USDD tvl include sUSDD

[tabufan]

sUSDD is an ERC-4626 yield-bearing vault token, similar to MakerDAO’s sDAI.
When users deposit USDD into the sUSDD vault, the underlying USDD is burned by the protocol, and the user only receives sUSDD as the claim on the burned USDD plus accrued yield. This means:

sUSDD is not an additional circulating asset
minting sUSDD does not increase the total market cap of the USDD ecosystem
Here is an example of minting sUSDD transaction: https://etherscan.io/tx/0xd2f954622b173a8df95361506e42da5913d5a33e2bb60a3d3ea257c35a19ca2c , as you can see, the USDD was burned and sUSDD was minted

Therefore, tracking sUSDD as a separate pegged asset causes double-counting of market cap, since its underlying USDD no longer circulates independently. The correct accounting method is to treat sUSDD as a yield-bearing wrapper, not as a second stablecoin.

Given that DeFiLlama already applies the same logic to sDAI and other ERC-4626 vault wrappers, the treatment for sUSDD should be consistent. The DAI circulating supply calculation: https://github.com/DefiLlama/peggedassets-server/blob/master/src/adapters/peggedAssets/dai/index.ts

Happy to provide more technical details or documentation if needed.