Usual

Introduction to Usual

Usual challenges the stablecoin status quo where issuers like Tether and Circle capture billions in yield while users receive nothing. The protocol creates USD0, a stablecoin backed by real-world assets (primarily US Treasury bills), and distributes the yield generated to USUAL token holders rather than keeping it as profit. This represents a novel approach to DeFi stablecoin design.

The premise is simple: stablecoin backing generates significant revenue, and that revenue belongs to the community that provides the capital. By tokenizing ownership of this yield stream, Usual attempts to create a more equitable stablecoin model.

How Usual Works

USD0 Stablecoin

Core product:

• Backed by RWAs (T-bills)
• Fully collateralized
• Yield-generating backing
• Transparent reserves

USD0++ (Liquid Staking)

Enhanced product:

• Stake USD0
• Receive USD0++ token
• Earn USUAL rewards
• Maintain liquidity

Revenue Distribution

Value flow:

• RWA backing earns yield
• Yield accrues to protocol
• USUAL holders receive value
• Community ownership

Technical Specifications

Metric	Value
Network	Ethereum
Stablecoin	USD0
Backing	US Treasury Bills
Collateral	100%+
Distribution	USUAL token

The USUAL Token

Utility

USUAL serves multiple purposes:

• Yield Rights: Protocol revenue share
• Governance: Decision making
• Staking: Enhanced rewards
• Ecosystem: Utility expansion

Tokenomics

Value mechanism:

• Backed by protocol revenue
• Yield accrual
• Staking rewards
• Supply dynamics

Revenue Sharing

Distribution model:

• T-bill yield generated
• Distributed to stakers
• USUAL as claim mechanism
• Proportional to holdings

The Stablecoin Thesis

Current Problem

Industry critique:

• Tether earns billions, users get nothing
• USDC same model
• Capital provided by users
• Yield extracted by issuers

Usual’s Solution

Redistribution:

• Users provide capital
• Users receive yield
• Token represents ownership
• Aligned incentives

Why It Matters

Economic significance:

• Billions in annual yield
• Community capture
• More equitable model
• User empowerment

USD0 Details

Backing Assets

Collateral composition:

• US Treasury Bills
• Short-duration
• High-quality
• Transparent reserves

Minting Process

Creation mechanism:

• Deposit approved collateral
• Receive USD0 1:1
• Backing held in custody
• Auditable reserves

Redemption

Exit mechanism:

• Redeem USD0 for backing
• 1:1 value
• Transparent process
• Liquidity available

USD0++ Staking

Enhanced Yields

Staking benefits:

• Deposit USD0
• Receive USD0++
• Earn USUAL rewards
• Liquid token representation

Lock Periods

Commitment options:

• Various durations
• Higher rewards for longer
• Flexible vs. locked
• User choice

Rewards

Income streams:

• Base yield from backing
• USUAL token rewards
• Potential bonuses
• Compound opportunities

Competition and Positioning

vs. Other Stablecoins

Stablecoin	Backing	Yield to Users
USD0	T-bills	Yes (via USUAL)
USDC	Cash/T-bills	No
USDT	Mixed	No
DAI	Mixed	DSR (partial)

Usual Differentiation

Key advantages:

• Yield redistribution
• Transparent backing
• Community ownership
• Token value alignment

Risk Considerations

RWA Custody

Counterparty risks:

• Custodian reliance
• T-bill management
• Operational risks
• Regulatory compliance

Token Mechanics

Economic risks:

• USUAL price volatility
• Yield sustainability
• Market conditions
• Competition

Regulatory Uncertainty

Legal considerations:

• Stablecoin regulations
• Securities questions
• Jurisdictional issues
• Compliance requirements

Governance

DAO Structure

Decentralized control:

• USUAL governance voting
• Protocol parameters
• Treasury management
• Strategic decisions

Key Decisions

Governance scope:

• Collateral policies
• Fee structures
• Distribution rates
• Ecosystem development

Team and Backing

Founders

Leadership:

• Pierre Person: Former French MP
• Traditional finance experience
• Regulatory understanding
• Political connections

Investors

Funding:

• Venture backing
• Strategic partners
• DeFi investors
• Growth capital

Challenges and Criticism

Sustainability

Long-term questions:

• T-bill yields variable
• Market conditions change
• Competition for TVL
• Economic sustainability

Complexity

User understanding:

• Multiple tokens
• Staking mechanics
• Yield sources
• Value proposition

Competition

Market dynamics:

• Many stablecoins
• Yield products exist
• Differentiation hard
• Network effects

Recent Developments

Launch Progress

Platform rollout:

• USD0 live
• Exchange listings
• TVL growth
• User adoption

Ecosystem Growth

Expansion:

• DeFi integrations
• Partnership announcements
• Product development
• Community building

Future Roadmap

Development priorities:

• TVL Growth: Capital attraction
• Integrations: DeFi ecosystem
• Products: New offerings
• Governance: DAO maturation
• Compliance: Regulatory clarity

Conclusion

Usual represents a philosophical challenge to how stablecoins capture value. The argument that yield belongs to capital providers rather than issuers is logically compelling, and the mechanism to redistribute that yield through USUAL creates potential alignment.

Whether this model can compete with the network effects and trust that established stablecoins possess remains to be seen. The complexity of multiple tokens and staking mechanisms may limit adoption among users seeking simple stablecoin functionality.

For users interested in yield-bearing stablecoin exposure with protocol revenue sharing, Usual offers a differentiated approach—though understanding the token mechanics and risks is essential for informed participation.