The market is full of bearish voices, but some people are quietly making money.

USDD, this stablecoin, has been quite popular recently. Data shows that over 850 million has been sold, and the 1 billion target at the beginning of the year seems to be within reach. But what's truly interesting is—who is actually using this thing?

After a day of digging through on-chain data, I found three main types of users:

**First type: seasoned cross-chain arbitrageurs.** They stake sUSDD on Ethereum, BNB Chain, and TRON, earning a stable 12%+ annualized return. These people prioritize stability and controllability.

**Second type: those seeking high-yield thrills.** They participate in LP mining on certain DEXs or yield activities on top-tier exchanges, eyeing temporary high yields of 23%+ and various bonuses. Their execution is extremely strong.

**Third type: purely financial management enthusiasts.** They are satisfied with a fixed return of around 10% through various projects.

What's interesting is—these users are not retail investors blindly following trends. They are highly sensitive to returns, have clear risk control, and act decisively.

In a cold market, USDD's countercyclical growth indicates what? Real demand isn't driven by hype; it relies on visible returns and the product's solid strength. This time, it's not emotional marketing—it's pure product performance.