What is Usual (USUAL)?

Deep Dive

1. Asset-Backed Stablecoin System

Usual Protocol's core function is issuing transparent, decentralized stablecoins. Its flagship token, USD0, is pegged 1:1 to the U.S. dollar and is fully backed by tokenized short-term U.S. Treasury Bills from providers like BlackRock and Ondo Finance (Bitrue). A similar product, EUR0, is backed by European sovereign bonds. This real-world asset (RWA) backing aims to provide greater stability and transparency compared to algorithmic or centrally managed stablecoins. Users can permissionlessly mint these stablecoins by depositing approved collateral.

2. Governance and Revenue-Sharing Model

The USUAL token is central to the protocol's community-owned ethos. It serves a dual purpose: governance and rewards. Holders can vote on key protocol parameters, guiding its future development. More uniquely, the token is designed to capture value from the protocol's revenue. A significant portion of the yield generated from the Treasury-backed reserves is redistributed to USUAL stakeholders, primarily those who lock their tokens long-term (Usual). This model aims to align incentives between users and protocol growth.

3. Ecosystem and Product Suite

The protocol has expanded into a broader financial ecosystem. Key products include:

• Usual Savings ($sUSD0/$sEUR0): Allows holders of the base stablecoins to earn yield through regulated short-term markets, with returns accruing automatically (Usual).
• USD0++: A liquid staking derivative that lets users stake USD0 to earn USUAL rewards while maintaining liquidity.
• USUALx: A "productive ownership layer" where staking USUAL unlocks higher governance power and access to revenue sharing.

Conclusion

Fundamentally, Usual is a DeFi protocol that bridges traditional finance and crypto by creating transparent, asset-backed stablecoins and directly sharing the resulting revenue with its token-holding community. How will its focus on real-world yield and governance reshape user expectations for stablecoin ecosystems?