#USUAL🔥🔥🔥 Introduction
Centralized stablecoin issuers, such as Tether and Circle, dominate about 90% of the stablecoin market and have become heavyweights in the cryptocurrency space, with valuations and profits far exceeding traditional financial giants like JP Morgan and BlackRock. Their business model is simple: leverage the liquidity behind stablecoins to support various risk assets.
As interest rates rise, these entities have transformed into profitable "cash cows." Tether and Circle generated over $10 billion in revenue in 2023, with valuations exceeding $200 billion. This wealth created is not shared with the users who contribute to its success. Usual's goal is to make users owners of the protocol's infrastructure, capital, and governance. By redistributing 100% of the value and control through its governance token, Usual ensures its community holds the reins.
The Usual protocol allocates its governance tokens to users and third parties who contribute value, realigning financial incentives and returning power to participants within the ecosystem.
Usual is revolutionizing the stablecoin world by introducing decentralized RWA stablecoin functionalities. By depositing yield-generating assets (initially USYC), users can earn speculative yields tied to the success of the Usual Governance token ($USUAL). These yields aim to exceed the risk-free yield of the underlying assets. Its mission is to transform stablecoin holders into profit owners.
Transforming users into owners
TLDR:
While traditional stablecoins like Tether prevent users from participating in yields and growth, and yield-bearing assets only provide returns without growth, Usual combines the best of both worlds. With Usual, you can enjoy both yield and growth potential.
The ownership-sharing mechanism ensures a tight coupling between early contributors and the protocol by creating a positive feedback loop, enabling Usual to capture a significant market share. By broadly distributing ownership, the protocol rewards early participants and aligns the interests of all stakeholders.
Stablecoins like Tether collect users' cash and earn interest, while users receive no benefits nor experience the issuer's growth. In return, users receive a token for DeFi but do not gain any profit from the earnings.
What if users could benefit uncompromisingly from interest, growth, and utility all at once?
This is where Usual steps in: a decentralized stablecoin issuer where users are the owners.
There are currently three types of stablecoin issuers in the market:
Tether retains all revenue and distributes it entirely to Tether's shareholders. Users hold a stablecoin compatible with DeFi but miss out on yield and protocol growth opportunities.
Yield stablecoins issued by tokenizers like Ondo or Mountain represent a significant transformation in the stablecoin space, redistributing underlying yields back to users through permissioned stablecoins. Users can receive yields but are not affected by the growth of the protocol: regardless of whether USDM's TVL is $100 million or $100 billion, users still “only” receive 5%.
Usual goes further by redistributing value through the $USUAL token, giving users ownership of the protocol. Unlike profit-sharing models, Usual centralizes all created value in its treasury, 90% of which is distributed to the community through governance tokens. Users can benefit from utility, yield, and growth simultaneously.
This is how Usual transforms users into direct owners, allowing them to control the protocol's infrastructure, finances, and future cash flows.
Usual Token Infrastructure

The protocol is built around three tokens:
USD0
USD0 is Usual's stablecoin pegged to the US dollar, designed to serve as a means of payment, counterparty, and collateral token within the protocol. It offers a better alternative to USDC and USDT while complying with US and EU regulations. This institutional-grade stablecoin is available for retail investors and DeFi users.
USD0 aggregates US Treasury bond tokens, creating a secure, bankruptcy-remote asset unrelated to traditional bank deposits. It is fully transferable and permissionless, seamlessly integrating into the DeFi ecosystem.
USD0 Liquid Bonds (USD0++)

If USD0 holders want their stablecoin to generate benefits, they must stake the stablecoin to obtain efficient LSTs from RWAs. USD0++ is the liquidity representation of staked USD0. By locking up capital, users have the opportunity to claim $USUAL daily. If they have not yet claimed $USUAL, they can exercise their risk-free yield rights every six months. USD0++ is fully composable in DeFi, similar to USD0.
Thus, USD0++ is an enhanced US Treasury bond that grants you the right to:
Speculative yields provided in the form of Usual governance token $USUAL. Yields fluctuate based on the $USUAL price determined by the secondary market.
Based on the underlying Treasury bonds, the monetary interest rate increases at least the risk-free yield. This yield is proportionally increased by the floating supply of non-productive USD0.
$USUAL - Governance Token - Benefits from USD0
USUAL rewards the growth, adoption, and use of USD0 in the ecosystem. This token represents the increasing adoption rate of USD0 and combines incentives with users contributing to the expansion and utilization of the protocol.
$USUAL token is the governance token within the Usual ecosystem, representing the protocol's revenue and granting users the authority to participate in decision-making processes related to protocol operations and fund management.
USUAL aims to achieve long-term value growth, intentionally keeping its issuance rate below the growth of protocol revenue to increase intrinsic value over time. In line with its community-first philosophy, 90% of tokens are allocated to the community, with only 10% reserved for the team and investors.
Growth
Usual demonstrated the highest TVL growth rate among stablecoins in the summer of 2024, ranking among the top five fiat-backed stablecoins.


Usual has experienced rapid growth, reaching a total value locked (TVL) of $330 million in just three months. This impressive expansion positions it as one of the best-performing projects on Ethereum in the summer of 2024.
Usual has over 40,000 users from various integrated platforms and has become a top player in the stablecoin space, ranking as the 13th largest stablecoin issuer. Additionally, it ranks among the top five mining pools on Curve and leads in TVL on Morpho and Pendle.
The protocol is expected to achieve annual revenue of $15 million, further solidifying its position in the DeFi ecosystem.
Team

Pierre Person, Lawyer, CEO, Presidential Advisor, former French MP, Vice President of the Presidential Party, began two years ago to create a stablecoin protocol that incorporates cryptocurrency and decentralized real value. During his time as a member of parliament, he worked on the development of the French cryptocurrency regulatory framework.
Hugo Sallé de Chou, Chief Operating Officer As a fintech entrepreneur, Hugo founded a payment startup called Pumpkin in 2014, similar to Venmo, challenging the traditional banking system and achieving 2 million active users at its peak.
Adli Takkal Bataille, DEO
A true cryptocurrency OG, entered the space in 2013 at block #271376; he created a French cryptocurrency organization called Le Cercle du Coin and began consulting for several projects starting in 2018.
In 2020, he founded a cryptocurrency-native venture capital fund in Luxembourg—Shift Capital, currently focused solely on market-neutral investments. Twitter | LinkedIn
Pierre Cumenal, Chief Financial Officer
Pete holds dual master's degrees in applied mathematics and quantitative finance, having worked at Natixis and Amundi before moving to London, where he served as a quantitative analyst at BNP Paribas. There, he developed pricing models for exotic derivatives across various markets. Recently, he has developed a fully decentralized options protocol.
Supporters
Usual has raised $7 million through three rounds of financing and currently has the support of 170 investors: venture capital, angel investors, protocols, and DAOs.

Investors include Dewhales, IOSG, Kraken Ventures, GSR, Psalion, Hypersphere, LBank Labs, Public Works (co-founder of Gitcoin), Kima Ventures, and Breed (former Circle executives).
These 120 angel investors include Sam from Frax, Charlie and Michael from Curve, Defi Dad, DCF God, Chud, Lux Temple, Amber Group, Ivan from Gearbox, founders of Convex, Zoomer Oracle, and others.
USUAL Token Economics
Today, many designs of governance tokens are flawed. They often follow an unoptimized copy-paste model, struggling to balance short-term traders and long-term buyers, leading to sell pressure without sustained demand or utility growth. Additionally, the correlation between the value, governance, and income potential of these tokens is poor, focusing on speculative trading rather than long-term utility, resulting in hype-driven price inflation. Interests are often misaligned, with founders and insiders holding a large number of tokens, while users who create value are inadequately served and face token devaluation due to inflation.
Usual contrasts sharply by combining the interests of users, contributors, and investors to achieve long-term sustainable value growth and real utility.
The USUAL token is the primary governance tool within the Usual framework. At launch, the USUAL token provides economic benefits and governance capabilities for holders. Rewards are distributed in the form of $USUAL tokens, whose value derives from their economic rights and the actual yields generated from stablecoin collateral.
No VC Dominance: 90% of USUAL tokens are distributed to those contributing value and revenue to the protocol, mainly distributed through USD0 TVL. Tokens held by investors, teams, and advisors combined do not exceed 10% of the total supply, protecting users from excessive dilution.
Cash Flow-Linked Issuance: The issuance of USUAL is directly tied to the future cash flows generated by stablecoin collateral. Each time $0 is staked, USUAL is minted, and the token supply increases with protocol revenue growth.
Control of Dilution: Usual's issuance model is designed to be deflationary, very similar to Bitcoin. The inflation rate is calibrated to remain below the growth of protocol revenue, ensuring the rate of token issuance does not exceed the rate of economic expansion of the protocol.
Financial Management: USUAL holders will also have the ability to decide how to manage finances and protocol revenue through future mechanisms such as token burning or revenue distribution.
Voting Measurement: USUAL holders guide protocol liquidity and influence key decisions, ensuring they play an active role in the development and success of the protocol.
Staking Rewards: Token holders can earn income by staking their USUAL tokens. Once USUAL tokens are staked, they become USUAL+—holding $USUAL+ allows holders to earn up to 10% of newly minted $USUAL tokens, with the specific proportion calculated according to designated issuance rules.
USUAL Token Distribution
The majority of $USUAL tokens are distributed to users who actively contribute to the protocol's development and value creation. This model aims to protect the community from any dilution caused by the team or investors, ensuring that incentives align with those driving the protocol's success.

Detailed Distribution
The emissions are divided into various distribution channels, which can be modified through governance votes, each with different uses:

Partnerships

Integration is a key factor in Usual's expansion of total value locked (TVL), improving user stickiness and building a moat. To give you a better understanding of Usual's partner ecosystem, the following lists partners that have been integrated or are in discussions, categorized accordingly:
Lending: Morpho, Euler, Term Finance, Sturdy, Arkis, PWD, Llamalend
Cross-chain: Chainlink, LayerZero, Axelar, Socket (under discussion)
Yields: Etherfi, Pendle, Origami, Spectra, Equilibria, Penpie, StakeDAO
Re-staking: Karak
L2 Networks: Arbitrum, Base, BNB, Mantle, Starknet, Mode, Berachain, Monad, Movement, Sui
Decentralized Exchange/Liquidity: Curve, PancakeSwap, Balancer/Gyro, Maverick, Uniswap
Fiat On/Off Ramps: Banxa, Holyheld
Upcoming Integrations:
Morpho, EtherFi, Pendle, Symbiotic, EigenLayer, GainsTrade, Reserve, dTrinity, Polynomial, Bubbly, Hourglass, Superform, Brahma, Abracadabra, TimeSwap, Gearbox, Contango, DYAD, Idle, Notional, Exponential.fi, Curvance, Fluid, Thetanuts, Mach, GMX, Vertex, Bunni, vDEX.
Participate in the pre-release
The pre-release is Usual's airdrop plan, running from July 10th to mid-November.
7.5% of the USUAL supply will be airdropped and distributed based on points earned during the pre-release period. The system awards daily points based on the Usual products held by users. Additionally, minting USD0++ grants instant points.
The point system works as follows:
Daily Points:
USD0++ holders earn 3 points daily for each token held.
USD0/USD0++ Curve LP holders earn 3 points daily for each USDO deposited.
USD0/USDC Curve LP holders earn 1 point daily for each USDO or USDC deposited.
Many other opportunities exist, such as Pendle, Morpho, etc.
Access common dApps to learn about various ways to participate, especially through Pendle, Etherfi, Morpho, Curve, Equilibria, Karak, etc.
