Usual — The First Two Years
We started with a question: why don't the people who use stablecoins own what they create? Two years later, we have the answer — and we're still building it.
From founding to five business lines. A look at what we've shipped.
The Story in Five Phases
Origins
2022 – April 2024
Founding, research, first funding
Launch & Growth
May – December 2024
Products, markets, $2B in deposits
Maturation
January – August 2025
Revenue sharing, governance framework, ETH0
Unification
September – December 2025
Multi-currency, disinflation, full DAO ownership
V2 Foundations
January – February 2026
Credit, five business lines, neobank vision
Phase 1 — Origins (2022 – April 2024)
Usual Labs was founded in France in 2022. The mission: build a financial system where the people who use it actually own it.
Two years of research, design, and security groundwork followed. By April 2024, the protocol had funding from 15 investors, two completed audits, and $75M in committed deposits.
2022
Usual Labs founded in France — three co-founders, one mission
November 2023
Kraken Ventures confirms seed participation
April 2024
$7M seed round led by IOSG Ventures and Kraken Ventures (15 investors including GSR, Mantle, Starkware, Psalion)
April 2024
Protocol exits stealth with $75M committed — covered by CoinDesk and The Block
May 2024
First smart contract audit by Cantina
June 2024
Cantina Pegasus — public audit competition completed
Phase 2 — Launch & Growth (May – December 2024)
Six months of shipping. USD0 went live in May — a dollar balance fully backed by US Treasury Bills. bUSD0 followed in July. By November, Usual was the 61st project on Binance Launchpool. By December, total deposits reached $2B.
May 2024
USD0 launched — dollar balance backed by US Treasury Bills (Hashnote USYC)
July 2024
bUSD0 launched — fixed-term deposit earning daily USUAL rewards
October 2024
Paladin audit of L2 contracts — multi-chain deployment prepared
November 15–18
Binance Launchpool (61st project) — 300M USUAL distributed
November 19
USUAL listed on Binance — circulating supply: ~494.6M (12.37% of total)
November 2024
Listed on OKX and ByBit
November 2024
Major audits completed by Cantina, Halborn, and Sherlock
December 2024
$10M Series A led by Binance Labs and Kraken Ventures
December 2024
Additional audits by Blackthorne and Cantina
Late 2024
Deposits reach ~$2B
Investor alignment
The Series A brought together four major exchange venture arms in one round: Binance Labs, Kraken Ventures, Coinbase Ventures, and OKX Ventures. Alongside them: Galaxy Ventures, Symbolic Capital, Amber, and GSR.
Total funding raised: $17M.
Phase 3 — Maturation (January – August 2025)
This phase was about building the infrastructure that turns a product into a platform. Revenue sharing launched in January — the mechanism that distributes protocol earnings directly to locked USUAL holders every week. Eight governance proposals were debated and voted on. ETH0 extended the product line to Ethereum-denominated assets. Twelve additional audits hardened the codebase.
January 2025
Revenue sharing activated — protocol revenue distributed weekly to locked USUAL holders
February 2025
UIP-1 — Usual Stability Loan (USL) implemented
February 2025
UIP-2 — USL capacity increased
March 2025
UIP-3 — DAO treasury staking proposal. The community voted against it (72%) — governance working as designed
April 2025
UIP-6 — USUALx value maximization
April 2025
UIP-7 — Redemption fee redistribution to holders
May 2025
ETH0 launched — ETH balance backed by wstETH
May 2025
USUALx Lockup deployed — lock 1 to 12 months to earn revenue share
June 2025
UIP-8 — wstETH approved as ETH0 collateral
July 2025
UIP-9 — Locking mechanism, buybacks, and revenue alignment
July 2025
UIP-10 — USL parameters optimized
July 2025
bUSD0 upgraded — burn redemption mechanism introduced
Revenue model refined during this phase: 70% of protocol revenue retained by the DAO treasury. 30% distributed weekly to locked USUAL holders. A buyback program launched at ~$300K/week, repurchasing over 10% of circulating supply by late 2025.
12 audits completed during this period — Spearbit, Sherlock, OAK Security, Halborn, Hexens.
Phase 4 — Unification (September – December 2025)
The most transformative quarter in Usual's history. Four new products launched. The disinflation vote (UIP-11) reduced USUAL max supply from 4B to 3B and halved daily emissions. And in December, five governance proposals in fifteen days completed the convergence: bUSD0 received its final structure, new collateral was approved, and the DAO took full ownership of all protocol assets.
October 2025
EUR0 launched — euro balance backed by European sovereign bonds
November 2025
sUSD0 launched — dollar savings account
November 2025
sEUR0 launched — euro savings account
November 2025
USD0a launched — advanced strategy with market-neutral returns
November 13
UIP-11 — Disinflation era begins: max supply 4B → 3B, daily emissions halved
November 25
Vesting cliff — ~207M USUAL distributed to stakeholders
December 8
UIP-12 — bUSD0 restructured with rt-bUSD0 (Redeem Token) for flexible exit
December 2025
Liquidity migration to new infrastructure
December 17
UIP-13 — USUAL* (STAR) converted to soulbound, phased out by June 2028
December 18
UIP-14 — USTBL approved as USD0 collateral
December 23
UIP-15 — Full DAO Convergence: the DAO owns 100% of protocol assets. Usual Labs becomes a service provider. IP transfer scheduled for Q1 2026
UIP-11 — Disinflation at a glance
Max supply (4 years)
4.0 billion
3.0 billion
Daily emissions
~2,738,000 USUAL
~1,350,000 USUAL
Projected full distribution
~November 2028
June 2028
Five governance proposals in fifteen days. Each one moved ownership closer to the community. By December 23, the DAO owned everything.
Phase 5 — V2 Foundations (January – February 2026)
Credit arrived. In January, the DAO acquired a fixed-rate lending protocol and launched it as Usual Credit. Three governance proposals in three days established the credit infrastructure. The protocol now operates five business lines — currencies, savings, credit, security, and governance — under one platform.
January 6
UIP-16 — UZR approved as USD0 collateral
January 8
UIP-17 — DAO acquires Fira lending protocol
January 8
UIP-18 — UZR lending market launched
January 14
Usual Credit goes live on the Usual app
January 27 – February 3
USUALx Early Unlock window — voluntary exit for holders
January 2026
EUR0a preparation — EUR0 Alpha audits and communications initiated
February 2026
Weekly revenue sharing active
February 2026
Continuous production releases on the Usual app
Five business lines, one platform
Currencies & Deposits
USD0, EUR0, ETH0, FX rails
Savings & Yield
sUSD0, sEUR0, USD0a, bUSD0, Usual Vaults
Credit
Usual Credit — fixed-rate lending
Security & Compliance
20+ audits, monitoring, compliance rails
Governance
USUAL token, DAO ownership, revenue sharing
What We've Built — By the Numbers
12 products shipped in 20 months
USD0
May 2024
Dollar balance backed by US Treasury Bills
bUSD0
July 2024
Fixed-term deposit — lock until June 2028, earn daily USUAL
USUAL
November 2024
Ownership and governance token — 3B max supply
USUALx
November 2024
Locked USUAL — earn weekly revenue share
ETH0
May 2025
ETH balance backed by wstETH
EUR0
October 2025
Euro balance backed by European sovereign bonds
sUSD0
November 2025
Dollar savings account
sEUR0
November 2025
Euro savings account
USD0a
November 2025
Advanced strategy — market-neutral returns
bUSD0 + rt-bUSD0
December 2025
Restructured bond with flexible early exit
Usual Credit
January 2026
Fixed-rate credit — borrow against your assets
EUR0a
In preparation
Euro advanced strategy
20+ audits by 8 independent firms
Cantina · Sherlock · Spearbit · Halborn · Hexens · Paladin · Blackthorne · OAK Security
Every product, every upgrade, every new contract goes through independent review before reaching users. Security is not a feature — it's the foundation.
2024
Cantina, Cantina Pegasus, Paladin, Halborn, Sherlock, Blackthorne
H1 2025
Spearbit, Sherlock, OAK Security, Halborn, Hexens
H2 2025
Sherlock, Hexens, Halborn, Cantina
2026
Fira audit, EUR0a and EUR0 Oracle audits initiated
16 governance proposals voted
15 approved. 1 rejected by the community. Every major decision — from tokenomics to IP ownership — decided by vote.
UIP-1
February 2025
Usual Stability Loan implemented
UIP-2
February 2025
USL capacity increased
UIP-3
March 2025
DAO treasury staking — rejected by community vote
UIP-6
April 2025
USUALx value maximization
UIP-7
April 2025
Redemption fee redistribution
UIP-8
June 2025
wstETH approved as ETH0 collateral
UIP-9
July 2025
Locking, buybacks, revenue alignment
UIP-10
July 2025
USL parameters optimized
UIP-11
November 2025
Disinflation: supply 4B → 3B, emissions halved
UIP-12
December 2025
bUSD0 restructured with rt-bUSD0
UIP-13
December 2025
USUAL* (STAR) soulbound, phased out June 2028
UIP-14
December 2025
USTBL approved as USD0 collateral
UIP-15
December 2025
Full DAO Convergence — 100% community ownership
UIP-16
January 2026
UZR approved as USD0 collateral
UIP-17
January 2026
DAO acquires Fira lending protocol
UIP-18
January 2026
UZR lending market launched
$17M raised from tier-1 investors
Seed
April 2024
$7M
IOSG Ventures, Kraken Ventures
Series A
December 2024
$10M
Binance Labs, Kraken Ventures
Backed by: Binance Labs · Kraken Ventures · Coinbase Ventures · OKX Ventures · Galaxy Ventures · Symbolic Capital · Amber · GSR · Mantle · Starkware
Infrastructure
4 chains: Ethereum (primary), Arbitrum, Base, BNB Chain
Revenue model: 30% to locked USUAL holders / 70% to DAO treasury — distributed weekly
USUAL supply: 3B max, ~1.35M emitted daily, full distribution by June 2028
DAO ownership: 100% of protocol assets since December 2025
The Evolution
2022–2024
A team with a thesis
A stablecoin backed by real assets
2024–2025
A stablecoin protocol
A multi-product platform with governance
Late 2025
A platform
Five business lines, fully community-owned
2026
A Defi-Fintech
Money you actually own.
Two years ago, we asked: why don't people own what they create?
Today, Usual is a platform with twelve products, twenty audits, sixteen governance votes, and full community ownership. Built on real assets. Shared with the people who use it.
That was the foundation. Now comes what we build on top of it.
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