Usual

Usual is a decentralised stablecoin protocol that issues USD0, a fiat-pegged token backed one-to-one by tokenised real-world assets. The reserve composition focuses on short-duration U.S. Treasury Bills and similar low-risk instruments, with onchain attestations and external auditors used to verify backing.

Built on top of USD0, the protocol issues USD0++, a yield-bearing version of the stablecoin that distributes returns generated by the underlying reserve to holders rather than retaining them at the issuer level. This design redirects yield that traditional stablecoin issuers typically retain to the users actually holding the token, aligning the economics of the stablecoin more closely with decentralised finance norms.

USUAL is the protocol's governance token, granting holders voting rights over reserve composition, fee parameters and ecosystem incentives. The token also captures a share of protocol revenue through onchain distribution mechanisms. Within the broader landscape, Usual sits at the intersection of stablecoin infrastructure and tokenised real-world assets, a category that has grown as interest rates have made Treasury-backed onchain instruments meaningfully yield-generating.

Tokenised real-world asset stablecoins combine fiat-pegged tokens with onchain exposure to instruments such as short-duration Treasuries, distributing the yield those reserves generate to holders rather than retaining it at the issuer. Usual sits within this category, alongside other protocols building infrastructure for tokenised real-world assets. Readers tracking how this segment grows can explore broader trends across tokenisation.