Usual USD (USD0)
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Price of Usual USD today in real time
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Historical price evolution of Usual USD
Daily historical data. Updated automatically.
Usual USD (USD0) was born as a project of Usual Labs, a company founded in France during 2022 by Pierre Person, former member of the French National Assembly and architect of the country's crypto legislation, together with Adli Takkal Bataille. On 28th February 2024, Usual Labs publicly announced USD0, presenting it as the first stablecoin that aggregates US Treasury bond tokens with the objective of returning the collateral yield to users rather than the issuer retaining it.
On 17th April 2024, the project closed a funding round of 7 million dollars led by IOSG Ventures and Kraken Ventures, with participation from GSR, Mantle, StarkWare and other investors. On 10th July 2024, the mainnet launch of Usual Protocol on Ethereum took place, at which point USD0 began to be minted backed by tokenised US Treasury Bills from Ondo Finance, Hashnote and BlackRock.
In August 2024, the protocol surpassed 146 million dollars in TVL, with 95% of USD0 volume concentrated in the USD0/USDC pool on Curve Finance. On 19th November 2024, the TGE of the USUAL token took place, with a distribution of 90% of the supply allocated to the community and only 10% destined for team and investors. USUAL experienced a rise of over 176% in less than two months. By January 2025, the TVL reached its historical peak of 1,700 million dollars.
On 9th January 2025, the USD0++ depeg crisis occurred, when Usual Protocol announced without prior notice to the community a minimum redemption price of 0.87 USD0 per USD0++, modifying the previous 1:1 parity. USD0++ fell to approximately 0.92, the Curve pools became imbalanced, cascade liquidations occurred on Morpho and the TVL began to collapse, causing severe and persistent reputational damage. On 28th May 2025, BlockSec's Phalcon system detected and blocked in real time an exploit attempt where an attacker executed an unauthorised swap between USD0++ and USD0 obtaining 43,000 dollars through arbitrage. The protocol preventively paused all smart contracts without loss of user funds, when the TVL had fallen to approximately 380 million from the January peak.
In August 2025, the buyback mechanism was launched, allocating up to 70% of protocol revenues to repurchasing USUAL tokens when they trade below the discounted cash flow value. In November 2025, the UIP-11 governance approved reducing the maximum supply of USUAL from 4,000 to 3,000 million tokens and cutting daily emissions by 50.7% to control selling pressure.
USD0 functions as a stablecoin pegged to the US dollar that maintains its parity through 1:1 backing with ultra-short-term real-world assets, primarily US Treasury Bills and overnight repurchase agreements. Unlike traditional stablecoins such as USDT or USDC, which do expose their users to risks linked to commercial banking reserves and whose yields remain in the hands of the centralised issuer, the Usual protocol redistributes the yields generated by this collateral directly to ecosystem participants. Users can mint USD0 through two mechanisms: by directly depositing eligible real-world assets in a 1:1 ratio, or by depositing USDC/USDT, in which case external collateral providers contribute the corresponding RWA to maintain backing.
The protocol's design separates the store of value function from yield generation through a two-token system. USD0 itself does not distribute yields directly to its holders; to access the protocol's economic benefits, users must lock their USD0 in USD0++, the liquid bond token that distributes rewards in the form of USUAL tokens. This USUAL token operates as the protocol's governance and value capture mechanism, representing ownership of 100% of the income generated by USD0's collateral. The distribution of this income is carried out weekly to participants who stake through the Revenue Switch, whilst USUAL issuance follows a deflationary model where the daily issuance rate decreases as the total value locked in the protocol increases. The system operates on Ethereum mainnet under the governance of the Usual DAO through voting executed directly on the blockchain.
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