------------------------------------- | ---------------- | ------------- | | [TNMcQVGPzqH9ZfMCSY4PNrukevtDgp24dK](https://tronscan.org/#/address/TNMcQVGPzqH9ZfMCSY4PNrukevtDgp24dK) | 8,997,566,086TRX | $ 725,332,043 | ### Reserve Details and Collat. Ratio #### Check from the USDD Homepage 1. Go to the page and scroll down to the **Transparency** section. Collat. Ratio is shown in the bottom right corner.

Sreenshot taken on March 16, 2023

2. To see the reserve details, click on the **Collateral Details** button in the lower left corner and scroll down in the pop-up window.

Sreenshot taken on March 16, 2023

#### Check from the TDR Homepage 1. Go to the page and scroll down to the **Transparency** section. Collat. Ratio is shown in the bottom right corner.

Sreenshot taken on March 16, 2023

2. To see the reserve details, click on the **Collateral Details** button in the lower left corner and scroll down in the pop-up window.

Sreenshot taken on March 16, 2023

### Signatures
AddressNetworkMessageSignature
1KVpuCfhftkzJ67ZUegaMuaYey7qni7pPjBTCtrondaoreserveIJCF8Myp5NCirj4kc9NAChZAqt2p2SM9yOzvvUcJyS1NZpE9HQAIlA/mviXuAcYQNiAYFKGtMXVDe2QzQ0WHspI=
TSF2rqLdrrZG7PZkDxtvu6B2PTpofidMAXTRONtrondaoreserve829fd880823414918e97aaa23698ee2f6211c46aec3c82191a5c653f3d0bab7c09ae7b23a7cb369e299f4afd169a518579697b41779153b919b584a94e606d3b01
TZ1SsapyhKNWaVLca6P2qgVzkHTdk6nkXaTRONtrondaoreserve779303d66a40fed8f08585c36c495520fbad0bfade3116f3c9b3d4fcbe6f65630ade6b10a4bf4e565babc30ae20914f0a0dadb9e54d8dbb73931a0c64c665cab00
### How to verify signatures? #### For the BTC reserve account, please follow the steps below to verify the signature. 1\. Find the reserve account and signature to be verified in the table above. 2\. Open ["Bitcoin.com"](https://www.bitcoin.com/tools/verify-message/) and fill in the Bitcoin address, message, and signature in the signature information to verify. #### For the TRON reserve account, please follow the steps below to verify the signature. 1\. Find the reserve account and signature to be verified in the table above. 2\. Open ["TRONSCAN"](https://tronscan.org/#/tools/verify-sign/) and fill in the address, message and signature. Click on "Verify Signature" to finish the verification. # The PSM ## Motivation USDD’s core mission is to provide the blockchain world with an Over-Collateralized Decentralized Stablecoin. As the custodian of the USDD, The TRON DAO RESERVE(TDR) has adopted a series of monetary policies to maintain the USDD’s price stability and spur growth in the TRON ecosystem based on the market conditions, and the TDR has always been intensively working on how to further ensure the USDD’s price stability, and drive the continued growth of the USDD ecosystem. The PSM solution has already been tested and used extensively in the industry, Thus, it can be one of the monetary policies to maintain the stability of USDD’s price. The TDR will introduce the new Peg Stability Module(PSM) for the USDD ecosystem, which actually goes a step further on the stability improvement of the USDD price. At the same time, providing safer and more stable infrastructure for the USDD ecosystem, and jointly promotes the sustainable and healthy development of the USDD ecosystem. ## **PSM Mechanism** As a USDD fixed ratio SWAP module, PSM allows users to exchange USDT/USDC/TUSD/USDJ to USDD at a fixed ratio of 1:1. Similarly, it also allows users to exchange USDD to USDT/USDC/TUSD/USDJ at a fixed ratio of 1:1. During the entire exchange process, users do not need to undertake any debt and management tasks. More importantly, PSM has an excellent experience of 0 slippage and 0 handling fee, which helps the USDD price to stabilize at around 1 USD. The PSM mechanism perfectly combines the USDD issuance mechanism and introduces a new issuance method for USDD. the current USDD issuance process mainly consists of the following three steps (Please refer to the white paper for a detailed description of the issuance process). 1. TDR members deposit TRX to the **TRX Burning Contract**. 2. TDR will calculate the equivalent US dollars according to the current exchange ratio, and transfer the equivalent TRC-10 USDD from the **Authorized Contract** to the circulation account via multi-signature. 3. The TDR converts TRC-10 USDD in the circulation account into TRC-20 USDD and then transfers the USDD to TDR members. With the newly introduced PSM, the process of USDD SWAP is actually the process of USDD issuing via the fixed ratio collateralizing. All PSM users actually participate in the issuance of USDD. The detailed process is as follows: 1. TDR releases the authorized and unissued TRC-10 USDD from the authorization contract to the **safeVault** contract of PSM. 2. When PSM executed the USDT/USDC/TUSD/USDJ → USDD SWAP, it will convert TRC-10 USDD in **safeVault** to TRC-20 USDD and release it to users. In reverse conversion, TRC-20 USDD will be converted into TRC-10 USDD and transferred to the **safeVault** contract. Note: The TRC-10 USDD in **safeVault** will not affect the total supply of USDD. Only when the exchange is completed, the total supply will change accordingly. * Increase the total supply: When users successfully convert USDT/USDC/TUSD/USDJ into USDD, the total supply of USDD will increase accordingly. * Reduced the total supply: When users successfully convert USDD into USDT/USDC/TUSD/USDJ, the total supply of USDD will be reduced accordingly. #### PSM Contracts VAT \* [ TBbYhvifBJVQ5ytThJ5ZfHfX8mK133ccqv](https://tronscan.org/#/contract/TBbYhvifBJVQ5ytThJ5ZfHfX8mK133ccqv) USDDJoin \* [ TUhQDzXJ3QsT6F2KiK5gZ3H673TV1516E9](https://tronscan.org/#/contract/TUhQDzXJ3QsT6F2KiK5gZ3H673TV1516E9) GemJoin \* [ TMn5WeW8a8KH9o8rBQux4RCgckD2SuMZmS](https://tronscan.org/#/contract/TMn5WeW8a8KH9o8rBQux4RCgckD2SuMZmS) USDT PSM \* [ TM9gWuCdFGNMiT1qTq1bgw4tNhJbsESfjA](https://tronscan.org/#/contract/TM9gWuCdFGNMiT1qTq1bgw4tNhJbsESfjA) USDT Quota \* [ TEVuAK3cXeG93wJLE2Hv4U2sx69hFovnjU](https://tronscan.org/#/contract/TEVuAK3cXeG93wJLE2Hv4U2sx69hFovnjU) USDC GemJoin \* [TRGTuMiDYAbztetdndYyMzYvtaRmucjz5q](https://tronscan.org/#/contract/TRGTuMiDYAbztetdndYyMzYvtaRmucjz5q) USDC PSM \* [TUcj1rpMgJCcFZULyq7uLbkmfh9xMnYTmA](https://tronscan.org/#/contract/TUcj1rpMgJCcFZULyq7uLbkmfh9xMnYTmA) USDC Quota \* [TQnAGXspTiqJVvdNqUk8giSBFW4Ykt2Gxm](https://tronscan.org/#/contract/TQnAGXspTiqJVvdNqUk8giSBFW4Ykt2Gxm) TUSD GemJoin \* [TPxcmB9dQC3LHswCNEc4rJs1HFGb8McYjT](https://tronscan.io/#/contract/TPxcmB9dQC3LHswCNEc4rJs1HFGb8McYjT) TUSD PSM \* [TY2op6AKcEkFhv8hxNJj3FBUfjManxYLSe](https://tronscan.io/#/contract/TY2op6AKcEkFhv8hxNJj3FBUfjManxYLSe) TUSD Quota \* [TSApGmpYaPqKrQahjzbs7yrMjobSfugpXT](https://tronscan.io/#/contract/TSApGmpYaPqKrQahjzbs7yrMjobSfugpXT) USDJ GemJoin \* [TKAovR61zwp1t9Rg1UE4UY5mXt7QTJdDXg](https://tronscan.io/#/contract/TKAovR61zwp1t9Rg1UE4UY5mXt7QTJdDXg) USDJ PSM \* [TVS3rVDUSd3ySeXV5moRH2J2t5B9reJfLR](https://tronscan.io/#/contract/TVS3rVDUSd3ySeXV5moRH2J2t5B9reJfLR) USDJ Quota \* [TMdUs66Y4GQjdsPLkDPu2bmDVze6ErZSFY ](https://tronscan.io/#/contract/TMdUs66Y4GQjdsPLkDPu2bmDVze6ErZSFY/code) safeVault [TMgSSHn8APyUVViqXxtveqFEB7mBBeGqNP](https://tronscan.org/#/contract/TMgSSHn8APyUVViqXxtveqFEB7mBBeGqNP) \* This contract is controlled by multiple signatures, managed by 7 different TDR members, and the transaction is valid when 5 of them have signed. ## Why PSM ### Improve the price stability of USDD through a stable peg The number one objective of the TDR is to maintain the price stability of USDD and secure the USDD peg close to $1 U.S. dollar. PSM as a fixed exchange ratio swap module (allowing users to exchange between USDT/USDC/TUSD/USDJ and USDD at a ratio of 1:1) is an important step in achieving this goal, introducing a more stable Peg for USDD, increasing the stability of USDD pice. The arbitrage mechanism will also help to maintain price stability. When the USDD price deviates from the USD price, there is an arbitrage opportunity in the market. * When USDD's price < 1 USD, for example 1 USDD = 0.9 USD, an arbitrageur can buy 1 USDD with 0.9 USD in the external market and then swap 1 USDD for 1 USD stablecoin in the PSM. In this way, the arbitrageur spends 0.9 USD to get 1 USD and earns 0.1 USD without taking any risks. As a result of the above arbitrage, USDD's price will increase, to the point where there is no room for arbitrage and 1 USDD re-equates to 1 USD. * When USDD's price > 1 USD, for example 1 USDD = 1.1 USD, an arbitrageur can pay 1 USD stablecoin for 1 USDD in the PSM. After that, the arbitrageur can sell 1 USDD in the external market at 1.1 USD. The arbitrageur spends 1 USD to get 1.1 USD and earns 0.1 USD without taking any risks. As a result of the above arbitrage, USDD's price will go down, to the point where there is no room for arbitrage and 1 USDD re-equates to 1 USD. At the same time, the PSM module will also accumulate a large amount of USDT/USDC/TUSD/USDJ as collateral to stabilize the price of USDD. After PSM supports more stablecoins in the future, the stabilization effect will be strengthened with the increase of the number of stablecoins and the increase of the collateral scale. The collateral also provides very considerable liquidity for the USDD ecosystem, providing a reliable source for the sale of USDD, and its stable peg will also help to mint more USDD. At the same time, different stablecoins can also be exchanged with each other via the USDD, thus helping the system to quickly restore balance. ### **New Application Scenarios** While stabilizing the USDD price, PSM also provides a new trading hub between different stablecoins. After the introduction of multiple stablecoins in PSM, each stablecoin can be exchanged at a low cost of a 1:1 ratio through USDD as an intermediary, which also brings a new application scenario to the USDD ecosystem. The integration of PSM can easily realize a stablecoins swap, which will ultimately help to improve the overall liquidity of the DeFi ecosystem. ### **A reliable signal for USDD ecological governance** Adjusting the USDD interest ratio according to market dynamics is also one of the most important monetary policies of TDR, to achieve the goal of long-term stable growth of the USDD market. Since changes in market dynamics are immediately reflected in the balance of USDT/USDC/TUSD/USDJ and USDD in PSM, the PSM module also provides a reliable signal for interest ratio adjustments. With the powerful concept of PSM, it can provide more possibilities and directions for the USDD ecosystem governance. ## Governance The governance of PSM is mainly accomplished by adjusting the parameters of the smart contract. In extreme market conditions, PSM can adjust the corresponding parameters of the smart contract according to the real-time market conditions to deal with the extreme challenge from the market, protect the asset safety of investors and users, and maintain the market stability. In general, the most core parameter in the entire governance is Swap Limit. It can be used to control the maximum amount of USDD that can be exchanged in the system. At the same time, supporting multiple stablecoins can also be seen as an important means of risk management, spreading risks among multiple stablecoins rather than concentrating them in one stablecoin. The PSM Fee parameter can also be a governance method. This parameter allows PSM to charge a small fee for each transaction. On the one hand, it can better balance the market, and at the same time, the fee can also help PSM achieve better governance. ## Key Parameters ### Swap Limit (line) The Swap Limit refers to the maximum USDD limit that can be exchanged globally in PSM. ### Fee In (tin) The percentage fee is applied when trading the USDT/USDC/TUSD/USDJ into the PSM in exchange for USDD. ### Fee Out (tout) The percentage fee is applied when trading USDD into the PSM in exchange for the USDT/USDC/TUSD/USDJ. ## User Interaction Users can find the PSM portal from: * [usdd.io](https://usdd.io/#/psm) * [tdr.org ](https://tdr.org/#/) * [sun.io ](https://sun.io/?lang=en-US#/psm) Users can choose to complete the SWAP through the PSM portal, or directly call the PSM contract to complete the exchange. For the Defi projects, it is super easy to integrate PSM into the DEX aggregator to complete the transaction. ## Considerations The number of transactions that a PSM can offer is limited by the Swap Limit and the number of stablecoins available in the liquidity pool. If PSM has reached the exchange limit, it cannot offer USDT/USDC/TUSD/USDJ → USDD exchange transactions. Likewise, if there is not enough USDT/USDC/TUSD/USDJ in the PSM, then the PSM cannot complete the USDD → USDT/USDC/TUSD/USDJ exchange. # How to swap between USDD and USDT/USDC/TUSD/USDJ at 1:1 ratio in PSM? # PSM(TDR) #### **URL:** [**https://tdr.org/#/psm**](https://tdr.org/#/psm) #### 1.**Click on “Get Started” and enter the PSM page. Click on “Connect Wallet” to connect to your TronLink wallet.** ![](https://lh4.googleusercontent.com/vqLB24bqXi0QpwuVSF8mxXoMJYjNpTbNqvVOURu4JR-DPkoSpPMgZHs1jpF1nWkmtbvFxKZ740aOmEcr9-fuCc5AjGiiWHiVm7RkCLVav7X_jYdz23XXQxgvkiNynnuQ4VHuW6zJgjsxGBExz89RYUM) ![](https://lh4.googleusercontent.com/JtU-gv2LmOFR2BqKEWA_RHfw-6atuM4MfaYHb2o6BgXPItw_8ULVpVhdqo_tdTIVQ5sivKQUvCqcNj4Z8fka6I9DkzpR1b6LXQzwUtL-nOsWw2rIGxlqx65Kf7Jr34RQmsddCndIggDNgUY8e9tRctI) #### **2.Enter the amount of USDD or USDT/USDC/TUSD/USDJ that you would like to swap. Then, click on “Swap”.** ![](https://lh5.googleusercontent.com/SBkpccvFrBd4RjWHOBkZ4bYKr5AHVh1bEUKHPznKaafRQXLKK3am6w95d1eWGbcPEYIOW_PrC7AY0yq0umTkZIDWt8ytbRSurmHuNg55CVIfstapSes6I4SBQyVTFt8vW62bH6HtuavB3gpgA9QCw0U) #### **3.In your TronLink wallet, you need to click on "Sign to Approve" in the pop-up window to complete the action.** ![](https://lh5.googleusercontent.com/15tWPKk1rafDhIR0Vksddj0nPpj9avNjy3q4ODzh_O2RzRq8UxNWoDB6RPdVMXxNAJKIeQunasp4-XENOEW7-7CYDKhaznVG9KEFjqU2RUMJREia1ORIhZzCQE5g0jF984F5Xo3p17bqmA02wCxuCbs) #### **4.You can view the USDD or USDT/USDC/TUSD/USDJ that you have swapped in your wallet.** # PSM(USDD) #### URL**:** #### 1.Click on “Get Started” and enter the PSM page. Click on “Connect Wallet” to connect to your TronLink wallet. ![](https://lh5.googleusercontent.com/3ewEZzy96necdjbyug-e0FFvDa_TxNmVP8sUJUi9weKjCLn0Uy3cZR9sHIVq4hq_UMkfOUcvE50T_VqAPnKUY6KSv_4LkCcll4XDQPfdLPU6mmV9quBoO3-6HvlIFhG2MC088P-sFk_PIjCJgKDA3zQ) ![](https://lh5.googleusercontent.com/ujTJgKyhXhqHcJKLi5o92lCAJP20j88mLX3hh5znSqrp5FIPPaX_Dzud81RHv5PMCBGMlBUUbLDzi0QImucvL4q-NJNy58yv3kbSFQOlIN3-o7XN3nvjrMe6NTEuVThKev72t06C6unhNluJ59M0pzg) #### 2.Enter the amount of USDD or USDT/USDC**/TUSD/USDJ** that you would like to swap. Then, click on “Swap”. ![](https://lh6.googleusercontent.com/d28ZVkjAyjSPKkeUjSvdDNvRyxLRy8n4Jwh12lPcF1T2qGk0uywMfFvDk6Ta5Pxcxcurejp8NOLHrJnYEd2mD2_sFiWxXdT05hYkgTeH3ntieKgHoR5y4TZlx_6ZKQ4c4eVaU3qf7gbJr0Szr1rl1jk) #### 3.In your TronLink wallet, you need to click on "Sign to Approve" in the pop-up window to complete the action. ![](https://lh4.googleusercontent.com/sHJOsDKwpgjPhA7PdG9sDTR6Qwmw9jaSnZJCwrK4QVQIZ5ZoJkSIgOsYnVYGVgjrJpskyv-wKwkuvBebq2QwRPzOgOixXqBVHB2hor3ulQ4S588csOvbhL5-OD0lu6w19uK4KWM4gFtOYx5ID55pMWs) #### 4.You can view the USDD or USDT/USDC**/TUSD/USDJ** that you have swapped in your wallet. # PSM(SUN) #### URL**:** #### 1.Click on “Get Started” and enter the PSM page. Click on “Connect Wallet” to connect to your TronLink wallet. ![](/files/c085Hy6LOy2zBLTGJkEY) ![](/files/CoF69Hes9wvcovnbnBmd) #### 2.Enter the amount of USDD or USDT/USDC**/TUSD/USDJ** that you would like to swap. Then, click on “Swap”. ![](/files/pb2l9fpkQZA9NxyY8PDc) #### 3.In your TronLink wallet, you need to click on "Sign to Approve" in the pop-up window to complete the action. ![](https://lh4.googleusercontent.com/sHJOsDKwpgjPhA7PdG9sDTR6Qwmw9jaSnZJCwrK4QVQIZ5ZoJkSIgOsYnVYGVgjrJpskyv-wKwkuvBebq2QwRPzOgOixXqBVHB2hor3ulQ4S588csOvbhL5-OD0lu6w19uK4KWM4gFtOYx5ID55pMWs) #### 4.You can view the USDD or USDT/USDC**/TUSD/USDJ** that you have swapped in your wallet. # Audit Report [TRC-20 Token Audit](https://usdd.io/SlowMistAuditReport-USDDTRC20.pdf) [ERC-20 Token Audit]() [TRX Burning Contract](https://usdd.io/MultiSigFundRaiser.pdf) [Issuance Contract](https://usdd.io/MultiSigLocker.pdf) [Authorized Contract](https://usdd.io/MultiSigAuthorizer.pdf) # Announcements # Announcement on Re-opening the Channel for USDC to Issue USDD in PSM Dear users: PSM has reopened the channel for USDC to issue USDD, after which users can issue USDD with USDC at a fixed 1:1 ratio. Additionally, users can easily swap USDC, TUSD, USDT, USDD, and USDJ through PSM. For further information on how to use PSM, please refer to: TDR will continue working to improve and optimize the PSM for better user experience. Welcome to experience. Thank you for supporting PSM! Apr 17, 2023 (Singapore Time) # Announcement on Suspending the Channel for USDC to Issue USDD in PSM Dear users: Due to the volatility of USDC, PSM has temporarily suspended the channel for USDC to issue USDD in PSM. The time of reopening will be further announced. During the suspension, you can still issue USDD using other stablecoins (TUSD, USDT, USDJ) while easily swaping other stablecoins (TUSD, USDT, USDD, USDJ) through PSM. Meanwhile, TDR will continue working to improve and optimize the PSM functions for better user experience. Welcome to experience. Thank you for supporting PSM! Mar 11, 2023 (Singapore Time) # Announcement on Upgrading PSM to Support USDJ Dear users, In order to provides safer and more stable infrastructure for the USDD ecosystem, TDR will upgrade PSM on Oct 28, 2022 (SGT) . After the upgrade, the PSM will not only support the USDT, USDC, TUSD but also the USDJ, which goes a further step on improving the stability of the USDD price ,enriches and enhances the USDD issuing mechanism. After the launch, PSM allows users to exchange USDJ to USDD at a fixed ratio of 1:1. Similarly, it also allows users to exchange USDD to USDJ at a fixed ratio of 1:1. The exchange process has no slippage and no handling fee. At the same time, users can also use PSM and USDD to achieve the exchange between USDT, USDC, TUSD and USDJ, enriching the application scenarios of the PSM and USDD. TDR will continuous improve the features of the PSM and bring better experience and higher revenue to users. Welcome to experience. Thank you for supporting PSM! 28th Oct 2022 # Announcement on Upgrading PSM to Support TUSD Dear users, In order to provides safer and more stable infrastructure for the USDD ecosystem, TDR will upgrade PSM on Sep 6, 2022 (SGT) . After the upgrade, the PSM will not only support the USDT and USDC but also the TUSD, which goes a further step on improving the stability of the USDD price ,enriches and enhances the USDD issuing mechanism. After the launch, PSM allows users to exchange TUSD to USDD at a fixed ratio of 1:1. Similarly, it also allows users to exchange USDD to TUSD at a fixed ratio of 1:1. The exchange process has no slippage and no handling fee. At the same time, users can also use PSM and USDD to achieve the exchange between USDT, USDC and TUSD, enriching the application scenarios of the PSM and USDD. TDR will continuous improve the features of the PSM and bring better experience and higher revenue to users. Welcome to experience. Thank you for supporting PSM! 6th Sep 2022 # Announcement on Upgrading PSM to Support USDC Dear users, TDR will upgrade PSM on Aug 18, 2022 (SGT) . After the upgrade, the PSM will not only support the USDT but also the USDC, which goes a further step on improving the stability of the USDD price ,enriches and enhances the USDD issuing mechanism, and provides safer and more stable infrastructure for the USDD ecosystem. After the launch, PSM allows users to exchange USDC to USDD at a fixed ratio of 1:1. Similarly, it also allows users to exchange USDD to USDC at a fixed ratio of 1:1. The exchange process has no slippage and no handling fee. At the same time, users can also use PSM and USDD to achieve the exchange between USDT and USDC, enriching the application scenarios of the PSM and USDD. TDR will continuous improve the features of the PSM and bring better experience and higher revenue to users. Welcome to experience. Thank you for supporting PSM! 18th Aug 2022 # What monetary policies will the TDR adopt to maintain the value of USDD? **1. The goal of monetary policies is to maintain USDD’s price stability and drive the growth of the TRON ecosystem.** * Just like any central bank, the TDR, the central bank at phase 1.0 of USDD, adopts monetary policies to maintain its price stability and spur growth in the TRON ecosystem. * It is not like what some have argued, that the TDR’s monetary policies are profit-oriented, for such action runs against the TDR’s founding mission to guide and regulate USDD. Nevertheless, rational investors are advised not to take the TDR’s monetary policies as their investment guide. **2. Monetary policy instrument №1: setting interest rate** * One of the main monetary policy tools for central banks worldwide, setting interest rates is a mechanism often used to regulate the supply and demand of currencies and loans. Similarly, the TDR works with its partner institutions and protocols to set USDD’s benchmark interest rates and has the power to adjust the rate at any time based on market conditions. * Now, the initial benchmark interest rate for USDD is 30% and is slightly higher on platforms that recently listed USDD, all subsidized by the TDR to acquire new users and drive up its adoption. In the early stages of USDD, its interest rate will stay at a higher level than those of the US dollar and USDT/USDC. The rationale behind such a decision is that the TRON ecosystem is similar to some emerging economies such as China, Vietnam, and India, which want to attract foreign capital with higher interest rates to grow their economies. * Interests for USDD holders are paid out in USDD issued by the TDR and credited to their accounts. USDD holders have full control over USDD in their wallets. Users staking or lending USDD enter the respective smart contracts on different protocols, to which the TDR has no access. This dispels the misinformation claimed by some that USDD is a Ponzi Scheme and that the TDR convinces people to invest money by promising unreasonable high returns. **3. Monetary policy instrument №2: open market operations.** * Open market operations (OMO) refer to a central bank openly buying or selling bonds in the secondary market. These central banks are essentially trading base money for bonds in the secondary market: they deposit base money through purchases and withdraw it through sales, thereby adjusting the supply and demand of the base money and stabilizing its value. * The TDR adopts a mechanism that functions similarly to OMO. Through buying or selling USDD and reserve assets, including TRX, BTC, USDT, and USDC on CEXs or DEXs, it manages to keep USDD’s price stable. The TDR will announce each of its OMO publicly to the market on its Twitter account[ (@trondaoreserve)](https://twitter.com/trondaoreserve) to positively guide the market perception. * It is worth noting that the core purpose of the TDR’s OMO has been and will always be to maintain USDD’s price stability rather than profit from trading. The proceeds generated from OMO, if any, will go to the reserves for efforts to stabilize USDD’s price and further the growth of TRON’s ecosystem, as echoed by the[ 1 trillion yuan ($158 billion) transfer from the People’s Bank of China to the Chinese Central Government to help finance fiscal spending](http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4503994/index.html) this March. **4. Monetary policy instrument №3: window guidance.** * In times of severe market turbulence, the TDR will partner with institutions such as JustLend and CEXs to limit the amount of USDD and TRX lent or even temporarily pause the lending of USDD and TRX to crack down on malicious short-sellers. **5. Monetary policy instrument №4: minting-burning mechanism of TRX and USDD.** * The minting-burning mechanism between TRX and USDD also effectively guarantees USDD’s stability. Depending on the situation, the TDR will achieve this by employing methods such as enabling or disabling the minting process, adjusting the mint-burn ratio, and imposing upper limits on daily minting and burning activities, all carried out in a decentralized manner. **6. On top of the above monetary policy instruments, the TDR will also explore more use cases of USDD to maintain its value.**