Deep Dive
1. Directional Yield & Tokenomics v2 (Q2 2025)
Overview: This upgrade, planned for Q2 2025, changes how revenue is distributed to USUAL stakers (Usual Blog). Instead of rewards solely in USUAL, weekly payouts will be made in the synthetic asset that generated the yield—USD0, ETH0, or eventually BTC0. This directly mirrors the protocol's cash flows from its collateralized assets. A "Lock-for-Boost" mechanism will also grant higher revenue shares and governance weight to long-term stakers.
What this means: This is bullish for USUAL because it enhances token utility by giving stakers optional macro exposure, potentially increasing demand from yield-seekers. It also incentivizes longer-term locking, which can reduce sell pressure. The main risk is execution complexity in managing multiple distribution streams.
2. Buy-Back Logic Activation (Q3 2025)
Overview: Scheduled for Q3 2025, this mechanism authorizes the DAO to use protocol revenue to buy back USUAL tokens from the open market when the token trades below its discounted cash-flow (DCF) value (Usual Blog). This zone is termed the "free-bet" zone, aiming to create a price floor linked to the protocol's fundamental earnings.
What this means: This is bullish for USUAL as it introduces a formal downside protection mechanism, potentially tightening the spread between market price and intrinsic value. It directly channels protocol profits into token demand. The bearish risk is that buybacks depend on sustained revenue, which could fall during crypto downturns.
3. ETH0++ Launch & Gas Utility (Q2-Q3 2025)
Overview: This two-part launch involves first releasing ETH0, a synthetic Ethereum derivative, followed by its "++" staked version (ETH0++) (Usual Blog). A key feature is integrating ETH0 as a gas token for Pectra-enabled smart accounts, allowing auto-claiming and reinvestment of staking rewards, creating a fee-saving flywheel.
What this means: This is bullish for USUAL as it expands the protocol's product suite beyond USD-pegged assets, targeting the large ETH holder base for new TVL. The gas utility integration could drive tangible demand for ETH0. The risk is adoption dependency on smart account infrastructure rollout.
4. Multi-Currency Stablecoins & Banking Partnerships (2025-2026)
Overview: This long-term initiative aims to launch EUR-, GBP-, and JPY-denominated "0" stablecoins in the second half of 2025 (Usual Blog). The roadmap through 2026 also includes securing payments and banking partnerships to facilitate settlement using these synthetic assets.
What this means: This is bullish for USUAL as it significantly broadens the protocol's addressable market and use cases into global finance and forex. Successful TradFi partnerships would lend major credibility. The bearish angle is the high regulatory and operational complexity involved in multi-currency expansion.
Conclusion
Usual's roadmap focuses on deepening tokenomics, expanding synthetic asset offerings, and bridging into traditional finance, aiming to transition from a yield-bearing stablecoin to a full-scale "on-chain BlackRock." Will the upcoming synthetic asset launches successfully attract new capital and validate its broader financial protocol vision?