Analysis Overview
Analysis Overview
Usual USD is an RWA-backed dollar stablecoin issued by Usual Protocol and collateralized by short-duration Treasury-style assets. As of June 24, 2026, USD0 trades near $0.999 with approximately $553M market cap, rank #97 on CoinGecko, and about 550M circulating tokens. The peg is stable, but secondary-market activity is thin, with CoinGecko showing less than $10K of 24-hour trading volume. The protocol now presents the core stack as USD0 for stability, bUSD0 for growth, and USUAL for governance and revenue sharing. bUSD0 is the renamed USD0++ bond product, redeemable 1:1 for USD0 at its June 11, 2028 maturity, with early exits depending on rt-bUSD0, secondary liquidity, or governance-set floor mechanics. Usual Zero Rate on Fira lets users borrow USD0 against bUSD0 at a 0% base rate plus a 0.10% protocol fee. The revenue switch remains economically important, with official documentation describing weekly USD0 distributions to USUALx and current annual protocol revenue around $5.5-6M.
Competitive Position
Usual competes against USDT, USDC, Ethena USDe, Ondo USDY, Sky assets, and other RWA-backed dollar products. USD0 has meaningful scale at roughly $553M market cap, but it is far behind the dominant payment stablecoins and has extremely low spot turnover. Its differentiated pitch is not pure payments scale. The pitch is a composable stablecoin and bond stack where USD0, bUSD0, UZR/Fira borrowing, and USUAL revenue sharing convert Treasury collateral into programmable DeFi yield. That is more distinctive than a plain reserve-backed stablecoin, but it also means users must accept governance, secondary-market, maturity, and smart-contract complexity that USDC and USDT holders avoid. The January 2025 USD0++ incident remains the largest reputational constraint.
Conclusion
As of June 24, 2026, USD0 remains a sizeable but thinly traded RWA stablecoin: the peg is intact near $0.999, market cap is approximately $553M, and CoinGecko rank is #97, but 24-hour volume below $10K shows limited liquid demand. The strongest current positives are bUSD0 maturity clarity, UZR/Fira borrowing, weekly revenue distribution, and a more explicit DAO-owned credit architecture. The core negatives are unchanged: the January 2025 USD0++ event damaged trust, bUSD0 is more complex than a simple stablecoin, and the USUAL governance token still has weak market credibility. The stablecoin profile therefore stays constructive but not top tier. Peg confidence is high at 92%, while STRICT remains capped by liquidity, execution, and governance-risk history.
Strengths
5- USD0 remains close to peg at $0.998959 on June 24, 2026, with approximately $553M market cap and fully diluted value matching circulating supply on CoinGecko
- bUSD0 gives the ecosystem a defined bond product with June 11, 2028 maturity, 1:1 redemption at maturity, transferable secondary markets, and explicit floor and early-exit mechanics
- Revenue switch distributes protocol revenue weekly to USUALx holders, while official docs cite current annual protocol revenue around $5.5-6M and a DAO treasury above $30M
- Usual Zero Rate on Fira moved credit activity onto DAO-owned infrastructure, with 0% base borrowing plus a 0.10% protocol fee against bUSD0 collateral
- BlockSec Phalcon system successfully prevented a DeFi exploit targeting the protocol in May 2025 with no assets lost, demonstrating proactive security infrastructure alongside real-time Transparency Center for collateral, NAV, and risk metrics
Risks
5- USUAL governance token remains deeply impaired versus its December 2024 ATH, limiting governance credibility even though revenue sharing and buyback logic are now better defined
- USD0 market cap is stable near $553M, but 24-hour trading volume below $10K indicates poor liquidity and limited secondary-market participation
- January 2025 USD0++ depegging to $0.89 and subsequent transition to bUSD0 with $0.87 floor created lasting market distrust, with retail investors suffering significant losses during the panic exit period
- Multi-layer dependency on RWA tokenizers, DeFi lending markets, smart contracts, and governance decisions creates compounded counterparty and operational risk
- bUSD0 early exits can depend on rt-bUSD0 availability, secondary-market discounts, or governance-enabled floor redemption, which is materially different from holding a simple redeemable stablecoin
