Usual Protocol Launches RWA-Backed Stablecoin and Revenue-Sharing Governance → Web3

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Briefing

Usual Protocol has launched its innovative DeFi framework, featuring USD0, a fiat-backed stablecoin collateralized by US Treasury Bill tokens, and a governance token, $USUAL, designed to redistribute 90% of protocol revenue back to its community. This strategic move directly addresses the prevailing centralization and inequitable value capture within the stablecoin market, positioning Usual as a foundational primitive for sustainable, user-owned finance. The protocol currently commands a Total Value Locked (TVL) of over $631 million, demonstrating significant early traction and market confidence in its unique economic model.

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Context

The decentralized finance landscape has long grappled with stablecoin designs that, while offering stability, often replicate the centralized value accrual patterns of traditional banking. Existing fiat-backed stablecoins frequently operate with opaque reserves and concentrate economic benefits away from users, creating a product gap for a truly decentralized, transparent, and user-aligned alternative. Furthermore, many DeFi tokenomics models have struggled to establish sustainable value capture mechanisms that genuinely reward long-term participation over speculative short-term gains. This environment necessitated a protocol that could offer both the security of real-world assets and a robust, equitable distribution of generated value.

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Analysis

Usual Protocol fundamentally alters digital ownership models and user incentive structures within DeFi. The introduction of USD0, a stablecoin backed by diversified short-term US Treasury Bills, establishes a bankruptcy-remote and permissionless asset, providing a critical alternative to traditional bank-linked stablecoins. This system ensures full collateralization and includes an insurance fund for systemic risk mitigation. The accompanying $USUAL governance token is intrinsically linked to protocol revenue, with a substantial 90% distributed to the community.

This mechanism creates a powerful flywheel → increased USD0 adoption drives protocol revenue, which in turn enhances the value of $USUAL, aligning the incentives of users, governors, and the protocol’s long-term success. Competing protocols face a challenge in matching this integrated value redistribution model, as Usual cultivates a deeply engaged and economically vested user base. The liquid staking derivative, USD0++, further enhances capital efficiency, allowing users to earn rewards on their RWA-backed stablecoin holdings.

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Parameters

Protocol Name → Usual Protocol
Core Stablecoin → USD0 (Fiat-backed by US Treasury Bills)
Governance Token → $USUAL (90% revenue distribution to community)
Liquid Staking Derivative → USD0++ (4-year lock-up with rewards)
Current Total Value Locked (TVL) → $631,758,023
Yearly Protocol Revenue → $25.46M
Staking APY → 15%
USD0++ Locking APY → 37%
Integrated Projects → +30
Supported Chains → 4

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Outlook

The strategic outlook for Usual Protocol involves continuous expansion of its RWA collateral base and further ecosystem integrations. The protocol’s revenue-sharing model establishes a strong competitive moat, making it a compelling target for other dApps seeking to integrate a truly decentralized and yield-bearing stablecoin. This innovation could serve as a foundational building block for a new generation of DeFi applications that prioritize equitable value distribution and transparent, real-world asset backing.

Competitors may attempt to fork the protocol’s technical architecture, but replicating the community-centric value alignment and robust insurance mechanisms will present a significant challenge. The next phase will likely focus on scaling liquidity across more chains and introducing additional yield optimization strategies for USD0 and USD0++.

Usual Protocol’s RWA-backed stablecoin and aggressive revenue-sharing model represent a significant evolution in DeFi, establishing a new standard for user-centric value accrual and challenging the centralized paradigms of existing stablecoin infrastructure.

Signal Acquired from → usual.money