Usual USD

Can this project keep operating and funding itself for years?

USD0 is backed 1:1 by short-duration US Treasury bills and overnight repurchase agreements totaling about $541 million in October 2026.12

Can outsiders see and check what the team and the protocol do?

Usual publishes real-time onchain collateral attestations, daily NAV updates, and detailed risk documentation for its Treasury reserve holdings.34

Does the protocol earn real fees or income from use?

DeFiLlama tracked $7.16 million in gross protocol revenue from Q1 through Q3 2026, distributed weekly to USUALx governance stakers.25

Is the technology being built and shipped, and does it matter?

The UIP-12 dual-token bUSD0 and rt-bUSD0 bond design pairs with 0% base-rate USD0 borrowing on Fira.67

Who uses, builds and holds it, and how durable is that base?

Around $500 million remains locked in bUSD0 staking, but daily decentralized exchange volume stayed under $10,000 in October 2026.89

Do supply, issuance and unlocks protect holders from dilution?

USD0 mints and redeems 1:1 against RWA collateral with zero inflation, while bUSD0 bonds mature on June 11, 2028.37

1. 1docs.usual.money/usual-products/usd0-stablecoin/usd0/rwa-collateralCited for Sustainability
2. 2defillama.com/protocol/usualCited for Sustainability, Revenue
3. 3docs.usual.money/resources-and-ecosystem/fact-sheets/usual-products/usd0Cited for Transparency, Tokenomics
4. 4docs.usual.money/resources-and-ecosystem/risk-policyCited for Transparency
5. 5docs.usual.money/usual-products/usual-governance-token/usual-staking-usdusualxCited for Revenue
6. 6docs.usual.money/usual-products/yield-products/usd-products/bond-usd0/usual-zero-rate-firaCited for Innovation
7. 7docs.usual.money/resources-and-ecosystem/fact-sheets/usual-products/busd0Cited for Innovation, Tokenomics
8. 8coingecko.com/en/coins/usual-usdCited for Community
9. 9etherscan.io/token/0x73a15fed60bf67631dc6cd7bc5b6e8da8190acf5Cited for Community

• USD0 maintained its dollar peg near $0.998 on October 21, 2026, backed 1:1 by short-duration US Treasury bills and repos.
• The bUSD0 bond token sets a June 11, 2028 maturity date for 1:1 USD0 redemption while paying daily USUAL rewards.
• Usual Zero Rate on Fira offers 0% base borrowing against bUSD0 collateral with a fixed 0.10% annual protocol fee.
• DeFiLlama tracked $7.16 million in gross revenue from Q1 to Q3 2026, funding weekly distributions to USUALx stakers.
• Daily NAV reporting and onchain reserve attestations verify underlying Treasury holdings across integrated RWA custodians.

• The January 2025 USD0++ floor price adjustment to $0.87 caused a $0.89 secondary market drop that still deters institutional treasuries.
• Decentralized exchange spot volume fell below $10,000 daily in October 2026, creating slippage risk for large swaps.
• Exiting bUSD0 before the June 11, 2028 maturity requires buying rt-bUSD0 or selling into thin secondary liquidity pools.
• Collateral custody relies on third-party RWA tokenizers such as Hashnote USYC, adding external operational dependencies.
• Competition from Tether, Circle, Ethena USDe, and Ondo USDY limits expansion across mainstream payment venues.

Usual USD competes against fiat-backed leaders USDT and USDC as well as yield-bearing stablecoins like Ethena USDe and Ondo USDY. Traditional issuers retain Treasury interest centrally, whereas Usual redistributes reserve yield to users through bUSD0 coupons and USUALx revenue sharing.

As of October 21, 2026, Usual USD maintains its peg near $0.998 across a $541 million circulating supply. Short-duration US Treasury collateral, the bUSD0 June 2028 bond structure, and 0% base borrowing on Fira support a working credit ecosystem.