USD0a
Type: Factsheet | Squad: Usual | Status: Draft | Stream: BD Last updated: 2026-02-16
Executive Summary
USD0a is a market-neutral, value-accruing USD savings instrument issued by the Usual DAO. It generates yield through a CME-listed dated futures basis carry strategy (long spot BTC/ETH, short CME dated forward contracts), combined with a US Treasury Bill allocation serving as a liquidity buffer. USD0a is non-rebasing: all yield accrues through an increasing on-chain exchange rate. It is fully permissionless, with no KYC/KYB requirements.
USD0a does not take directional cryptocurrency exposure. Yield is driven by the structural convergence of dated futures prices toward spot at maturity, a mechanism distinct from and generally more predictable than perpetual funding rates.
Key Facts
Token
USD0a
Type
Non-rebasing, exchange-rate-accrual ERC-20
Issuer
Usual DAO
Chain
Ethereum Mainnet
Peg
Accruing (exchange rate only increases over time)
Collateral
90% USCC (Superstate crypto carry fund) / 10% USTB + USDC (T-Bills + cash equivalents)
Yield source
CME BTC/ETH dated futures basis carry + T-Bill yield
Access
Permissionless (no KYC/KYB)
Minting input
USDC or USD0
Redemption output
USDC (at current exchange rate)
Redemption cycle
Up to 7 days; ~10% instant liquidity buffer for smaller redemptions
Performance fee
0% (introductory, to bootstrap TVL)
Redemption fee
5 bps (standard) / 30 bps (instant)
Investment Strategy
USD0a allocates funds into a 90/10 split between a long/short basis strategy and T-Bills/cash equivalents.
The basis strategy takes the maturity spread between CME-listed forward contracts and the spot price of Bitcoin (BTC) and Ethereum (ETH). This spread reflects market expectations that future prices will exceed current prices. As expectations become more bullish, the spread widens, generating a larger carry opportunity. At contract maturity, spot and futures prices converge, and the holder captures the spread.
The 10% allocation to USTB and USDC provides a standing liquidity buffer ensuring that redemptions can be serviced without forcing early unwinds of carry positions during periods of unrealized loss.
Collateral Detail
USCC (90% allocation)
Manager
Superstate
Strategy
Bitcoin and Ether basis trades (long spot, short CME dated futures); may use Ethereum staking on spot holdings
Custody
Anchorage Digital Bank, N.A.
Subscriptions/Redemptions
Each market day, in USD or USDC
Management fee
0.75%
Historical performance (USCC):
Number of days
305
2
Average return
+1.82 bps
-1.3 bps
Largest daily move
+5.87 bps (30 Jul 2024)
-1.47 bps (12 Jul 2024)
Drawdown profile:
Highest 90-day drawdown: 0.48% (21-25 Jul, recovered in 4 days)
Longest drawdown: 15 days (26 Feb - 13 Mar 2025), peak drawdown 0.31%
Average drawdown: ~0.09%
USTB (10% allocation)
Manager
Superstate
Holdings
Short-duration US Treasury Bills
Custody
UMB Bank, N.A.; USDC facilitation via Circle
Liquidity
Daily, with continuous NAV/S (second-by-second price curve)
Management fee
0.15%
Simulated Performance
Performance simulation for USD0a (7 Jul 2024 to 9 Oct 2025):
1 Month
2.26%
3 Months
3.40%
6 Months
5.35%
YTD
7.39%
1 Year
9.56%
Past simulated performance is not indicative of future results.
Product Mechanics
Minting
User sends USDC (or USD0) to the USD0a smart contract.
The contract mints USTB using that USDC.
USD0a tokens are minted at the current exchange rate and sent to the user.
The treasury management team allocates to USCC per the investment mandate.
Value Accrual
Yield accrues passively as the underlying NAV increases. All gains are reflected through a rising on-chain exchange rate. No manual claiming or compounding is required.
Formula: exchangeRate(t) >= 1 -- the exchange rate only increases over time.
Redemption
User sends USD0a to the smart contract and initiates a redemption request.
If the requested amount exceeds the 7-day redemption target, a 7-day cool-down period applies.
Cash equivalents are used first to service redemption requests.
Redemption value:
1 USD0a = USD0 x exchangeRate(t), redeemable for USDC.
Liquidity Management
The USD0a collateral maintains a 10% liquidity buffer invested in USTB and cash equivalents at all times. This buffer ensures that redemptions do not force divestiture during periods of unrealized basis spread growth. USCC also retains 10-25% in internal cash equivalents.
Basis spread growth should not affect fund NAV for longer than one week on average. The 7-day redemption queue provides sufficient time to create liquidity without generating losses under normal conditions.
DeFi Composability
Pendle
PT-USD0a listings with maturities set after predominant forward contract expiries
Morpho Vaults
PT-backed lending markets for low-cost leverage
Fees
Performance fee (Usual)
0% (introductory)
Standard redemption fee
5 bps
Instant redemption fee
30 bps
USCC management fee (Superstate)
0.75%
USTB management fee (Superstate)
0.15%
Smart Contract Addresses
USD0a
0x2e7fC02bE94BC7f0cD69DcAB572F64bcC173cd81
Ethereum
USD0a Multisig
0x18AEf601B8D9a1B23fE8179E235d7e4EdfDf89f3
Ethereum
USD0 (underlying)
0x73A15FeD60Bf67631dC6cd7Bc5B6e8da8190aCF5
Ethereum
Key Risks
Forward contract / basis dislocation
Before maturity, if the basis spread widens after position entry, unrealized mark-to-market losses may occur. Basis can gap or widen under stress, creating impermanent losses that resorb at contract maturity.
Structural convergence at maturity; 7-day redemption period provides time for positions to mature.
Liquidity / forced unwind
Large redemption waves can force early unwind or roll of the carry trade, crystallizing losses or forfeiting expected carry.
10% USTB + USDC liquidity buffer; USCC retains 10-25% internal cash; 7-day cool-down for large redemptions.
Redemption timing
Redemptions can take up to 7 days; only ~10% is available for instant liquidity. Exits may be delayed under stress.
Standing liquidity buffer; phased settlement.
Counterparty / execution chain
Dependence on USCC, Anchorage Digital Bank, UMB Bank, Circle, and CME clearing/settlement infrastructure. Operational and counterparty failure modes exist across multiple entities.
Regulated custodians (Anchorage, UMB Bank); CME-listed instruments; Superstate as regulated fund manager.
Smart contract
Potential vulnerabilities in exchange-rate accounting, redemption paths, or admin/upgrade/parameter changes.
Multiple Usual Protocol audits (Cantina, Sherlock, Spearbit, Halborn, Hexens, Paladin); upgradeable proxy patterns.
Regulatory
Evolving regulatory landscape for digital assets and derivative-based products.
Underlying assets traded on CME (regulated exchange); USTB holds US Treasury securities.
Quick Links
USCC overview
https://superstate.com/uscc
USCC docs
https://docs.superstate.com/superstate-funds/uscc
USCC redemption timing
https://docs.superstate.com/superstate-funds/uscc/redeeming-uscc
USTB docs
https://docs.superstate.com/superstate-funds/ustb
USTB continuous NAV/S
https://docs.superstate.com/superstate-funds/ustb/income-fees-and-yield
Superstate security/custodians
https://docs.superstate.com/introduction-to-superstate/security
CME BTC futures
https://www.cmegroup.com/education/courses/introduction-to-bitcoin/what-are-bitcoin-futures.html
Usual docs (USD0a)
https://docs.usual.money/usual-products/yield-products/usd-products/usd0-alpha
Disclaimer
This document is for informational purposes only and does not constitute investment, legal, tax, or accounting advice. Yields are variable and not guaranteed. USD0a's value can fluctuate in secondary markets. Collateral includes exposure to derivatives; losses can occur. Past performance, whether actual or simulated, is not indicative of future results. Eligibility and availability may be restricted by jurisdiction. Readers should review the latest fund and protocol documentation before making any investment decisions.
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