Deep Dive
1. Asset Transfer to DAO (Early 2026)
Overview: A core decentralization milestone involves transferring assets and intellectual property developed by Usual Labs into the ownership of the DAO (Usual Blog). This formalizes the protocol as a community-owned asset, clarifying that the Labs operates on a paid mandate from the DAO. The move aims to reduce central points of control and align long-term incentives.
What this means: This is bullish for USUAL because it concretely shifts value and control to token holders, strengthening the governance token's fundamental utility. The risk is that execution and development speed could slow during the transition.
2. Clarified USD Lineup & bUSD0 Upgrade (Q4 2025)
Overview: The roadmap detailed a consolidated USD product suite: USD0 (cash), USD0a (delta-neutral yield), and an upgraded bUSD0 bond (Usual Blog). The upgrade to bUSD0 (formerly USD0++) focused on user control, offering more flexible exits and refined secondary-market mechanics.
What this means: This is neutral-to-bullish for USUAL. A cleaner product lineup could improve user adoption and protocol revenues, which directly fund buybacks and distributions. However, as this was a Q4 2025 target, its impact should already be reflected in current metrics.
3. EUR0 Launch & FX Rails Activation (Q4 2025)
Overview: This initiative aimed to launch EUR0, a euro stablecoin backed by Eurozone T-bills, and activate foreign exchange rails between EUR and USD (Usual Blog). The goal was to provide a composable euro asset and reduce friction in cross-currency swaps, tapping into an underserved market.
What this means: This is bullish for USUAL as successful multi-currency expansion could significantly grow the protocol's total addressable market and revenue base. The key risk is achieving sufficient liquidity and adoption for the new euro asset in a dollar-dominated ecosystem.
4. USUAL Utility & Scarcity Measures (Q4 2025)
Overview: The Q4 plan included DAO proposals to optimize token emissions and introduce the first native utilities for USUAL holders (Usual Blog). This was part of a shift to decouple growth from pure incentives, reduce sell pressure, and enhance token scarcity through mechanisms like buybacks.
What this means: This is bullish for USUAL because direct revenue sharing and buybacks (using up to 70% of protocol revenue) create a tangible value accrual mechanism. The success depends on sustaining high protocol revenues to fund these initiatives.
Conclusion
Usual's roadmap centers on maturing from a bootstrapped project to a decentralized, community-owned financial system, with key moves to transfer assets to the DAO and expand multi-currency products. How will the completion of the asset transfer in early 2026 impact the DAO's operational efficiency and future development pace?