Usual is a decentralized and secure fiat-backed stablecoin issuer that redefines the traditional model by distributing both ownership and governance to its users through the $USUAL token. Unlike conventional stablecoin platforms that centralize control and profit, USUAL places the power directly in the hands of the community, ensuring transparency, accountability, and inclusive participation.

At its core, Usual operates as a multi-chain infrastructure that aggregates tokenized Real-World Assets (RWAs) from leading institutional issuers such as BlackRock, Ondo, Mountain Protocol, M0, and Hashnote. These assets are integrated into the protocol to create USD0—a composable, permissionless, and fully on-chain stablecoin. USD0 is designed to be verifiable on-chain, offering users a stable digital asset that is both transparent and compatible with the broader DeFi ecosystem.

The foundational principle behind USUAL is the democratization of ownership. The protocol is structured to return value and control to the users and contributors who support its growth. Imagine a scenario where the liquidity providers behind a major stablecoin like Tether actually owned the platform and shared in its revenues—that is the model USUAL is building. By aligning incentives and distributing governance, USUAL empowers its ecosystem participants to shape the future of the protocol while benefiting directly from its success.

About the Project

Problem 

In 2023, centralized stablecoin providers like Tether and Circle generated over $10 billion in revenue, with valuations exceeding $200 billion. Despite this massive economic value, the users who contribute to the growth and adoption of these stablecoins receive no share in the upside. This imbalance highlights a fundamental issue in the current structure of stablecoin ecosystems—value is concentrated at the top, while the broader community is left behind.

Real-World Assets (RWAs) such as tokenized U.S. Treasury Bills are emerging as a bridge between traditional finance and DeFi. However, their adoption remains limited. Even with these assets now accessible on-chain, fewer than 5,000 wallets hold RWAs on mainnet, underscoring the difficulty of integrating real-world financial instruments into decentralized systems in a user-friendly and scalable way. DeFi users are increasingly looking for more than just yield—they want exposure to the long-term success of the protocols they support. Unfortunately, today’s models often fail to properly reward early users who take on higher risks to help bootstrap new ecosystems.

Solution 

Usual addresses this gap by offering users a stable yield and the opportunity to participate in the protocol's growth. The broader crypto space also lacks a fiat-backed stablecoin that is truly on-chain and governed transparently. Existing models rely heavily on centralized infrastructure and opaque processes. Usual aims to change this by introducing a fully on-chain stablecoin model backed by real-world collateral and governed entirely by its community. Usual’s approach centers around fairness and decentralization. The protocol redistributes 100% of its governance token ($USUAL) to users and contributors who add value to the ecosystem. This structure empowers the community to control the protocol’s infrastructure, treasury, and future direction. Rather than distributing yield as direct payouts, Usual channels the earnings generated from its collateral into the protocol’s treasury. This retained value increases the intrinsic worth of $USUAL, giving holders a meaningful financial and governance stake.

By aligning incentives between users and the protocol, Usual creates a more resilient and equitable system. Early adopters are rewarded not only with potential returns but also with influence over the protocol’s evolution. This public and transparent token distribution model sets the foundation for long-term, community-driven growth. Usual is more than just a stablecoin—it is a vision for a decentralized financial system where value and power flow back to the people who help build it.

Market Analysis

Stablecoins have become the most widely adopted form of Real-World Assets (RWAs) in the digital asset space, with total market capitalization surpassing $227 billion. Despite this growth, the market remains heavily dominated by centralized issuers such as USDT (issued by Tether) and USDC (issued by Circle and backed by Coinbase), which collectively account for over 88% of the market share. This concentration highlights a pressing need for innovative and decentralized alternatives within the stablecoin ecosystem.

Ethena has recently emerged as a noteworthy contender in this space and is a competitor to Usual. Leveraging a novel delta-neutral model, it quickly established itself as the third-largest stablecoin by market capitalization, currently exceeding $5.5 billion. Its rapid rise underscores the growing appetite for alternative stablecoin architectures that combine stability with capital efficiency.

The momentum behind stablecoin innovation has been further bolstered by a favorable stance from U.S. regulators on asset tokenization. This regulatory support has encouraged the development of purpose-built blockchains optimized for stablecoin issuance, signaling a strong trajectory for future growth. As stablecoin issuance reaches all-time highs, the demand for decentralized, transparent, and resilient protocols is more apparent than ever.

Despite the advancements, the market still lacks a truly decentralized stablecoin protocol that offers scalability and trustless governance. The next phase of evolution in the stablecoin landscape will depend on protocols combining on-chain transparency, real-world asset backing, and community-driven ownership, ushering in a new era of financial infrastructure rooted in decentralization.

Products: 

Usual Stablecoin (USD0)
USD0 is a stable digital asset tailored for payments, trading, and use as collateral. It is fully backed on a 1:1 basis by Real-World Assets (RWAs), including U.S. Treasury Bills. By offering a dependable store of value that operates independently of traditional banking systems, USD0 ensures security and seamless integration within decentralized finance (DeFi) ecosystems.

Usual Liquid Staking Token (USD0⁺⁺)
USD0⁺⁺ represents a yield-bearing variant of USD0, enabling users to stake their assets while maintaining liquidity. Designed with a four-year lock-up period, it functions like a savings vehicle for RWAs. Holders benefit from ongoing rewards and additional incentives in the form of $USUAL tokens, which support the broader adoption and growth of the USD0 ecosystem.

Traction

Usual has demonstrated significant momentum and growth within the decentralized finance (DeFi) landscape. At its peak, the platform’s Total Value Locked (TVL) surpassed $1 billion, and it continues to maintain a robust position with over $600 million currently secured—reflecting continued user confidence and market relevance. The protocol has established a broad footprint across the ecosystem, with integrations spanning more than 30 blockchain networks and live deployments on over four major chains. This extensive interoperability highlights Usual's commitment to accessibility and composability across the multi-chain DeFi environment.

In addition, Usual has forged strategic partnerships with leading protocols such as Uniswap, Morpho, and Euler, reinforcing its position as a key player in the space. These collaborations not only validate the platform’s technical capabilities but also underscore its growing influence within the broader decentralized finance ecosystem.

Investors

Token

$USUAL is the native governance token of the Usual protocol, designed to empower its community with meaningful ownership and decision-making authority. Token holders play a central role in guiding the platform’s evolution, with voting rights over key areas such as infrastructure development, collateral strategy, treasury allocation, and revenue distribution. This governance model ensures that users are not just participants but active stakeholders in the platform’s growth and direction.

In addition to governance, $USUAL offers holders staking opportunities. By locking their tokens within the protocol, users can earn additional USUAL rewards over time. Staking also serves as a gateway to exclusive features and premium services, fostering deeper engagement and alignment between users and the ecosystem.

$USUAL is structured with long-term value in mind. The token follows a deflationary model, with mechanisms such as buy-backs designed to gradually reduce supply. This approach aims to enhance value over time and reward long-term holders with potential capital appreciation as the protocol expands.

One of the most distinctive aspects of $USUAL is its community-first distribution. Unlike many projects where a large share of tokens is allocated to founders or early insiders, 90% of the total $USUAL supply is reserved for the community. This ensures that control and value remain with those who contribute to and support the ecosystem. The max supply is 4 billion. 

Conclusion 

Usual stands out as a compelling opportunity in the decentralized finance (DeFi) space, offering a novel and robust approach to stablecoin issuance. What differentiates Usual from traditional models is its ability to aggregate real-world assets (RWAs) from multiple reputable entities and transform them into a decentralized, on-chain stablecoin. This approach not only enhances transparency and composability but also addresses a critical gap in the current market—the need for a decentralized, fiat-backed stablecoin that operates independently of centralized control.

The protocol’s design is grounded in good fundamentals and supported by a growing base of strategic investors, partners, and community traction. This solid foundation has enabled USUAL to rapidly gain recognition within the DeFi ecosystem, as it brings forward a model that prioritizes user ownership, transparency, and sustainable value creation. Unlike many existing stablecoin providers, Usual aligns the interests of its users by offering them a direct stake in the protocol’s governance and future direction through the $USUAL token.

By leveraging the growing momentum behind tokenized RWAs and combining it with a decentralized, community-first architecture, Usual is not just filling a gap, it is setting a new standard. The platform's ability to integrate across multiple chains and collaborate with leading DeFi protocols demonstrates both its technical maturity and its strategic foresight. As demand for secure, transparent, and decentralized financial infrastructure grows, Usual is well-positioned to play a central role in the evolution of the stablecoin landscape.