Usual

• Usual issues USD0, a stablecoin backed by tokenised US Treasury products rather than bank deposits.

• It redistributes the yield on those reserves to token holders instead of retaining it as issuer revenue.

• USUAL is the governance token, minted in proportion to protocol revenue.

• USUAL is minted based on the future revenue the protocol expects from its reserves.

• USD0++ is a locked version of the stablecoin that earns USUAL emissions.

Pros:

• Redistributing reserve yield to holders inverts the model where issuers keep the interest.

• Reserves are tokenised Treasuries rather than opaque commercial paper.

• Grew deposits quickly on the strength of that proposition.

Cons:

• In January 2025 the protocol changed the redemption terms on USD0++ with little notice, causing it to trade well below par and inflicting losses on holders who had treated it as redeemable at one dollar.

• That episode showed governance can alter redemption terms unilaterally.

• Token emissions are tied to projected rather than realised revenue.

• Exposure to a stablecoin model that returns reserve yield to holders.

• Backed by tokenised Treasuries rather than bank deposits.

• The January 2025 redemption change is essential context and should weigh heavily.

• A stablecoin that passes reserve interest to holders rather than retaining it, with governance ownership of the issuer distributed alongside.

• Stablecoin issuers earn the interest on reserves while holders earn nothing.

• Redistributing that yield changes who captures the value the stablecoin creates.

• Founded by Pierre Person, a former French parliamentarian, alongside Adli Takkal Bataille.

• Backed by IOSG, Kraken Ventures and others.

• No public ICO. USUAL was distributed via Binance Launchpool and community allocations in November 2024.

• Governance has demonstrated it can change redemption terms to holders' detriment.

• Emissions based on projected revenue can outrun realised revenue.

• Reserve custodian and tokenisation counterparty risk.

• Regulatory treatment of yield-passing stablecoins is unsettled and could restrict the model.