What is Usual (USUAL)?

Deep Dive

1. Real-World Asset-Backed Stablecoins

Usual Protocol's primary function is issuing stablecoins pegged to fiat currencies. Its flagship USD0 stablecoin is fully collateralized 1:1 by tokenized short-term U.S. Treasury Bills from institutional providers like BlackRock and Ondo Finance (Bitrue). This real-world asset (RWA) backing is designed to provide transparency and minimize depegging risk compared to traditional, opaque stablecoin models. The protocol has also expanded to euros with EUR0, which is backed by European sovereign bonds and integrates with SEPA Instant transfers for easy fiat conversions (The Defiant).

2. Governance and Value Distribution

The USUAL token is central to the protocol's community-owned model. It serves as a governance token, allowing holders to vote on key parameters. Uniquely, its value is designed to be tied directly to protocol revenue. According to the project, 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 revenue-sharing mechanism (Usual). This structure aims to align long-term incentives between users and protocol growth.

3. Integrated DeFi Ecosystem

Usual has built a suite of financial products around its stablecoins. This includes USD0++, a liquid staking derivative that lets users earn rewards while keeping liquidity. The protocol also features multiple "vaults" or "earning modes" where users can deposit assets to pursue strategies ranging from institutional-grade yield to chain farming (Usual). Its "Savings" products, sUSD0 and sEUR0, automatically accrue yield from regulated markets. The ecosystem is multi-chain, with deployments on networks like TAC via LayerZero.

Conclusion

Usual is fundamentally a decentralized finance platform that merges the stability of real-world assets with programmable crypto economics, governed and owned by its token holders. How will its emphasis on transparent collateral and community revenue sharing influence the broader evolution of stablecoins?