1. Overview

USUAL is a decentralized banking protocol designed to democratize access to real-world assets (RWAs) while redistributing value to users through an innovative ecosystem. It introduces two key elements:

USD0: A stablecoin backed by real-world assets (RWA) with a permissionless minting mechanism, high transparency, strong liquidity, and strict collateralization.
USUAL: A governance and revenue-sharing token, aligning user incentives by redistributing both economic and voting rights.

USUAL aims to address the shortcomings of traditional stablecoins (such as USDT and USDC) by ensuring profit redistribution and enhanced access to real-world assets.

- Creator :

Pierre Person : Former French MP, he serves as CEO of Usual Labs. His policy experience is valuable in navigating the complex landscape of decentralized finance and regulation.

Adli Takkal Bataille : Expert in decentralized finance (DeFi) and liquid funds manager, he is the executive director (DEO) of the project.

2. Technology & Architecture

🔹 USD0: A Stablecoin Backed by Real-World Assets (RWAs)

Fully collateralized by 100% guaranteed assets, without exposure to leverage.
Initially backed by USYC from Hashnote, a transparent and highly liquid RWA.
Future plans to accept additional collateral sources (e.g., BlackRock, M0) subject to governance approval.

🔹 USD0++: A Liquid Staking Token (LST) for USD0

Users can lock USD0 into USD0++ to earn USUAL rewards.
Encourages long-term commitment and strengthens the protocol’s growth.
Early redemption options available in exchange for burning USUAL tokens or at a floor price set by the DAO.

🔹 Anti-Bank Run Mechanism

A DAO-managed insurance fund protects against potential collateral losses.
In the event of a drop in collateral value, the DAO can adjust redemption values to safeguard users.

🔹 Decentralized Governance & Revenue Distribution

USUAL token holders vote on protocol decisions through a DAO.
Revenue distribution mechanisms incentivize long-term participation and decentralization.

3. Advantages of USUAL

✅ Revenue Redistribution to Users

Unlike USDT and USDC, which privatize their profits, USUAL redistributes earnings generated from RWAs and liquidity incentives.

✅ Access to Real-World Assets (RWAs)

USD0 provides a simplified and transparent gateway to RWAs, lowering entry barriers for both retail and institutional investors.

✅ Advanced Staking Mechanism via USD0++

Users can lock USD0 to generate yield, while maintaining liquidity through the Liquid Staking Token (LST) model.

✅ Built-in Anti-Bank Run Protection

A reserve insurance fund helps prevent liquidity crises and collateral devaluation risks.

✅ Decentralized Governance via USUAL Token

The DAO controls key protocol decisions, including collateral management, liquidity allocation, and token inflation policies.

4. Challenges & Risks of USUAL

❌ Competition with Dominant Stablecoins

Tether (USDT) and Circle (USDC) dominate the stablecoin market, making it challenging for USUAL to gain adoption.

❌ Dependence on RWAs & Interest Rates

USD0’s yield depends on returns from bonds and other RWAs. A drop in interest rates could negatively impact revenue distribution.

❌ Complexity of the Mechanisms

The USD0 / USD0++ / USUAL structure introduces multiple staking and reward layers, which may slow adoption among non-technical users.

❌ Liquidity Risk in Secondary Markets

Maintaining deep liquidity pools for stablecoin swaps (e.g., USD0/USDC) is crucial to avoid price discrepancies and liquidity shortages.

❌ New Ecosystem with Limited Adoption

Unlike well-established solutions like MakerDAO (DAI) and Frax, USUAL must prove its model and attract mass adoption.

USUAL

5. Conclusion: Is USUAL a Promising Project ?

USUAL introduces a novel approach to stablecoins by combining RWA-backed reserves with decentralized governance and revenue-sharing. Through USD0 (a yield-bearing stablecoin) and USUAL (a governance token), the protocol ensures user incentives are aligned with the platform’s success.

However, challenges remain: