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
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.
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)
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
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)
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
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
10 bps immutable fee on the live UZR market (V1 framework: 50 bps base, 10 bps for USUAL holders — not yet deployed)
Revenue Distribution
Current Revenue Scale
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)
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)
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-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
USUAL
0xC4441c2BE5d8fA8126822B9929CA0b81Ea0DE38E
Distribution
0x75cC0C0DDD2Ccafe6EC415bE686267588011E36A
AirdropDistribution
0x89e813661628a277714C76d80c7fcB192a0896Ed
AirdropTaxCollector
0xA6cd248943F3d3415458b264e2C890FF422A4c01
Arbitrum
USUAL
0x6A5D904519A2b605Da2D5DA7137ED5F4184F6513
Base
USUAL
0x4ACD4D03af6F9cc0fB7C5f0868B7b6287D7969c5
Key Risks
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: https://docs.usual.money
Technical documentation: https://tech.usual.money
Governance (Snapshot): https://snapshot.box/#/s:usualmoney.eth
Security contact: [email protected]
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.
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