USD products

Yield and Product Ecosystem

USD0 itself is non‑yield‑bearing. Yield is accessed through Usual’s product layer:

Product	Description	Yield Source	Paid As	Collateral	Key Risks
sUSD0	Savings wrapper on USD0	USD0 collateral yield (T-bills / overnight secured repo)	In-kind, in USD0.	USD0	USD0 stack (custody/settlement), smart-contract, governance/params
USD0a	Higher-yield, “market-neutral” product	BTC/ETH cash-and-carry (dated futures basis) + liquidity buffer	In-kind in USD0a	USCC (delta neutral strategy) + USTB (T-bill) /USDC buffer	Basis/unwind, margin/clearing, counterparty/ops, redemption delays
bUSD0	Bond-like lock until maturity	Incentives in USUAL	USUAL (coupons) + 1:1 in USD0 at maturity	Locked USD0	USUAL price, lock-up/liquidity, protocol/gov, USD0 risk

The yield generated by USD0’s underlying T‑Bill collateral (approximately $7M/year at current TVL) is core protocol revenue and is distributed to USUAL token holders via the Revenue Switch mechanism.