Usual Protocol issues USD0, a stablecoin backed 1:1 by short-duration US Treasury bills and RWAs, with the critical design choice of passing the yield earned by those assets back to USD0++ holders (a yield-bearing version of USD0) and USUAL token holders — in contrast to issuers like Tether, which earns billions in Treasury yield while offering users only a static $1 token. Usual’s thesis is that stablecoin issuers have become some of crypto’s most profitable companies by extracting T-bill yields without sharing revenues; Usual captures those same yields but distributes them to participants. USUAL is the governance token that also captures a portion of protocol revenue and controls the rate at which new USUAL is minted as incentives. Usual’s Binance Launchpool launch in November 2024 generated immediate interest, and the protocol grew to several hundred million in TVL within weeks.
| Stat | Value |
|---|---|
| Ticker | USUAL |
| Price | $0.01 |
| Market Cap | $23.95M |
| 24h Change | +10.5% |
| Circulating Supply | 1.73B USUAL |
| Max Supply | 3.00B USUAL |
| All-Time High | $1.61 |
| Contract (Ethereum) | 0xc444...e38e |
| Contract (Binance Smart Chain) | 0x4acd...69c5 |
| Contract (Base) | 0x4acd...69c5 |
How It Works
USD0 (the stablecoin):
Users deposit whitelisted RWAs (initially USYC — Hashnote’s yield-bearing Treasury token) to mint USD0 at 1:1. USD0 itself doesn’t accrue yield — it’s a plain dollar-peg stablecoin for liquidity purposes.
USD0++ (the yield-bearing version):
Users lock USD0 for 4 years (or a variable period) to receive USD0++, which auto-compounds T-bill yields. Early exit from USD0++ is subject to a penalty that is distributed back to remaining lockers.
USUAL token emissions:
New USUAL is minted and distributed to USD0++ holders as additional incentive on top of the T-bill yield. The USUAL emission rate is designed to decrease as protocol TVL grows, preventing unlimited dilution.
Revenue redistribution:
A portion of the protocol’s T-bill income flows to USUALx (staked USUAL) holders. Staking USUAL = receiving a stream of USD0 or protocol revenues.
Tokenomics
| Metric | Value |
|---|---|
| Max Supply | 4,000,000,000 USUAL |
| Community / incentives | 90% |
| Core team (vested) | 7% |
| Investors (vested) | 3% |
| Emission control | Governed by USUAL holders |
| Revenue share | % of T-bill income → USUALx stakers |
Use Cases
- Governance — USUAL holders vote on collateral types, emission rates, and protocol risk parameters
- Revenue share — Stake USUAL (→ USUALx) to earn a portion of T-bill yields generated by the protocol
- Incentives — USUAL distributed to USD0++ lockers as additional yield boost
History
- 2023 — Usual Protocol founded; concept of redistributing stablecoin issuer revenues developed
- Q3 2024 — Private beta and whitelist phase; USD0 product goes live
- Nov 19, 2024 — USUAL token launches via Binance Launchpool; immediate price appreciation
- Late 2024 — USD0++ TVL grows rapidly; protocol generates millions in T-bill yield
- 2025 — Usual expands collateral options; governance transfers to USUAL holders
Common Misconceptions
“Usual is an algorithmic stablecoin.” USD0 is fully backed by US Treasury bills at 1:1 — no algorithmic peg mechanism. The RWA backing is redeemable. This is more similar to USDC or PYUSD in structure, just with redistributed yield.
“USD0++ is the same as USD0.” USD0 is a liquid, non-yield-bearing stablecoin. USD0++ is a locked, yield-bearing position. USD0++ has liquidity risk (locked for 4 years with penalized early exit); USD0 is freely redeemable.