Deep Dive
1. Protocol Adoption & Revenue (Bullish Impact)
Overview: Usual's model redirects yield from its Treasury-backed stablecoin collateral (USD0, EUR0) to USUAL holders. The protocol claims ~$6M in annual revenue, with 70% allocated to buybacks and 30% distributed weekly to USUALx lockers, offering APYs up to 40% (Usual Docs). Recent developments like multi-chain expansion to TAC and virtual IBAN integration for EUR0 aim to boost utility and Total Value Locked (TVL), which was $556.8M as of July 2, 2026.
What this means: Growth in TVL directly increases protocol revenue, accelerating buybacks and rewards. This creates a reflexive demand loop for USUAL, as more revenue strengthens the token's intrinsic value proposition. Sustained adoption could help the token decouple from pure speculation.
2. Security & Stablecoin Stability (Bearish Impact)
Overview: The protocol has faced security challenges, including a flash loan attack halted by BlockSec on May 28, 2025 (CoinMarketCap). More critically, governance decisions have previously destabilized its stablecoin, with USD0++ depegging to $0.89 in January 2025 after a redemption floor adjustment (Bitrue).
What this means: Any repeat security failure or depeg event could trigger massive outflows, collapsing TVL and the revenue base that supports USUAL's value. In a sector built on trust, such incidents can cause long-lasting reputational damage and persistent sell pressure on the token.
3. Market Sentiment & Competition (Mixed Impact)
Overview: USUAL is a small-cap altcoin, down 99.5% from its all-time high as of July 9, 2026, reflecting the severe lack of liquidity and demand plaguing the sector (TokenPost). It competes in the crowded stablecoin and RWA narrative against established giants and must also contend with broader crypto market cycles.
What this means: In a "risk-on" altcoin season, USUAL's high-beta profile could lead to outsized gains. However, its price is likely to remain suppressed during periods of high Bitcoin dominance (currently 58.55%) and market fear. Success hinges on differentiating itself from centralized competitors, which is a significant long-term adoption hurdle.
Conclusion
USUAL's future price hinges on its ability to grow TVL and convert revenue into sustainable token demand, while navigating ever-present DeFi security risks. For a holder, this means monitoring weekly revenue distributions and TVL trends as signs of fundamental health, alongside any news on stablecoin peg stability.
Will rising Treasury yields and successful multi-chain integration be enough to overcome the intense competition and rebuild investor confidence?