Why Usual?

Usual is built on three key observations:

1. Stablecoin issuers capture the upside. Tether and Circle generated over $10 billion in revenue in 2023, with combined valuations exceeding $200 billion—yet none of this value is shared with the users who supply the deposits that make it possible.

2. RWAs are on-chain, but not broadly used in DeFi. Real-World Assets (RWAs) are growing on-chain, but integration into DeFi remains limited. Despite billions in tokenized US Treasury Bills now existing on-chain, few wallets hold tokenized RWAs on Ethereum mainnet.

3. DeFi users want more than yield. Traditional yield-only models do not reward early participants for taking higher risk. Users increasingly want exposure to the success of the projects they support. Usual offers both yield and growth exposure.

Crypto needs fiat-backed stablecoins that is fully on-chain and supported by infrastructure designed for neutrality, transparency, and security, without concentrating all economic upside in a single company.

Usual introduces a model that rebuilds the stablecoin issuer fully on-chain, where the issuer is controlled by holders of the USUAL governance token. Token holders participate in decisions about risk policies, collateral composition, and liquidity incentive strategies.

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Put an End to the Privatization of Profits

Tether and Circle generated over $10 billion in revenue in 2023, with valuations exceeding $200 billion. Yet none of this wealth is shared with the users who make it possible. These companies invest user deposits, primarily in US Treasury Bills, and keep 100% of the yield for shareholders.

Usual is designed as a credible alternative. Where centralized stablecoin issuers privatize profits from customer deposits while socializing losses (as seen during the Silicon Valley Bank crisis, when USDC depegged to ~$0.95), Usual redistributes value back to the community.

Major fiat-backed stablecoins are often operated by centralized actors that replicate problematic structures from traditional banking—structures that fundamentally contradict the principles of decentralized finance.

How Usual is different

Usual’s goal is to make users the owners of the protocol’s infrastructure, treasury, and governance through the USUAL governance token:

• 100% of the protocol’s value is distributed to the USUAL holder and community.

• Revenue flows from real-world yield on US Treasury Bill collateral, creating sustainable, non-inflationary cash flows that back the token’s value.

USUAL is distributed to users and third parties who contribute value—realigning incentives and returning power to ecosystem participants.

Fair value distribution: Usual aims to build a fairer financial system where the value generated by user deposits is shared across participants, rather than concentrated among private shareholders.

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Revolutionizing Stablecoin Ownership & Growth Exposure

Traditional stablecoins like Tether retain all revenues for shareholders. Yield-bearing stablecoins may redistribute yield, but often through permissioned mechanisms—and typically do not provide growth exposure.

Usual takes a different approach: it gives users both yield and growth exposure.

How it works

Usual aggregates the yield generated by the collateral backing its stablecoins (USD0, EUR0) into the protocol’s treasury.

• Revenue Switch: Protocol revenue (from T-Bill yield) is distributed weekly in USD0 to stakers who lock USUAL as USUALx, providing real yield denominated in stablecoins.

Together, these mechanisms give holders both:

• Immediate income (yield), and

• Long-term upside (growth exposure tied to protocol adoption).

Key features of Usual’s model

Ownership and revenue sharing

• Treasury allocation: 70% of protocol revenues flow into the treasury which is governed by USUAL holders, and 30% of these revenues is distributed to the community via the USUAL governance token.

• Real cash flow: The token is backed by actual protocol revenues, approximately ~$6 million per year, generated from US Treasury Bill yields, products fees, not speculative emissions.

Governance rights

• USUAL holders influence key decisions, including revenue redistribution strategies, collateral management, risk policies, and onboarding new asset types.

• Governance is executed through on-chain voting via the Usual DAO, ensuring transparency and immutability of decisions.

Utility rights

• USUAL enables staking via USUALx, granting access to Usual’s distributions.

• USUALx enables a locking mechanism, granting access to revenue distribution (weekly USD0 distributions).

Why Usual stands out

Feature	Tether (USDT)	Circle (USDC)	Usual (USD0)
Revenue to users	0%	0%	Yield + ownership
Governance	Corporate	Corporate	Community-driven DAO
Collateral transparency	Quarterly reports	Monthly attestations	Real-time on-chain
Bank risk exposure	Partial	Yes (SVB event)	None (T-Bills only)
Growth exposure	None	None	Yes (via USUAL token)

Usual’s model goes beyond revenue redistribution, it redistributes ownership. Early adopters who contribute liquidity and activity are rewarded not only with yield, but with a meaningful, growing stake in the protocol’s future. Through transparent, on-chain token distribution and governance, Usual is built for sustainable growth and decentralized control.

Become an owner: Many models claim to be redistributive but fail to create long-term value. Usual goes beyond redistributing protocol revenues, it redistributes ownership of the protocol itself. USUAL holders make decisions about the protocol’s treasury, collateral strategy, and product roadmap. In other words: what if the people who deposit into a stablecoin also owned the stablecoin issuer and earned its profits?