# USUAL > **Type:** Factsheet | **Squad:** Usual | **Status:** Draft | **Stream:** BD **Last updated:** 2026-02-16 *** ## Executive Summary USUAL is the governance and ownership token of the Usual Protocol. It represents ownership of 100% of protocol revenue generated from US Treasury Bill collateral backing USD0. The token follows a disinflationary emission model with a maximum supply of 3 billion tokens (revised from 4 billion via UIP-11, November 2025). Fixed daily emissions of approximately 1.35 million USUAL are distributed across governance-defined buckets. Revenue is split 30% to locked USUALx holders (weekly USD0 distributions) and 70% to the DAO treasury. Full supply distribution is projected by June 2028. *** ## Key Facts | Parameter | Detail | | ----------------------------------------- | ----------------------------------------------------- | | Token type | ERC-20 governance and ownership token | | Maximum supply | 3,000,000,000 USUAL (3B) | | Daily emissions | \~1,350,000 USUAL/day (fixed allocation, post-UIP-11) | | Circulating at Binance listing (Nov 2024) | \~494.6M (\~12.37% of total supply) | | Revenue ownership | 100% accrues to USUAL holders | | Revenue distribution | 30% to locked USUALx / 70% to DAO treasury | | Revenue Switch activation | January 13, 2025 | | Distribution end date | June 2028 | | Chains | Ethereum (primary), Arbitrum, Base | | Listing | Binance (November 19, 2024) | | Standard | ERC-20 | *** ## Emission Model ### Current Regime (Post-UIP-11, November 2025) UIP-11 replaced the original dynamic, TVL-linked emission model with fixed daily bucket allocations. Emissions no longer vary based on collateral yield, TVL growth, or protocol revenue. | Bucket | Daily USUAL | % Share | | ------------------------ | --------------- | ----------- | | bTOKEN (bUSD0 + ETH0) | 130,000 | 9.63% | | LP rewards | 69,953 | 5.18% | | USUALx (staking rewards) | 301,203 | 22.31% | | USUAL\* / Insiders | 301,203 | 22.31% | | Foundation (DAO) | 547,641 | 40.57% | | **Total** | **\~1,350,000** | **100.00%** | ### Supply Cap Revision (November 2025 Disinflation) | Metric | Original | Post-Disinflation | | ---------------------------------- | --------------------- | --------------------- | | Maximum supply | 4.0 billion | 3.0 billion | | Daily emissions | \~2,738,000 USUAL/day | \~1,350,000 USUAL/day | | Structural sell pressure reduction | -- | \~87.5% | | Projected end of distribution | \~November 2028 | June 2028 | *** ## Supply & Distribution ### Allocation | Category | Share | Notes | | --------------------------- | -------- | ----------------------------------------------------------- | | Community | \~69.75% | Liquidity providers, active users, partners, airdrop | | Insiders (team + investors) | \~30.25% | Post-USUAL\* conversion (UIP-13); vesting through June 2028 | ### Pre-TGE Distribution (November 25, 2024) | Category | Amount | | ------------------ | --------------------- | | Airdrop | 340,000,000 USUAL | | Binance Launchpool | 300,000,000 USUAL | | **Total pre-TGE** | **640,000,000 USUAL** | ### USUAL\* (STAR) Retirement USUAL\* was the original insider seigniorage token. In November 2025, it was retired and converted to USUAL at a 0.97:1 ratio. The conversion was funded from the Foundation bucket with no new tokens minted. USUAL\* became permanently soulbound (UIP-13) and will be deleted in June 2028. Remaining insider allocation vests monthly through June 2028. *** ## Revenue Model ### Revenue Sources | Source | Description | | ----------------------- | ------------------------------------------------------------------- | | T-Bill collateral yield | Primary source; yield from US Treasury Bills and repos backing USD0 | | Protocol fees | Minting, redeeming, and operational fees | | USUALx unstaking fees | 10% exit fee, split three ways | | Fira lending fees | 0.10% APR (10 bps), immutable protocol fee on the UZR market | ### Revenue Distribution ``` Protocol Revenue (T-Bill yield + fees + Fira lending fees) | 30% --> Locked USUALx holders (weekly, in USD0) 70% --> DAO treasury (compounding, buybacks, strategic deployment) ``` ### Current Revenue Scale | Metric | Value | | --------------------------------- | ----------------- | | Annual protocol revenue (current) | \~$5.5-6M/year | | Revenue to locked USUALx (30%) | \~$1.65-1.8M/year | | Revenue to DAO treasury (70%) | \~$3.85-4.2M/year | | Distribution frequency | Weekly (USD0) | Note: Pre-UIP-11 revenue was \~$25M/year. The DAO deliberately reduced USL/UZR interest rates to achieve an 87.5% reduction in structural selling pressure, accepting lower near-term revenue as a trade-off. ### Treasury Snapshot (September 2025) | Category | Share | Approximate Amount | | ----------------------- | -------- | ------------------ | | Stables and derivatives | 67.30% | \~$20.7M | | ETH exposure | 15.68% | \~$4.8M | | USUAL and USUALx | 10.67% | \~$3.3M | | Yield strategies | 5.97% | \~$1.8M | | Other | 0.38% | \~$0.1M | | **Total** | **100%** | **\~$30.75M** | *** ## Governance ### Ownership Structure (Post-UIP-15, December 2025) | Aspect | Current State | | ------------------ | ------------------------------------------------ | | Asset ownership | 100% DAO-owned (governed by USUAL token holders) | | IP ownership | Transfer to DAO planned before end of Q1 2026 | | Role of Usual Labs | Service provider (prestataire), mandated by DAO | | Treasury control | USUAL holders via governance | ### Governance Scope * Protocol parameter adjustments (fees, emission rates, collateral ratios) * Asset onboarding (new collateral types, integrations) * Treasury management (allocations, investments, operational spending) ### Key Governance Decisions | UIP | Date | Decision | | ------ | -------- | --------------------------------------------------------- | | UIP-9 | Oct 2025 | USUALx locking, buybacks, revenue alignment | | UIP-11 | Nov 2025 | Supply cut from 4B to 3B, daily emissions halved | | UIP-13 | Nov 2025 | USUAL\* made soulbound, insiders compensated \~209M USUAL | | UIP-15 | Dec 2025 | DAO owns 100% of assets, Labs = service provider | *** ## Smart Contract Addresses ### Ethereum | Contract | Address | | ------------------- | -------------------------------------------- | | USUAL | `0xC4441c2BE5d8fA8126822B9929CA0b81Ea0DE38E` | | Distribution | `0x75cC0C0DDD2Ccafe6EC415bE686267588011E36A` | | AirdropDistribution | `0x89e813661628a277714C76d80c7fcB192a0896Ed` | | AirdropTaxCollector | `0xA6cd248943F3d3415458b264e2C890FF422A4c01` | ### Arbitrum | Contract | Address | | -------- | -------------------------------------------- | | USUAL | `0x6A5D904519A2b605Da2D5DA7137ED5F4184F6513` | ### Base | Contract | Address | | -------- | -------------------------------------------- | | USUAL | `0x4ACD4D03af6F9cc0fB7C5f0868B7b6287D7969c5` | *** ## Key Risks | Risk Category | Description | Mitigation | | ------------------------ | ----------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | | Regulatory risk | Classification of governance tokens under evolving regulatory frameworks may impact tradability or tax treatment | DAO structure provides legal separation; Foundation operates under imperative mandates | | Revenue dependency | Protocol revenue is directly tied to US Treasury Bill yields, which are subject to Federal Reserve rate decisions | Revenue base diversified with protocol fees and Fira lending fees; insurance fund maintained | | Dilution risk | Ongoing daily emissions (\~1.35M USUAL/day) create supply expansion until June 2028 | Disinflationary design; USUALx stakers receive \~22.31% of daily emissions as anti-dilution mechanism; supply capped at 3B | | Governance concentration | Insiders hold \~30.25% of total supply post-STAR conversion | All insider tokens subject to monthly vesting through June 2028; STAR deleted June 2028; single-token governance model | | Liquidity risk | Secondary market liquidity may be insufficient relative to daily emissions | Listed on Binance; LP reward bucket maintained at 69,953 USUAL/day | | Smart contract risk | Token and distribution contracts exposed to potential vulnerabilities | 20+ audits by Cantina, Sherlock, Spearbit, Halborn, Hexens, Paladin, Blackthorne; OAK Security economic assessment | *** ## Quick Links * Documentation: * Technical documentation: * Governance (Snapshot): * Security contact: *** ## Disclaimer This factsheet is provided for informational purposes only and does not constitute financial, legal, or investment advice. All data is sourced from publicly available protocol documentation and governance records as of the date indicated above. Parameters, allocations, and revenue figures are subject to change through DAO governance. Past performance and historical data do not guarantee future results. Prospective participants should conduct independent due diligence and seek professional counsel before engaging with the protocol or acquiring tokens. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.usual.money/resources-and-ecosystem/fact-sheets/usual-products/usual.md?ask= ``` The question should be specific, self-contained, and written in natural language. 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