The French are really unreliable in getting things done, just look at their Olympic opening ceremony. They really can't get things done, they're the number one in comedy.

$USUAL BlockBeats News, January 1st, Usual stated on social media that at 5 PM Beijing time yesterday afternoon, the Usual protocol experienced a large-scale USD0 sell-off triggered by a whale trading in the secondary market. This event raised questions about the ability of USD0 to maintain its peg to 1 US dollar. USD0 briefly fell to 0.99 US dollars and then returned to the 1 US dollar peg within seconds, although there was initially a deviation of several basis points (bps) due to ongoing sell-offs, it fully restored its peg after a few hours.

USD0 can always be redeemed for its underlying collateral assets at a ratio of 1:1, ensuring the solvency of the Usual protocol. Currently, all USD0 can be redeemed on a T+0 basis and are supported by highly liquid short-term money market instruments.

The peg has returned to normal, and there is now a significant amount of instant liquidity available for arbitrageurs in the market. This incident was the first significant stress test of USD0's pegging ability, with redemption volumes in just a few hours exceeding the entire TVL (Total Value Locked) of GHO, yet the protocol continued to operate as usual. Efforts will continue to optimize processes and improve efficiency, with many exciting updates set to be released soon.