USD0 Savings
sUSD0 is the savings token for USD0, built using the ERC-4626 vault standard.
Users deposit USD0 into a permissionless vault and receive sUSD0 in return. Balances do not rebase; value accrues through an exchange rate that increases over time, so redeeming the token returns more USD0 than initially deposited.
Yield originates from the protocol’s underlying collateral stack; sovereign T-Bills and other short-term yield-bearing assets, and is distributed through the vault’s exchange rate mechanism.
Key Facts
Underlying: USD0
Standard: ERC-4626 vault (non-rebasing, accrual-based)
Access: Permissionless; no KYC/KYB requirement
Yield source: Sovereign T-bills
Distribution: Governed via on-chain parameters; rate may vary with market conditions
Redemption: 1 sUSD0 → USD0 × exchangeRate (t ≥ 1)
How It Works
Deposit USD0 into the vault.
Receive sUSD0, representing a share of the vault’s assets.
Accrue yield as the exchange rate between sUSD0 and USD0 rises.
Redeem at any time to unwrap and receive more USD0 than initially deposited.
The ERC-4626 model allows seamless composability across DeFi protocols, simplifying integrations, accounting, and yield distribution.
Benefits
Predictable yield: Transparent accrual via exchangeRate growth
Stable collateral: Low-risk, short-duration sovereign exposure
Non-rebasing design: Compatible with DeFi applications and liquidity pools
Permissionless access: On-chain deposit and redemption
Governance alignment: Parameters adjustable via $USUAL governance
Rebasing Track
USD0 also supports a rebasing mode, distributing yield directly to USD0 balances at the cash layer.
This track is part of Savings but lives on USD0, not as a separate token. It suits applications preferring native balance growth over ERC-4626 wrappers.
Feature
USD0
sUSD0
Purpose
Settlement Asset
Savings Instrument
Value
Pegged 1:1
Grows via exchange rate
Access
Free mint/redemption
Wrap/unwrap via vault
Use Cases (ex)
Payments, collateral
Yield Generation, Defi integration
Design
Rebase-free stablecoin
ERC-4626 Wrapper
Summary
sUSD0 extends USD0 into a yield-accruing savings instrument; composable, transparent, and fully on-chain.
It is the foundation of USD-denominated savings within the Usual ecosystem.
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