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Usual
Active AUM
$541.24mKey Metrics
Onchain AUM$541.24m
Change (24h)+0.10%
Active / Onchain100%
DeFi Active TVL$25.29m
Change (24h)+0.27%
Utilization4.7%
Largest ProtocolEuler V2$12.41m
Net Flows 30dN/A
Net Flows 7dN/A
Live Assets1
Issuers1
Asset rankings
| Name | Chains | Asset Type | AUM | DeFi | Flows | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| RWA Fiat Stable | $541.24m | $541.24m | -0.02% | $25.29m | 4.67% | +11.26% | $1 | |||
About Usual
Usual offers a stablecoin backed by real-world assets and Treasury securities, combining yield generation with price stability. It enables institutional-grade stable settlement with underlying RWA collateral.
Entity
Legal entityAssociation de Développement de la DAO Usual (ADDU)
HeadquartersParis, France
Founded2022
Primary chainEthereum
Entity structure
Up Only Co, a French SAS in Paris known as Usual Labs, develops the protocol while ADDU, a French association, provides interfaces and DAO organization. USD0 is issued onchain by the Usual DAO which since December 2025 holds all protocol assets. USUAL tokens confer no equity in either French entity.
Regulation
USD0 is issued by the Usual DAO rather than a licensed e-money institution and no MiCA authorization or AMF PSAN registration is verifiable. Terms are provided by ADDU, a French association, and prohibit US users. Regulatory posture rests on the collateral layer through regulated tokenizers including Hashnote USYC, Spiko, and M0 with custody at BNY Mellon and CACEIS.
Compliance
Of 1 assets
Attested0 of 1
KYC to mint or redeemunknown
Allowlisted to holdunknown
Transferable1 of 1
Self custody1 of 1
Redeemable1 of 1
Fees & revenue
ConfidenceIssuer-Disclosed
Mint Fee0 bps
Redemption Fee0 bps
Float IncomeYes
Fees Last Verified2026-07-09
Mint fee zero and redemption fee governance configurable, currently zero per the fact sheet. T-bill collateral yield is protocol revenue with 30 percent distributed weekly to locked USUAL holders and 70 percent to the DAO treasury since January 2025.
Milestones
- 2026-01Usual Credit fixed rate lending launched and DAO approved acquiring the Fira lending protocol
- 2025-12USD0 plus plus restructured into bUSD0 and rt-bUSD0 with full DAO convergence to community ownership
- 2025-10EUR0 euro stablecoin launched
- 2025-01USD0 plus plus redemption floor change triggered a depeg below 90 cents
- 2024-1210M Series A led by Binance Labs and Kraken Ventures