Usual USD
$0.9971
STRICT-Score
Max. Potenzial
1x
Potenzieller Ertrag
Wahrscheinlichkeit
0%
Erfolgschance
Risikoniveau
4/10
Mittleres Risiko
Marktkapitalisierung
$543.90M
Volumen
$933.68K
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
USD0 is an RWA-backed stablecoin issued by Usual Protocol, fully collateralized 1:1 by US Treasury Bills and short-term government securities. As of January 2025, USD0 ranks 10th among stablecoins by market cap with $646 million TVL, supported by Usual Protocol's total TVL of $1.25 billion. The protocol raised $8.5 million from investors including Kraken Ventures and IOSG Ventures, and generates $20M+ in diversified revenue. USD0 is backed by diversified RWA collateral including Hashnote USYC, BlackRock BUIDL, Ethena USDtb, M^0's M token, and Ondo OUSG, now live on 75 blockchains via Pyth Network integration.
Wettbewerbsposition
USD0 has carved a unique position in the stablecoin market by focusing on RWA backing rather than algorithmic mechanisms or pure fiat reserves. It ranks 10th among stablecoins by market cap and led the 200% RWA sector TVL growth during 2024, reaching $7.92 billion total across the sector. Primary competition includes USDC (Circle), USDT (Tether), and other RWA stablecoins like Ondo USDY. Key differentiators are the community-centric tokenomics (90% distribution), diversified multi-protocol collateral strategy, direct revenue sharing via Revenue Switch ($5M/month to USUALx stakers), and aggressive cross-chain expansion across 75 blockchains.
Fazit
USD0 represents an innovative RWA-backed stablecoin offering transparent Treasury Bill collateralization and community-focused governance through $USUAL. With $646M TVL, 100% collateralization, $20M+ protocol revenue, and integration across 75 blockchains, it provides a credible alternative for users seeking yield-bearing stable assets backed by real-world securities. The January 2025 stress test and successful peg restoration demonstrate protocol resilience, though governance transparency remains an area requiring ongoing improvement.
Stärken
- 100% collateralization with US Treasury Bills via multiple RWA providers (Hashnote, BlackRock, Ethena, Ondo, M^0) provides bank-run resistant backing
- 90% of $USUAL tokens (4B max supply) distributed to community vs only 10% to team, creating strong alignment with protocol growth
- Revenue Switch activated January 13, 2025, distributing estimated $5M monthly protocol revenue directly to USUALx stakers in USD0
- Cross-chain infrastructure live on 75 blockchains via Pyth Network partnership, with LayerZero and Chainlink integrations expanding accessibility
- Successfully restored USD0 peg within hours during January 2025 stress test, demonstrating robust secondary market liquidity and protocol resilience
Risiken
- January 2025 USD0++ depegging incident saw price drop to $0.89 when unconditional 1:1 redemption terminated, replaced with $0.87 floor price protection
- Early unstaking mechanism launched Q1 2025 allows burning USUAL to unlock USD0++ before 4-year lock-up, potentially undermining long-term staking incentives
- Dependence on third-party RWA tokenizers creates multi-layer smart contract, custodial, and counterparty risks across multiple protocols
- USUAL token volatility and governance changes (like surprise policy updates) have eroded community trust, requiring enhanced transparency measures
- Regulatory uncertainty as securities-backed stablecoins face evolving global frameworks, particularly around yield-bearing products and RWA tokenization
Kommende Katalysatoren
$16M Bug Bounty Launch
Zeitrahmen: April 2025
Lock & Boost Staking Launch
Zeitrahmen: July 2025
TAC Integration
Zeitrahmen: August 2025
Collateral Rehypothecation & Banking Partnerships
Zeitrahmen: Q4 2025 - 2026
Cross-Chain Expansion & New Product Launch
Zeitrahmen: Q2 2025 onward
STRICT-Score
Bewertung: 78/100 | Potenzial: 1x
Verwandte im gleichen Sektor - Stablecoin
Alle anzeigen
Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.