Usual: An Overview
Usual is a protocol for issuing collateral-backed stablecoins with decentralized governance capabilities. The platform features USD0, a stablecoin anchored to fiat value, along with governance mechanisms and yield opportunities for participants.
Quick answer
Usual is a protocol for issuing collateral-backed stablecoins with decentralized governance capabilities. The platform features USD0, a stablecoin anchored to fiat value, along with governance mechanisms and yield opportunities for participants.
Usual operates as a decentralized protocol for creating stablecoins pegged to fiat currencies and Ethereum, utilizing tokenized real-world assets and collateralized staked Ethereum as backing. The platform provides multiple financial instruments including stablecoins, governance mechanisms, and yield-producing products structured for interoperability within decentralized finance ecosystems.
Overview
Usual functions as a decentralized stablecoin platform that mints USD0, a stablecoin pegged to fiat value and collateralized by tokenized real-world assets sourced from providers including BlackRock and Ondo. The infrastructure serves as a multi-chain system that converts off-chain holdings into on-chain, transparent, and interoperable collateral. The protocol operates through three core elements: the USD0 stablecoin, a yield-bearing derivative called USD0++, and the $USUAL governance token. The mechanism allows participants to exchange USDC for USD0, which can then be staked to generate USD0++ and provide access to $USUAL. The protocol generates revenue through collateral deployment into on-chain Treasury instruments, with all earnings directed to a treasury controlled by $USUAL holders. $USUAL follows a declining issuance schedule, allocating 90% of revenue toward protocol operations, staking incentives, and market liquidity, with the remaining 10% distributed to token holders.
Products
USD0
USD0 serves as a fiat-pegged stablecoin created by the Usual protocol. It consolidates tokenized U.S. Treasury Bill products from multiple providers such as Hashnote, Ondo, and BlackRock. USD0 functions as an open, interoperable, and tradable digital asset for settlements, exchange, and collateral purposes across decentralized finance applications. In distinction to conventional stablecoins, USD0 relies on full collateralization from real-world asset holdings rather than bank-held reserves.
The stablecoin mechanism brings together various tokenized Treasury instruments into a single unified asset, creating a balanced and auditable collateral framework. Each asset custodian furnishes continuous reporting of asset holdings, and the issuance process operates without a collateralized debt position model to enable streamlined creation. A collateral stabilization system maintains the peg. USD0 operates across multiple DeFi applications and adheres to compliance requirements in the United States and European Union.
USD0 creation occurs through two pathways in the Usual ecosystem. Direct minting enables users to deposit approved real-world assets and receive USD0 in equivalent value. Indirect minting allows users to provide USDC while a Collateral Provider furnishes the requisite real-world asset support, permitting USD0 acquisition without direct real-world asset ownership. During the initial phase, minting requests below 100,000 USD0 utilize liquidity from secondary markets.
USD0++
USUAL
USUAL represents the governance mechanism of the Usual protocol. It embodies protocol ownership and directs all generated profits while creating economic alignment among users who advance its adoption. Holders receive distributions from revenue streams produced by USD0 and USD0++, and participate in administrative decisions regarding protocol direction.
The token incorporates a graduated release schedule where new token creation stays below protocol revenue expansion to sustain value over extended periods. As system capital increases, issuance relative to locked value reduces, establishing growing token scarcity. USUAL allocates the majority of tokens to participants, with 90% assigned to the user community and 10% designated for founding members and financial sponsors.
Tokenomics
USUAL maintains a fixed maximum of 4B tokens with the following distribution structure:
- USD0++: 45%
- USD0/USD0++: 10.5%
- USUALx: 10%
- USUAL*: 10%
- DAO: 9.38%
- Ecosystem: 8.62%
- USD0/USDC: 2.5%
- USUAL/USD0: 2%
- MarkerMakers: 2%
Partnerships
- Binance
- Kraken Ventures
- Coinbase
- IOSG Ventures
- Galaxy
- OKX
- ECHO
- WinterMute
- Euler
- Curve
Frequently Asked Questions
What is Usual?
Usual is a protocol for issuing collateral-backed stablecoins with decentralized governance capabilities. The platform features USD0, a stablecoin anchored to fiat value, along with governance mechanisms and yield opportunities for participants.
How does Usual work?
Usual operates through smart contracts deployed on the Ethereum blockchain. Users interact directly with the protocol via a web interface or wallet integration — no account creation or KYC is required. All operations are settled on-chain and are publicly verifiable.
Is Usual safe to use?
Usual has undergone smart contract audits and is among the more established protocols in DeFi. However, all DeFi protocols carry inherent risks including smart contract vulnerabilities, oracle failures, and liquidation risk. Users should only commit funds they can afford to lose and review the protocol's audit reports before participating.
What blockchain is Usual built on?
Usual is primarily deployed on Ethereum. Many leading DeFi protocols are also expanding to Layer-2 networks such as Arbitrum, Optimism, and Base to reduce transaction costs and improve throughput.
What are the risks of using Usual?
Key risks include smart contract exploits, governance attacks, oracle manipulation, liquidity crises, and regulatory uncertainty. DeFi protocols are uninsured — losses from exploits are typically not recoverable. Always review audits and understand the mechanism before depositing funds.
How do I get started with Usual?
To use Usual, you need a self-custody wallet (such as MetaMask or Rabby), ETH for gas fees, and the relevant tokens for the action you want to perform. Visit the official protocol interface, connect your wallet, and follow the on-screen steps. Start with a small amount to familiarise yourself with the UX.
What token does Usual use?
Usual typically has a native governance token that allows holders to vote on protocol parameters, fee structures, and treasury allocations. Check the protocol's documentation for the current token ticker, total supply, and distribution schedule.
Who created Usual?
Usual was founded by a team of blockchain developers and DeFi researchers. The protocol is typically governed by a decentralised autonomous organisation (DAO), meaning ongoing development and parameter changes are decided collectively by token holders rather than a central company.
What is the total value locked (TVL) in Usual?
Usual's TVL fluctuates with market conditions and can be tracked in real time on DeFiLlama (defillama.com). TVL measures the total value of assets deposited into the protocol and is a key indicator of user confidence and liquidity depth.
How does Usual compare to other DeFi protocols?
Usual is differentiated by its specific mechanism, fee structure, and supported assets. Comparing protocols should include factors such as audited security posture, capital efficiency, governance maturity, cross-chain availability, and historical uptime. DeFiLlama and Dune Analytics provide side-by-side comparative data.