"Yesterday afternoon, Binance announced that it will launch the 61st project Usual (USUAL) on Launchpool at 18:00 Beijing time on November 19, and start pre-market trading. Users can lock BNB and FDUSD to participate in mining. The mining period is from 00:00 on November 15 to 8:59 on November 19, 2024, Beijing time. As soon as the news came out, the price of BNB hit $660 in the short term and was temporarily reported at $648, with a 24-hour increase of more than 6%."
Usual Project Introduction
Usual is a stablecoin protocol that launches USD, a permissionless and fully compliant stablecoin backed 1:1 by real-world assets (RWA), and USUAL, a governance token that allows the community to guide the future development of the network. Usual solves the current stablecoin market problems by redistributing profits to the community and rewarding token holders with the actual income generated by RWA.
To put it simply, USD0 is different from traditional stablecoins (such as USDT and USDC). USD0 is issued with 1:1 support from RWA assets with extremely short maturity and assets such as national bonds. It has higher security and stability, and reduces the probability of being liquidated at a discount in the event of an asset run.
How to get USD0?
As an RWA stablecoin that aggregates various US Treasury tokens, USD0 can be minted on Usual in two different ways:
Direct RWA deposit: users deposit eligible RWA into the protocol and receive an equivalent amount of USD0 at a 1:1 ratio;
Indirect USDC/USDT deposits: Users deposit USDC/USDT into the protocol and receive USD0 at a 1:1 ratio. This indirect method involves third-party collateral providers who provide the necessary RWA collateral. This allows users to obtain USD0 without having to directly handle RWA.
Usual Project Financing
Usual completed two rounds of financing this year, totaling $8.5 million, including:
On April 17, Usual announced the completion of a $7 million financing round, led by IOSG and Kraken Ventures, with participation from GSR, Mantle, Starkware, Flowdesk, Avid 3, Bing Ventures, Breed, Hypersphere, Kima Ventures, Psalion, Public Works and X Ventures.
On November 9, Usual announced the completion of a new round of financing of US$1.5 million. This round of financing was participated by Comfy Capital, early encryption project investor echo, Breed VC founder Jed Breed, etc. The specific valuation data has not been disclosed yet.
Usual Project Team
The project was founded by Pierre PERSON, also the founder and CEO of Usual, and a former French politician and member of the National Assembly (French Parliament).
He most recently served as vice president of the French presidential party and led the country’s crypto-asset legislation.
Usual Project Token Economics
Token Name: Usual (USUAL)
Total Token Supply: 4,000,000,000 USUAL
Initial circulation: 494,600,000 USUAL (12.37% of total token supply)
Total Launchpool: 300,000,000 USUAL (7.5% of the maximum token supply)
What problems does the Usual project still have?
USD0++ liquidity issues and decoupling risks
Currently, there are more than $320 million USD0 staked in USD0++, while the USD0 liquidity on Curve is only about $29 million. In other words, less than 10% of USD0++ is available for withdrawal in the market, and in the event of a large-scale withdrawal, the imbalance of assets in the pool may lead to decoupling.
Earnings competitiveness in a bull market
During bull markets, attractive returns often come from the crypto assets themselves (such as ETH, SOL, etc.) rather than stable real-world assets like treasury bills.
Without new products that can increase USD0’s returns to the same 20-40% as sUSDe, Usual’s growth may stagnate.
USD0 urgently needs the emergence of a new product.
Nevertheless, I think about 80% of the DeFi community understands the risks that USDe holders need to bear. As a "conservative stablecoin", Usual can provide a better and more resilient option for those seeking stability.
Summarize
$Usual stakers can receive 10% of all minting as rewards, which incentivizes users to stake. This model injects fresh vitality into the RWA stablecoin field.
Excellent at controlling inflation. Minting is strictly limited by the available supply of USD0++ and real-world interest rates, ensuring that inflation does not dilute the value of $Usual.
The disadvantage is that you cannot expect extremely high annual returns, which may be a disadvantage compared to other products in a bull market.
However, I believe that most holders are willing to hold on for the long term.
