Usual
AuditedRWA-BackedGovernance RiskRWA stablecoin issuer whose USD0 is backed 1:1 by tokenised Treasuries with the backing enforced inside the mint function, and whose bUSD0 bond pays yield entirely in USUAL emissions.
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The Problem
Conventional stablecoin issuers keep the Treasury yield their users' deposits generate, and their reserves are attested after the fact by a third-party auditor rather than verifiable on-chain.
The Solution
Usual issues USD0 against tokenised short-term Treasuries and redistributes the seigniorage to depositors through USUAL, a revenue-backed governance token. Reserve adequacy is enforced at issuance: Usd0.mint() reads the oracle-priced RWA held in treasury and refuses to mint past it.
Why it Matters
Proof-of-reserve is a contract constraint rather than a quarterly attestation, and bUSD0 is a genuinely novel instrument - a four-year on-chain bond with a dynamically-priced burn-USUAL early exit. The counterweight is discretion: in January 2025 Usual moved the USD0++ redemption floor from 0.9995 to 0.87 with a single privileged call and no vote, and that lever is still a plain storage variable behind a 3-of-6 multisig with no timelock.
Protocol Metrics
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View allFrequently asked questions about Usual
What is Usual?+
Usual is a RWA protocol operating on Ethereum, Arbitrum. RWA stablecoin issuer whose USD0 is backed 1:1 by tokenised Treasuries with the backing enforced inside the mint function, and whose bUSD0 bond pays yield entirely in USUAL emissions.
How does Usual work?+
Usual issues USD0 against tokenised short-term Treasuries and redistributes the seigniorage to depositors through USUAL, a revenue-backed governance token. Reserve adequacy is enforced at issuance: Usd0.mint() reads the oracle-priced RWA held in treasury and refuses to mint past it.
Is Usual safe?+
DeFi Sentinel rates Usual BBB with a safety score of 69/100, indicating moderate risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Usual has 24 audits on record. DeFi Sentinel's analysis flagged 7 medium, 5 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk, Governance & Centralization, Sustainability & Competitive Position and Reputation & Social Trust. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Usual?+
Usual has a DeFi Sentinel safety score of 69/100 (rating BBB), last updated September 28, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does Usual support?+
Usual is deployed on Ethereum, Arbitrum.
Has Usual been audited?+
Yes. Usual has 24 audit reports on record from firms including Cantina, Cantina, Paladin. Audit reports and dates are linked under the Resources tab on this page.