What is Usual (USUAL)?

Deep Dive

1. Purpose & Value Proposition

Usual Protocol addresses centralization and opacity in traditional stablecoins. Its flagship product, USD0, is a "bankruptcy-remote" stablecoin fully collateralized by tokenized short-term U.S. Treasuries from providers like BlackRock and Ondo Finance (Bitrue). This structure aims for greater safety than bank deposit-reliant models like USDC. The protocol also offers EUR0, a digital euro backed by European sovereign bonds, with integrated virtual IBANs for easy euro transfers via SEPA Instant (The Defiant).

2. Technology & Architecture

The protocol operates on-chain, allowing permissionless minting and redemption of its stablecoins. It employs a transparent reserve verification system, showing real-time collateralization, which was reported at 100.51% for USD0 as of July 2, 2026. The architecture is built around four pillars: Cash (stablecoins), Savings (yield-bearing tokens like sUSD0), Alpha (strategies like USD0a), and Bonds (longer-term staking).

3. Tokenomics & Governance

The USUAL token is central to governance and value accrual. The model is community-focused, with 90% of the token supply allocated to users. Protocol revenue is used to buy back USUAL from the market (up to 70% of revenue) and to pay weekly USD0 rewards to users who lock their tokens, creating a direct link between protocol usage and holder rewards (Usual).

Conclusion

Usual is fundamentally a community-owned DeFi infrastructure for generating and distributing yield from real-world assets through transparent, governance-driven stablecoins. Will its model of direct revenue sharing prove compelling enough to drive mainstream adoption of RWA-backed stablecoins?