What is Usual (USUAL)?

Deep Dive

1. Asset-Backed Stablecoins

Usual's core product is its stablecoins, USD0 and EUR0. They are designed to be transparent and resilient. Each USD0 is backed 1:1 by tokenized, short-term U.S. Treasury Bills from providers like BlackRock and Ondo Finance. Similarly, EUR0 is backed by European sovereign bonds. This real-world asset (RWA) backing aims to minimize depegging risk. Users can permissionlessly mint these stablecoins by depositing approved collateral, with reserves verified both on and off-chain.

2. Community-Owned Governance

The USUAL token is the engine of community alignment. It serves a dual purpose: governance and rewards. Holders can vote on key protocol parameters, directing its future. Uniquely, the protocol is designed to redistribute most of its revenue back to token holders. According to the team, up to 70% of revenue is used for buybacks, while the remaining 30% is paid weekly to users who lock their tokens (USUALx), creating a direct link between protocol success and holder rewards.

3. Integrated Yield Products

Beyond stablecoins, Usual has built a suite of DeFi products to generate yield. USD0++ is a liquid staking derivative; users can stake USD0 to earn daily USUAL rewards while keeping their position tradable. The protocol also offers Usual Savings (via sUSD0/sEUR0 tokens), where deposited stablecoins earn yield from regulated short-term markets. The ecosystem includes specialized vaults for strategies like chain farming and credit yield, offering users various avenues to grow their capital within the Usual framework.

Conclusion

Usual is fundamentally a community-governed financial platform that merges the stability of real-world assets with the innovation of DeFi to create and share value. How will its focus on transparent yield distribution shape the next generation of stablecoins?