Usual x Ethena x BUIDL – The Holy Trinity of the DeFi Renaissance
A strategic partnership between Usual, Ethena and Securitize, the tokenization platform of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), is reshaping DeFi by combining liquidity, yield and composability.

TL;DR: Usual x Ethena x Securitize
A strategic partnership between Usual, Ethena and Securitize, the tokenization platform of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), is reshaping DeFi by combining liquidity, yield and composability.
What is changing for users?
USDtb Collateral Integration: In the coming weeks, the combination of USDtb and BUIDL will be accepted as collateral for USD0, bringing together TradFi-level stability with DeFi innovation. This will provide the usual collateral diversification and increase the decentralization of USD0.
Maximized Yield Opportunities: USD0++ holders can access a 1:1 incentivized vault in USUAL and sats for sUSDe, unlocking higher yields through delta-neutral strategies and fully subsidized rewards. These vaults will be isolated and will not impact USD0++ collateral.
Unparalleled Composability: All these communication layers showcase the true power of DeFi. Usual and Ethena aim to drastically improve the stablecoin landscape and provide users with greater security, composability, and profitability.
Enhanced Liquidity: A seamless 1:1 swap mechanism between USDtb, USD0, and USDe reduces reliance on secondary pools, ensuring strong pegging and pure liquidity as efficient capital flows between stablecoins and the rest of the market.
Yield and Treasury Diversification: Ethena will allocate a portion of its reserves to USD0++, driving adoption, increasing TVL, and expanding yield opportunities for users. Usual collateral will diversify its yield sources through the integration of USDtb and BUIDL.
The Holy Trinity of Liquidity, Yield and Composability
In the rapidly evolving DeFi landscape, a new alliance is emerging to redefine what’s possible. As usual, Ethena and Securitize’s tokenized BUIDL fund — three of the fastest-growing names in their respective domains — are joining forces to create an innovative layer of liquidity, composability, and yield optimization. Together, they form a “holy trinity” designed to power a DeFi and stablecoin renaissance by increasing stability, maximizing yield, and optimizing liquidity across the TradFi and DeFi ecosystems.
A sacred partnership built for growth
This collaboration is not just about aligning three powerhouses, but about creating synergy across all layers of the ecosystem:
BlackRock USD Institutional Digital Liquidity Fund (“BUIDL”), tokenized by Securitize, anchors this partnership by providing institutional-grade liquidity for DeFi. BUIDL provides secure, yield-bearing collateral that enables decentralized protocols to build applications backed by traditional finance assets.
Usual Protocol bridges traditional and decentralized finance by offering an RWA-backed stablecoin designed to redistribute ownership through usage. Acting as financial infrastructure, Usual offers a stablecoin backed by on-chain T-bills, ensuring soundness and protecting stablecoin holders from any counterparty risk. Its goal is to diversify collateral, aggregate on-chain T-bill liquidity, and deliver a stable, payable asset. Users can stake their stablecoin as a Liquid Staking Token to gain ownership in the protocol through the USUAL token, which redistributes the value created.
Ethena Protocol enhances the offering with delta-neutral strategies and unmatched composability, providing users with high yield: Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native alternative to traditional banking infrastructure and a globally accessible dollar-denominated rewards instrument, the “Internet Bond.”
Layered growth for maximum impact
At every level of the ecosystem, these three players create value for users by enabling greater composability and liquidity inherent in DeFi, while also offering users the best yields:
Unparalleled Composability: Bridging TradFi and DeFi in innovative ways. Through the integration of BUIDL and USDtb as collateral, USD0 becomes an RWA stablecoin that unifies fragmented RWA liquidity. By enabling USD0++ holders to gain exposure to USDe, Usual empowers users to optimize their USUAL assets while increasing Ethena’s TVL in all market conditions.
Maximized Yield Opportunities: By combining Usual’s Alpha yield with Ethena’s delta-neutral strategies, users can maximize returns in any market environment. They will enjoy a combined yield of sUSDe and USD0++.
Enhanced Liquidity: Seamless integration between USD0, USDtb, and USDe creates a pristine liquidity layer, ensuring low slippage swaps and fluid capital flows.
With this alliance, Usual, Ethena and BUIDL, tokenized by Securitize, are reshaping the financial landscape, combining the best of TradFi and DeFi to deliver the final product: the most liquid, composable and profitable layer in decentralized finance.
Join us to redefine your DeFi experience
The strategic partnership introduces a transformative layer of innovation for users, combining stability, yield, and liquidity to bridge the gap between TradFi and DeFi. Here’s what this groundbreaking collaboration means for you:
USD0 meets USDtb as collateral
The combination of USDtb and BUIDL will be accepted as collateral for USD0. This partnership will connect TradFi-level stability with DeFi innovation, offering a robust and reliable collateral base.
Maximized Yield with USD0++ sUSDe Exposure
USD0++ holders will gain access to a dedicated vault that provides 1:1 exposure to sUSDe, Ethena’s synthetic dollar. This isolated and incentivized vault offers an unparalleled opportunity for yield maximization, with Usual fully subsidizing rewards until sUSDe yield meets or exceeds the Fed rate. Ethena further strengthens this by committing incentives to the sUSDe USD0++ vault, ensuring liquidity growth and user engagement.

3. Unlocking maximum liquidity
A 1:1 swap mechanism between USDtb, USD0, and sUSDe will streamline liquidity flows by reducing reliance on secondary pools while maintaining optimal liquidity levels. To further enhance these flows, both Usual and Ethena will incentivize vault participation and secondary market liquidity growth.
4. Income and treasury diversification
To bolster adoption of USD0++, Ethena will allocate a significant percentage of its idle reserves to support its integration. This move will unlock new layers of composability, encouraging participation, driving liquidity growth, and expanding user choice within the DeFi ecosystem.