What is Usual (USUAL)?

Deep Dive

1. Purpose & Value Proposition

Usual Protocol addresses centralization and opacity in traditional stablecoins. It provides a permissionless system where users can mint stablecoins like USD0, which is fully collateralized 1:1 by tokenized short-term U.S. Treasury Bills from providers like BlackRock (Bitrue). This model aims for greater transparency and aims to minimize depegging risk by allowing on-chain and off-chain reserve verification.

2. Ecosystem & Core Products

The protocol has expanded into a full financial suite organized into "Earning Modes". Beyond the base stablecoins, it includes:

• Savings (sUSD0/sEUR0): Tokens that automatically accrue yield from regulated government and institutional markets, with value that increases over time (Usual).
• Alpha (USD0a): A yield-accruing asset powered by a market-neutral cash-and-carry strategy across major cryptocurrencies.
• Bonds (bUSD0): A liquid staking derivative, originally called USD0++, that allows users to stake stablecoins for rewards while maintaining liquidity.

3. Tokenomics & Governance

The USUAL token is central to the protocol's community-aligned model. It serves dual purposes:

• Governance: Holders vote on key protocol parameters and treasury management.
• Revenue Sharing: A significant portion (reportedly up to 90%) of the yield generated from the real-world asset collateral is redistributed to USUAL stakers, primarily in USD0 (Usual). The system incentivizes long-term commitment through a lock-and-boost mechanism.

Conclusion

Usual Protocol fundamentally is a community-owned engine for generating yield from real-world assets, packaged into a range of transparent, on-chain stablecoin products. How will its commitment to redistributing value shape user loyalty and protocol resilience in the long term?