Deep Dive
1. EUR0 Launch & FX Rails (Q4 2025)
Overview:
Usual plans to launch EUR0, a Euro-pegged stablecoin collateralized by Eurozone T-Bills, with two access paths: permissionless (via EURC) and institutional (KYC). Paired with this, FX rails will enable low-slippage EUR↔USD swaps, integrated into the dApp for treasury management and payments.
What this means:
This is bullish for USUAL as it broadens Usual’s appeal to European users and institutions, potentially increasing TVL and protocol revenue. Risks include adoption hurdles in a USD-dominated DeFi ecosystem.
2. USD Lineup Upgrade (Q4 2025)
Overview:
The USD0 suite will be restructured:
- USD0 (Cash Layer) – Adds rebase mechanics for inflation-adjusted yields.
- USD0x (Delta-Neutral Yield) – Offers yield via cash-and-carry strategies.
- bUSD0 (Bond Upgrade) – Flexible exits and improved secondary markets.
What this means:
Neutral-to-bullish. Enhanced product clarity could attract conservative DeFi users, but complex mechanics may deter mainstream adoption. Success hinges on seamless UX.
3. Synthetic Expansion (2026)
Overview:
Post-2025, Usual aims to launch ETH0 (ETH staking derivative with gas utility), BTC0, and multi-currency stablecoins (GBP, JPY). Partnerships with TradFi players for payments are also planned.
What this means:
Bullish long-term. ETH0’s integration into smart accounts (via Ethereum’s Pectra upgrade) could drive utility-driven demand. However, delays in Ethereum’s roadmap or regulatory pushback on synthetics pose risks.
Conclusion
Usual is transitioning from a stablecoin protocol to a multi-asset yield infrastructure, with Q4 2025 focusing on EUR0 and USD product maturity. The 2026 vision hinges on synthetics and institutional partnerships. While the roadmap is execution-heavy, competitive pressure in real-world asset (RWA) protocols and macro risks to stablecoin demand remain key hurdles.
What to watch: Can Usual’s FX rails capture meaningful volume amid entrenched competitors like Circle and Tether?