What is Usual (USUAL)?

Deep Dive

1. Stablecoin System & Real-World Asset Backing

The protocol's core product is its stablecoins, USD0 and EUR0. Unlike algorithmic models, these are fully collateralized 1:1 by real-world assets (RWAs), specifically tokenized short-term government securities from providers like BlackRock and Ondo Finance (Bitrue). This structure aims to provide stability, transparency, and minimize depegging risk. Users can mint these stablecoins permissionlessly by depositing approved collateral.

2. USUAL Token Utility & Community Economics

The USUAL token is central to the protocol's community-owned model. It serves dual purposes: governance and value distribution. Holders can vote on key protocol parameters. Uniquely, the tokenomics are designed to directly share protocol revenue. According to the team, up to 70% of revenue is used for buybacks, while 30% is distributed weekly to users who lock their tokens (USUALx), creating a direct yield stream (Usual).

3. Multi-Vault Yield Ecosystem

Beyond stablecoins, Usual operates a vault-based system for generating yield. These vaults employ various strategies, ranging from institutional-grade credit to chain-specific farming and DeFi-native tactics. This allows users to earn yield on their stablecoin holdings, with the ecosystem structured around distinct earning modes like Cash, Savings, Alpha, and Bonds (Usual).

Conclusion

Usual is fundamentally a community-governed DeFi platform that merges the stability of RWA-backed currencies with a transparent revenue-sharing model. How will its ongoing multi-chain expansion shape the accessibility of its yield products?