What is USDD explained?

Could you elaborate on what USDD is and how it works? As a cryptocurrency enthusiast, I'm curious to understand the intricacies of this new financial instrument. I've heard whispers about its potential to revolutionize stablecoins, but I'm still fuzzy on the details. Can you explain the fundamental principles behind USDD, its purpose, and how it differs from other stablecoins in the market? I'm particularly interested in its economic model, redemption mechanism, and the role it plays in the broader crypto ecosystem.