Deep Dive
1. USD Lineup Upgrade (Q4 2025)
Overview
Usual’s dollar ecosystem splits into three pillars:
- USD0 (cash layer): Adds rebase mechanics to share protocol revenue.
- USD0x (delta-neutral yield): Combines T-Bills and futures for non-directional returns.
- bUSD0 (bond): Upgraded fixed-term deposits with secondary-market flexibility.
What this means
This is bullish for USUAL because tighter product integration could increase TVL and protocol revenue (currently $27M annualized). Risks include adoption hurdles for complex yield strategies.
2. EUR0 Launch & FX Rails (Q4 2025)
Overview
- EUR0: Euro-denominated stablecoin collateralized by EU T-Bills, launching via staged liquidity pools.
- FX rails: Native EUR↔USD swaps powered by LayerZero oracles and routing.
What this means
Neutral-to-bullish – expands Usual’s market beyond USD-dominated DeFi but faces liquidity challenges in Europe’s fragmented on-chain FX landscape (<€350M total as of July 2025).
3. Tokenomics Overhaul (Q4 2025)
Overview
Proposals to:
- Reduce sell pressure via buybacks (70% of protocol revenue) and staking incentives.
- Introduce fee discounts, governance features, and loyalty rewards for $USUAL holders.
What this means
Bullish if executed – 6% of supply has already been repurchased. However, a 175M USUAL unlock (18.87% of circulating supply) in November 2025 1 could offset scarcity efforts.
4. Liquidity & Transparency Boost (Q4 2025)
Overview
- Enhanced LP tools for managing positions.
- Transparency Center: Real-time collateral/NAV tracking.
What this means
Bullish for institutional adoption – addresses transparency concerns critical for RWA protocols. Current turnover ratio (0.258) suggests liquidity needs improvement.
Conclusion
Usual is transitioning from a standalone stablecoin protocol to a multi-currency yield infrastructure, with Q4 2025 focusing on product consolidation and tokenomics sustainability. While EUR0 and FX rails could unlock new markets, success hinges on navigating Europe’s regulatory landscape and mitigating sell pressure from November’s token unlock.
How might Usual’s real-world asset focus position it in a market dominated by algorithmic stablecoins?