摘要：盈利回馈与透明销毁构成JST价值增长闭环，为DeFi市场提供了以真实收益驱动代币价值的新范 式。 2026年1月15日，JST代币正式完成了第二次大规模回购销毁。此次销毁行动不仅体现了项目对通缩机 制的坚定承诺，更以525,000,000枚JST(占总供应量的5.3%)的销毁规模，向整个加密货币市场展示了 JUST生态系统的强劲盈利能力和财务健康度。 根据JustLend DAO官方公告，本次销毁对应销毁预估价值超2100万美金，加上首轮JST销毁的数量， JST代币累计销毁量已达到1,084,890,753枚，占总供应量的10.96%。这意味着在不到三个月的时间内， JST已经实现了超过十分之一总供应量的永久性移除，通缩速度令人瞩目。 从更宏观的视角看，本次销毁标志着JST的价值叙事已发生根本性演进。它正从治理代币，转型为锚定 生态现金流增长的权益资产。这一进程不仅增强了JST代币的稀缺性与价值基础，也为去中心化金融领 域提供了一条清晰可循、以真实收益驱动代币价值的实践路径，展现出透明、可持续的通缩新范式。 JustLend DAO生态表现强劲，铸就大规模回购的财务基石 如此大规模的回购销毁，必然需要 ...

Core Insights - The stablecoin sector has shown resilience in 2025, with significant interest from traditional finance, centralized exchanges (CEX), and decentralized finance (DeFi) players, indicating a competitive landscape akin to the "hundred schools of thought" during the internet era [1] - USDD has launched initiatives to enhance its market presence, including a 30-day incentive program that rapidly increased its total value locked (TVL) to over $150 million [1] Industry Overview - The stablecoin market is projected to grow significantly, with estimates suggesting a potential market size of $3 trillion to $4 trillion by 2030, highlighting the untapped potential in this sector [2] - The demand for reliable digital dollars is increasing, positioning stablecoins like USDD as critical players in the evolving financial ecosystem [2] Market Dynamics - The stablecoin market is experiencing rapid growth, leading to an influx of new products aimed at capturing existing users, although not all projects have the foundational strength for long-term stability [3][4] - Recent incidents of de-pegging have underscored the risks associated with inadequate risk management and capital adequacy in some stablecoin projects [4] User Considerations - Users prioritize stability and security when selecting a stablecoin, with USDD emphasizing its commitment to reliability and sustainable yield mechanisms [5] - The competitive landscape includes established players like USDT, which, despite its market dominance, faces criticism for its centralized operations and associated risks [6][7] Security and Transparency - USDD employs a robust security framework, utilizing an over-collateralized debt position (CDP) model to ensure each USDD is backed by sufficient assets [8] - Transparency is a core principle for USDD, with real-time updates on collateral and proof of reserves (PoR) available for user verification [9][10] Revenue Generation - USDD's revenue primarily stems from its Smart Allocator investment plan, which focuses on sustainable growth rather than short-term high yields [10][11] - Additional revenue sources include fees from the minting process and liquidation of collateralized positions [12][13] Growth Strategy - USDD aims to achieve $1 billion in liquidity, leveraging partnerships with leading exchanges and DeFi protocols to expand its user base and real-world applications [17] - The company plans to continue its multi-chain expansion, having successfully launched on Ethereum and BNB Chain, and is set to introduce new promotional activities to attract users [15][17]

Core Insights - Messari's report highlights TRON as a key observation for 2026, recognizing its leadership in the stablecoin sector and its historical breakthroughs in network efficiency, ecological innovation, and global application penetration [1][9] Group 1: Global Payment Network - TRON's success is attributed to its underlying technology, which emphasizes high throughput and cost efficiency, enabling near-zero transaction fees and second-level transaction confirmations [3] - In 2025, TRON processed an average of 9 million transactions daily, with active addresses ranking among the top three in the industry, significantly surpassing similar public chains [3] - As of Q3 2025, the circulating USDT on TRON exceeded $82 billion, accounting for over 50% of the global USDT supply, with a daily transfer volume reaching $24 billion, particularly in emerging markets [3] Group 2: DeFi Ecosystem Development - TRON's ecosystem is evolving from a single stablecoin hub to a diversified financial infrastructure, with significant developments in DeFi through protocols like JustLend and SunSwap, achieving a Total Value Locked (TVL) of over $7.5 billion [4] - Collaborations with Chainlink enhance the security of on-chain smart contracts, while partnerships with MetaMask and PayPal USD bridge traditional finance and the crypto ecosystem [4] - The native stablecoin USDD has surpassed a market cap of $400 million, with a 25% increase in holding accounts, reinforcing TRON's diversified presence in the stablecoin market [4] Group 3: Financial Performance and Market Impact - In Q2 2025, TRON's quarterly revenue approached $1 billion, with cumulative burn revenue exceeding $300 million, outperforming competitors like Ethereum and Solana [6] - TRON's daily active addresses reached 2.5 million, with a user base exceeding 330 million, maintaining its position as the third-largest public chain globally [6] - Institutional recognition is growing, with Canary Capital submitting an ETF application for TRON, indicating traditional capital's acceptance of TRON's staking yield model [6] Group 4: Regulatory Compliance and Market Penetration - In a tightening regulatory environment, TRON prioritizes compliance as a long-term strategy, having partnered with mainstream payment institutions in 35 countries [7] - In countries like Argentina and Brazil, TRON's on-chain USDT serves as a core tool for residents to hedge against inflation, addressing local financial service pain points [7] - TRON's dual strategy of "technology empowerment + compliance first" enables it to establish a foothold in emerging markets while gradually penetrating developed financial markets [7] Group 5: Future Opportunities - The acceleration of stablecoin regulation presents TRON with greater opportunities, positioning it as a core pillar of the stablecoin economy [9] - TRON is evolving from a blockchain technology testing ground to a digital foundation catering to the daily financial needs of billions globally, impacting payment settlements and asset digitization [9]

⚡️ UPDATE: The decentralized stablecoin USDD surpasses $816M in supply and $860M in TVL. https://t.co/x5yk2bVUfq ...

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Promotion Overview - HTX is launching a $USDD Special Promo [1] - Users can earn up to 10% APY with SmartEarn [1] - Participants have the opportunity to win a share of 50,000 HTX [1] Participation Details - Users can stack USDD to earn APY [1] - Users can roll gains into futures trading [1]