Many people still have the impression of USDD as the "Tron version of UST" or "officially custodial." Wake up, USDD 2.0 has changed a long time ago.
After reading the latest audit report, let me directly point out a few key points that retail investors should care about, without any fluff:
1. The power to issue currency has been transferred.
Previously, USDD was issued under the custody of TDR (Reserve Bureau), which means it was still under official control.
Now? It has switched to a Vault model. Want to mint? Use your TRX or USDT for over-collateralization. This is similar to MakerDAO, transitioning from "official handouts" to "doing it yourself." This is true decentralization.
2. Complete "anti-censorship."
USDD inherently cannot be frozen, but 2.0 has enshrined this into the contract. There is no blacklist, no "admin privileges." In an environment where U can easily be frozen, this feature is more like a talisman than a high APY.
3. Weaning off: not relying on subsidies to survive.
Previously, profits relied on TDR's blood transfusions, but now there's a Smart Allocator that uses idle funds to run strategies on-chain for profit. Although specific data hasn't been generated yet, the logic is correct—only protocols that can generate their own blood can survive a bear market.
Summary:
I used to think it was too centralized, but now that it has switched to the Vault model, it indeed has a bit of DeFi fundamentalism. Anyway, I've added it to my watchlist; compared to projects that only know how to draw big pies, this kind of fundamental change is worth a second look.