Usual USD
Daily peg and supply history is drawn as an interactive chart (needs JavaScript).
About Usual USD
Every USD0 is matched one-for-one by tokenized US Treasury bills and repurchase agreements, held through outside real-world-asset partners rather than as cash in Usual's own vault. Usual Labs grew the token quickly after its 2024 debut, drawing backing from Binance Labs, Kraken and OKX as supply climbed into the billions. The base token itself pays no yield; Usual routes reserve income to a separate staked version and to its governance token instead. Direct redemption is not a retail feature: only permissioned institutional participants can mint and redeem against the underlying Treasuries at par, while everyone else trades USD0 on the secondary market across Ethereum and Arbitrum. The protocol stresses that it does not custody fiat itself, leaning on a licensed European money institution for the banking rail that moves dollars in and out.
- Peg
- US dollar
- Backing
- Tokenized US Treasuries and repos
- Redemption
- Institutional participants only
Reserves & rights
- Peg
- USD
- Mechanism
- Fiat
- Networks
- 4
- Issuer
- Usual Labs
- Holder gets
- Redeemable 1:1 for fiat, but only by whitelisted institutions; retail holders exit on the market.
- Regulatory framework
- USD0 is a permissionless 'Fiat Backed Stablecoin' (Usual's own term, llms-full.txt line 1074) backed 1:1 by tokenized US Treasury Bills and repos; it is NOT presented as a MiCA e-money token. The MiCA-licensed European Electronic Money Institution (EMI) runs the fiat deposit/withdrawal banking rail and is a THIRD-PARTY 'licensed infrastructure partner' - the docs explicitly state 'Usual does not custody fiat funds and does not act as a payment service provider' (line 1042), so attributing the EMI to 'Usual (France)' is contradicted. That EMI/MiCA rail is also described in the EUR (EUR0) deposit/withdrawal section, not for USD0 itself.
- Redemption KYC
- Permissioned participants only (institutional participants / accredited investors); direct collateral redemption may require registration/KYC with the issuing RWA partner
Networks & contracts
| Network | Contract |
|---|---|
| Arbitrum | 0x35f1…6850 |
| BSC | 0x758a…a270 |
| Base | 0x758a…a270 |
| Ethereum | 0x73a1…acf5 |