ETH0, issued by the Usual Protocol smart contracts under the governance of USUAL tokenholders, is a tokenized yield product built on the same infrastructure as the protocol's USD0 stablecoin, which aggregates tokenized real-world assets into permissionless, fully collateralized onchain tokens [S1][S2].

ETH0 extends the model underpinning USD0, under which base tokens are non-yield-bearing and yield generated by underlying collateral is routed to the community through the USUAL governance token rather than retained by an issuer [S1][S3]. USUAL represents ownership of 100% of protocol revenue, distributed weekly to stakers via a Revenue Switch [S3]. ADDU charges no fees to users for the Services or Interface; users bear blockchain gas fees [S4].

The protocol is developed under Association de Développement de la DAO Usual (ADDU), a French law association registered under INSEE SIREN 925 013 245 at 10 rue de la Paix, 75002 Paris, France [S4]. ADDU is not a conventional corporate issuer; tokens are governed by USUAL tokenholders, and USUAL conveys no equity in the Association [S4][S3]. No regulator or license is claimed for ADDU [S4][S5]. Prohibited Persons include U.S. residents and nationals of 60-plus listed countries, politically exposed persons, and sanctioned parties; direct institutional minting is permissioned while indirect minting is permissionless [S4][S6].

Usual tokens follow the ERC-20 standard, deployed across Ethereum, Arbitrum, Base, and BNB Chain, with cross-chain transfers using Chainlink CCIP and LayerZero [S2][S6]. Minting deposits eligible collateral into protocol smart contracts for 1:1 issuance settled onchain [S6]. Pricing uses a ClassicalOracle for collateral and a Chainlink oracle for external integrations, with settlement referenced as T+0 to T+1 [S2][S6].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.usual.money/usual-products/usd0-stablecoin" },
    { id: "S2", url: "https://docs.usual.money/usual-products/usd0-stablecoin/usd0.md" },
    { id: "S3", url: "https://docs.usual.money/usual-products/usual-governance-token/why-usual.md" },
    { id: "S4", url: "https://docs.usual.money/resources-and-ecosystem/legal-documentation/terms-of-services" },
    { id: "S5", url: "https://docs.usual.money/resources-and-ecosystem/legal-documentation/legal-notice.md" },
    { id: "S6", url: "https://docs.usual.money/usual-products/usd0-stablecoin/usd0/flow-and-architecture.md" },
  ]}
/>


Tokenized funds

Users deposit US Treasury Bills and receive USD0, Usual's USD stablecoin. With USD0, users can purchase the enhanced T-Bill (USD0++), allowing them to earn rewards in USUAL tokens.

Usual is a decentralized Fiat Stablecoin issuer built on Ethereum and it was launched in 2024.

USUAL tokenholders own and govern the protocol. They currently collect all of the RWA collateral interest (revenue). Usual's investors include Bing Ventures, StarkWare, Kima Ventures, etc.

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Stablecoin issuers

Usual

Usual ETH (ETH0) is a token providing exposure to a tokenized fund issued by Usual.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The fund is open-ended, invests in crypto assets, and locks up subscriptions for 0 months.

Retail investors and institutions can mint and redeem directly with Usual in wstETH, and holders have a right to redeem at net asset value with instant settlement.

ETH0 has been issued on Ethereum as an ERC-20 token since June 2025.

Usual ETHETH0

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