What is Usual (USUAL)?

Deep Dive

1. Purpose & Value Proposition

Usual Protocol addresses centralization and opacity in traditional stablecoins. Unlike issuers like Tether or Circle, it enables permissionless minting of stablecoins that are fully backed by transparent, institutional-grade collateral such as tokenized U.S. Treasury Bills (Bitrue). Its core mission is to shift the profits generated from these real-world assets (RWAs) from centralized entities to the protocol's community.

2. Technology & Ecosystem Fundamentals

The protocol operates a multi-product ecosystem on-chain. Its flagship product, USD0, is a stablecoin collateralized 1:1 by short-term Treasuries. Users can also deposit USD0 or EUR0 (a euro-denominated stablecoin) to mint yield-bearing versions like sUSD0 or USD0a, where the token's value appreciates as the underlying assets earn yield (Usual). This creates a suite of "Cash, Savings, Alpha, and Bonds" products, offering users varying risk/return profiles from a single, transparent foundation.

3. Tokenomics & Governance

The USUAL token is central to protocol ownership. A reported 90% of its supply is allocated to the community. Holders who stake and lock their tokens (USUALx) govern key decisions and receive a direct share of protocol revenue—30% is paid weekly to lockers, while up to 70% is used for market buybacks (Usual). This model is designed to intrinsically tie the token's value to the protocol's financial performance and growth.

Conclusion

Usual is fundamentally a community-governed financial primitive that merges the stability of real-world assets with the programmable benefits of DeFi. How will its emphasis on transparent revenue sharing influence the broader evolution of decentralized stablecoins?