What is Usual (USUAL)?

Deep Dive

1. Purpose & Value Proposition

Usual Protocol aims to create a more transparent and community-aligned stablecoin system. It addresses issues with centralized issuers—such as opaque profit capture and permissioned minting—by building a decentralized protocol where users govern the infrastructure. Its primary value is delivering stability through its USD0 stablecoin while ensuring the revenue generated from its treasury-backed reserves flows back to USUAL token holders (Bitrue).

2. Ecosystem & Core Products

The ecosystem is built around cash and savings products. The flagship is USD0, a stablecoin collateralized 1:1 by tokenized U.S. Treasuries from institutional providers. Users can also engage with Usual Savings, which offers yield-bearing tokens like $sUSD0 by depositing USD0 into regulated institutional markets. The protocol further provides various vaults and "Earning Modes" for yield generation, with strategies offering APYs from 8% to 13%+ (Usual).

3. Tokenomics & Incentives

USUAL's design directly ties tokenholder rewards to protocol performance. Emissions are based on actual revenue and total value locked (TVL). A significant portion of revenue (up to 70%) is used for buybacks, reducing circulating supply. The remaining 30% is distributed weekly to users who lock their staked USUAL (USUALx), with longer lock periods granting higher reward multipliers (Usual). This structure incentivizes long-term commitment, with 70% of USUAL staked and 55% of that locked as of August 2025.

Conclusion

Fundamentally, USUAL is the engine for community ownership and value accrual within a decentralized stablecoin protocol. Its model seeks to align user incentives with sustainable protocol growth by directly sharing revenue. How will the balance between stablecoin adoption and tokenholder rewards evolve as the protocol scales?