What is Usual (USUAL)?

Deep Dive

1. Purpose & Value Proposition

Usual Protocol addresses two core issues in traditional stablecoins: lack of transparency and centralized profit capture. Unlike issuers like Tether or Circle, which retain yield from reserve assets, Usual is built as a decentralized, community-owned alternative. Its primary value proposition is returning value to users by enabling permissionless minting of its stablecoins and distributing the revenue generated from the underlying collateral—such as interest from U.S. Treasuries—directly to USUAL token holders and lockers (Bitrue).

2. Tokenomics & Governance

The USUAL token is central to protocol governance and value accrual. Holders vote on key decisions, from fee structures to treasury management. The tokenomics are designed for alignment: 90% of the total supply is allocated to the community. Revenue distribution is a hallmark feature; the protocol uses up to 70% of its revenue for buybacks, reducing circulating supply, and allocates the remaining 30% as weekly payments to users who lock their tokens (USUALx), creating a tangible yield for committed participants (Usual).

3. Ecosystem Fundamentals

The protocol's utility is anchored by its stablecoins, USD0 and EUR0, which are 1:1 backed by short-term government securities, providing transparency and aiming for stability. This ecosystem expands into yield-generating products like Usual Savings (via sUSD0/sEUR0 tokens) and USD0++, a liquid staking derivative. These products allow users to earn yield from real-world assets while maintaining on-chain liquidity and flexibility (Usual).

Conclusion

Fundamentally, USUAL transforms stablecoin users into protocol owners, channeling financial yields from traditional assets back into the DeFi community through transparent governance and direct revenue sharing. Will its model of intrinsic value tied to real-world yield become a standard for the next generation of decentralized finance?