What is Usual (USUAL)?

Deep Dive

1. Purpose & Value Proposition

Usual Protocol addresses centralization and opacity in traditional stablecoins. Its core stablecoins, USD0 and EUR0, are permissionlessly minted and backed 1:1 by tokenized short-term U.S. Treasuries and European sovereign bonds (Bitrue). This real-world asset (RWA) backing aims for greater transparency and reduced depegging risk. The protocol's key innovation is redistributing the yield earned from these reserves directly to its community, shifting value from centralized issuers to users.

2. Technology & Ecosystem

The ecosystem is built around cash-like stablecoins and yield-generating derivatives. Users can deposit USD0 or EUR0 into Usual Savings to receive sUSD0 or sEUR0, tokens whose value appreciates as the underlying assets earn yield (Usual). The protocol also features actively managed vaults for strategies like market-neutral yield. For European users, it integrates virtual IBANs and SEPA Instant transfers for smooth euro on/off-ramps (The Defiant).

3. Tokenomics & Governance

The USUAL token is central to protocol ownership. Holders stake and lock their tokens (as USUALx) to vote on key parameters and upgrades. In return, they earn a portion of protocol revenue: 30% is paid weekly in USD0 to lockers, and up to 70% is used for buybacks, reducing circulating supply (Usual). This model directly ties the token's economics to the protocol's financial performance and community alignment.

Conclusion

Usual is fundamentally a community-governed financial primitive that merges the safety of bond-backed stablecoins with DeFi's programmable yield, creating a transparent alternative to traditional models. Will its focus on equitable value distribution become the new standard for decentralized stablecoins?