What is Usual (USUAL)?

Deep Dive

1. Purpose & Value Proposition

Usual Protocol positions itself as a decentralized alternative to traditional banking and centralized stablecoin issuers like Tether and Circle. Its core mission is to "redistribute the value monopolized by crypto giants" back to the users. It addresses what it sees as a flaw in current models: centralized entities capture the yield from reserve assets (like Treasury Bills), while users merely hold the stablecoin. Usual flips this by building a system where the community owns the protocol and directly benefits from its revenue, aiming to create a more equitable form of stablecoin-based finance (Usual Protocol).

2. Technology & Ecosystem Fundamentals

The protocol's flagship product is USD0, described as the "world's first RWA stablecoin." It is fully collateralized 1:1 by diversified, short-term U.S. Treasury Bill tokens from institutional providers, seeking to be a permissionless and bankruptcy-remote solution. Beyond the base stablecoin, Usual offers USD0++ (and variants like bUSD0), a liquid staking derivative that allows users to lock USD0 for rewards while maintaining liquidity. The ecosystem also includes vaults for yield strategies and has expanded to support a euro-denominated stablecoin, EUR0, simplifying fiat rails in Europe (The Defiant).

3. Tokenomics & Governance

$USUAL is fundamentally a governance token that grants holders voting power over protocol parameters and treasury management. Its defining feature is a direct economic link to protocol performance. According to the project, up to 70% of protocol revenue is used to buy back USUAL tokens from the market, while the remaining ~30% is paid weekly to users who lock their tokens long-term. This model is intended to give the token intrinsic value tied to usage and to ensure 90% of the protocol's value flows to the community, aligning incentives for long-term growth (Usual).

Conclusion

Usual is fundamentally a community-centric experiment in decentralizing the value capture of stablecoin issuance, combining RWA-backed stability with a revenue-sharing governance model. As it evolves, a key question remains: can its equitable distribution model drive sufficient adoption to compete with entrenched giants?