What Usual does

Usual is a decentralized finance protocol that issues stablecoins collateralized by real-world assets, primarily short-term US Treasury Bills. The protocol's core product, USD0, is a fully reserved, permissionless stablecoin designed to be bankruptcy-remote from traditional banking — unlike fractional-reserve stablecoins from centralized issuers, USD0 is backed 1:1 by aggregated T-Bill tokens with on-chain reserve transparency. Supporting products include bUSD0 (a 4-year lock-up liquid-staking wrapper that captures T-Bill yield), USUAL (a revenue-based governance token with 90% of protocol value redistributed to holders), USUALx (revenue staking), and newer extensions including EUR0 (Euro-denominated, EUTBL-backed), ETH0 (wstETH-collateralized), USD0a (USDC/USCC-backed via Superstate), and sUSD0/sEUR0 staking variants. The protocol is deployed across four blockchain networks and integrates with 30+ DeFi, CEX, and infrastructure partners including Curve, Morpho, Euler, Pendle, Chainlink, LayerZero, Binance, and Coinbase.

The underlying architecture is a set of modular smart contracts running on Ethereum and other chains, including a Mint & Redeem Engine, a Yield Module, and a Revenue Distribution Module (RDM) launched November 2025. Protocol revenue is generated through fees on USD0 minting and redemption against T-Bill collateral, with T-Bill yield flowing through bUSD0 stakers and USUAL holders; pricing for USD0 is set at USD parity by on-chain market dynamics rather than by Usual Labs directly. The protocol is governed by the Usual DAO via Snapshot, with more than 10,000 governance stakers. Development is led by Usual Labs (Up Only Co), a French SAS headquartered in Paris, while DAO operations are managed by Association de Développement de la DAO Usual (ADDU). Smart contracts have been audited by eight+ firms (Halborn, Sherlock, Spearbit, Cantina, Paladin, Hexens, Blackthorn, OAK Security) from May 2024 through November 2025.

Usual Labs operates with a product-led growth model: the protocol is fully self-serve through app.usual.money with no KYC, and go-to-market relies on community (Discord, DAO governance), developer documentation, transparent on-chain dashboards (Dune Analytics, Token Terminal, RWA.xyz), and ecosystem integrations with major DeFi and CEX platforms. The customer base consists of DeFi-native users seeking T-Bill-yield exposure and institutional crypto participants seeking a transparent, non-fractional stablecoin alternative — both segments access the protocol permissionlessly. The protocol has raised approximately $16.7M across three disclosed rounds in 2024, with the $10M December 2024 round co-led by Binance and Kraken. Service is geo-restricted in over 60 jurisdictions including the United States, China, and several sanctioned territories.

Name

Usual

Legal name

Up Only Co

Website

https://usual.money

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Usual is a DeFi protocol issuing real-world-asset-backed stablecoins (USD0) collateralized by US Treasury Bills, governed by a DAO with 10,000+ stakers, and developed by Paris-based Usual Labs (Up Only Co). It serves DeFi-native users and institutional crypto participants seeking permissionless, transparent stablecoins across four blockchain networks.

Ownership category

akta.pro rank

Product category

Decentralized Stablecoin Protocol

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (52321)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)

akta.pro secondary industries

Stablecoin Issuers (Fiat-Backed) (FSADADAA), Tokenized Treasury, Money Market & Cash Management Products (FSADAEAB), Stablecoin Protocols (Decentralized) (FSADAMAD), DAO Treasury, Governance & On-Chain Finance Tools (FSADAMAL), RWA Custody, Escrow & Collateral Management (FSADAEAO), Reserve Management, Custody & Segregated Accounts (Backing Infrastructure) (FSADADAD)

Keywords

• Decentralized stablecoin protocol
• Real-world asset tokens
• Treasury bill stablecoin
• Liquid staking tokens
• DAO governance tokens

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Protocol Fees (Redemptions & Minting): The protocol generates revenue through fees associated with minting and redeeming USD0 stablecoins against T-Bill collateral. Users deposit on-chain assets to mint USD0 and burn USD0 to redeem underlying collateral, with the protocol capturing spread or fee income.
2. bUSD0 Staking Rewards: Revenue from yield generated by T-Bill collateral backing USD0 flows to bUSD0 stakers. The protocol redistributes yield and USUAL token rewards to locked bUSD0 holders, aligning long-term participation with protocol revenue.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Usual is a decentralized finance protocol that issues USD0, the world's first RWA stablecoin fully collateralized by aggregated US Treasury Bill tokens, alongside bUSD0 (a 4-year lock-up liquid staking variant) and the USUAL governance token that distributes 90% of protocol value back to the community. Users permissionlessly deposit eligible on-chain assets to mint USD0, stake into bUSD0 to earn yield, and participate in DAO governance via the USUAL token, with the protocol deployed across multiple blockchain networks and integrated with 30+ DeFi and CeFi platforms.

Product overview

Usual is a decentralized finance (DeFi) protocol that operates as a decentralized banking system, issuing fiat-backed stablecoins collateralized by Real-World Assets (RWAs). The core product portfolio centers on USD0, the world's first RWA stablecoin aggregating US Treasury Bill tokens, paired with bUSD0 (formerly USD0++), a liquid staking version with 4-year lock-up offering yield on Real-World Assets. The protocol is powered by $USUAL, a revenue-based governance token with 90% distributed to the community, and USUALx for staking. The modular architecture extends to additional stablecoins including USD0a (USDC-backed), EUR0 (Euro-denominated), and ETH0 (wETH-collateralized), plus staking variants sUSD0 and sEUR0. Supporting infrastructure includes the Mint & Redeem Engine, Yield Module, and Revenue Distribution Module (RDM). The protocol is governed by the Usual DAO with over 10,000 stakers, integrates with major DeFi platforms including Morpho, Euler, Curve, and Pendle, and maintains active development with monthly product launches as of 2025.

Differentiator

Problem solved

Functional benefit

Brands

• USD0: The world's first RWA stablecoin that aggregates various US Treasury Bill tokens, providing a secure and permissionless bankruptcy-remote solution unlinked to traditional bank deposits.
• bUSD0
• $USUAL
• Usual DAO

Products and services

• USD0

Quantifiable outcome

• 90% of protocol value redistributed to community
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and major.

• CurvecoreTechnology or IntegrationCurve Finance is integrated into Usual's ecosystem, providing deep on-chain liquidity for USD0 using advanced bonding curves. Curve is listed among the ecosystem partners enabling Usual's DeFi reach.
• MorphocoreTechnology or IntegrationMorpho is a permissionless, non-custodial protocol for earning interest and borrowing on immutable infrastructure, integrated into Usual's ecosystem for money market functionality.
• EulercoreTechnology or IntegrationEuler is a modular lending platform that enables users to lend, borrow, and build without limits. Usual has integrated with Euler for USL (Usual Stablecoin Lending) functionality.
• PendlecoreTechnology or IntegrationPendle is a DeFi protocol focused on yield trading, allowing users to both fix or leverage their yield. Integrated into Usual's ecosystem for yield management of bUSD0 positions.
• ChainlinkcoreTechnology or IntegrationChainlink is a decentralized oracle network connecting smart contracts to real-world data, APIs, and payments. Chainlink provides price feeds and oracle services for Usual's stablecoin collateral.
• LayerZerocoreTechnology or IntegrationLayerZero is a trustless omnichain protocol enabling seamless communication and transactions across blockchains. Usual uses LayerZero for cross-chain bridge functionality.
• CoinbasemajorChannel Partner/ Reseller/ DistributorCoinbase is a secure online platform for buying, selling, transferring, and storing cryptocurrency. Listed as a CEX ecosystem partner on Usual's website.
• HalborncoreTechnology or IntegrationHalborn is a blockchain security firm that conducted multiple audits of Usual's V1 smart contracts, bUSD0 investment vault, and USUALx lockup contract between November 2024 and May 2025.
• SherlockcoreTechnology or IntegrationSherlock is a blockchain security firm that ran multiple public audit competitions and targeted audits for Usual V1, EUR0 protocol, USD0a, bUSD0 upgrades, and Euler USL vaults between November 2024 and November 2025.
• SpearbitcoreTechnology or IntegrationSpearbit (via Cantina) conducted multiple security reviews including permissioned and permissionless launch audits, Pegasus phases 1 and 2, USL on Euler, yield module, ETH0, and various other protocol components from May 2024 to November 2025.
• HexenscoreTechnology or IntegrationHexens is a blockchain security firm that audited Usual's ETH0 protocol zapper contract, USUALx lockup contract, sUSD0 protocol, USD0a protocol, and bUSD0 upgrades between May 2025 and November 2025.
• PaladincoreTechnology or IntegrationPaladin conducted an audit of Usual's L2 token contracts, OFT MintAndBurnAdapter, and L1 OFT Adapter in October 2024, covering cross-chain token functionality.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ondo Finance: Direct RWA-backed stablecoin competitor. Ondo issues USDY (T-Bill-backed token) and OUSG, with deep institutional backing and US access. Closest comparable in collateral type (US T-Bills) and product category (yield-bearing RWA stablecoins).
• MakerDAO: Decentralized stablecoin pioneer issuing DAI. Comparable governance model (DAO), on-chain stablecoin issuance, and integration with major DeFi protocols. Differentiates via crypto-collateralized model vs. Usual's RWA focus.
• Ethena: Issuer of USDe, a synthetic dollar using delta-hedged ETH staking. Comparable in offering a yield-bearing decentralized dollar and rapid growth trajectory. Competes for DeFi-native users seeking yield on stable holdings.
• Frax Finance: Decentralized stablecoin protocol issuing FRAX with hybrid algorithmic/fiat collateral. Shares the decentralized stablecoin category, revenue-sharing governance (FXS), and DeFi composability approach.
• Mountain Protocol: T-Bill-backed stablecoin (USDM) issued under Bermuda regulatory framework. Comparable RWA-collateralized fiat stablecoin model targeting institutional DeFi yield use cases.
• TrueUSD (TUSD): Fiat-backed stablecoin with third-party attestations and ecosystem integrations. Comparable as a fiat-collateralized stablecoin used as on-chain liquidity and DeFi collateral.
• Sky / MakerDAO RWA unit: MakerDAO's rebranded Sky Protocol has been actively deploying collateral into RWAs (T-Bills via BlockTower, Coinbase). Directly comparable in pursuing T-Bill-backed stablecoin yield through decentralized governance.

Broad incumbents

• Circle (USDC): Issuer of USDC, the second-largest USD stablecoin with deep institutional adoption. Represents the dominant centralized alternative Usual positions against on transparency and value redistribution.
• Tether (USDT): Largest USD stablecoin by market cap. Provides the incumbent benchmark Usual differentiates against on decentralization, RWA transparency, and community value capture.
• PayPal USD (PYUSD): Regulated, US-issued stablecoin backed by T-Bills and cash equivalents via Paxos. Comparable T-Bill collateral structure but centralized and US-restricted issuance vs. Usual's decentralized model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/usualmoney

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds3 records

Investors44 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Usual