What is Usual (USUAL)?

Deep Dive

1. Asset-Backed Stablecoin System

Usual Protocol's core function is issuing permissionless, transparent stablecoins. Its flagship dollar stablecoin, USD0, is fully collateralized 1:1 by tokenized short-term U.S. Treasury Bills (Bitrue). This real-world asset (RWA) backing, sourced from institutional partners, aims to provide stability and minimize depegging risk compared to algorithmic or fractionally reserved models. The protocol has expanded to include EUR0, a euro-denominated stablecoin backed by European sovereign bonds, integrated with virtual IBANs for easy euro transfers via SEPA Instant (The Defiant).

2. USUAL Token: Governance & Value Redistribution

The USUAL token is central to the protocol's decentralized governance and unique value distribution model. Holders can vote on key decisions like collateral types and protocol upgrades. More distinctively, the system is designed to redirect revenue—generated from the yield on Treasury-backed reserves—back to the community. According to the project, up to 70% of protocol revenue is used for USUAL buybacks, while the remaining 30% is distributed weekly to users who lock their tokens (USUALx), creating a direct link between protocol performance and holder rewards (Usual).

3. Evolving Ecosystem for Yield Generation

Usual has built a suite of financial products atop its stablecoin foundation. This includes Usual Savings, which offers yield-bearing tokens like sUSD0 and sEUR0 where yield accrues automatically (Usual). The platform also features specialized vaults for strategies like chain farming and credit yield, with APYs targeting 8–13%+. Additionally, products like USD0a provide "alpha" through market-neutral strategies, and USD0++ offers liquid staking for long-term commitments, demonstrating a progression from simple stablecoins to a broader DeFi earning platform.

Conclusion

Usual is fundamentally a community-governed DeFi platform that merges the stability of real-world asset-backed stablecoins with a robust model for sharing the resulting yield, evolving into a comprehensive ecosystem for savings and structured returns. How will its multi-product strategy balance growth with the core stability of its stablecoins?