USD0, issued by the Usual Protocol smart contracts under the governance of USUAL tokenholders, is a stablecoin pegged 1:1 to the U.S. dollar (USD) and fully collateralized by tokenized real-world assets [S1][S2][S3].

Holders receive a liquid deposit token redeemable 1:1 for the U.S. dollar (USD) value of underlying collateral, comprising tokenized U.S. Treasury Bills and reverse repos supplied by Hashnote USYC, M by M0, and USTBL by Spiko, with USDC as an indirect minting path [S2][S3]. USD0 is non-yield-bearing at the base layer; collateral yield routes to the community via the USUAL token rather than accruing to holders [S1][S4]. Usual charges no protocol fees to users, who bear blockchain gas costs [S5].

The protocol is developed under Association de Développement de la DAO Usual (ADDU), a French law association registered under SIREN 925 013 245 in Paris, France [S5]. USD0 is not issued by a single corporate entity; tokens are governed by USUAL tokenholders [S5]. The holder's claim is a liquid deposit token exchanged for eligible onchain assets [S5]. Prohibited Persons include residents or nationals of the United States and 60-plus listed jurisdictions, and politically exposed or sanctioned persons [S5]. Holders redeem USD0 at DaoCollateral for underlying Treasury Bill tokens at 1:1 par, with collateral custodied by named regulated custodians including BNY Mellon [S6][S7].

USD0 is an ERC-20 token deployed on Ethereum, Arbitrum, Base, and BNB Chain, with cross-chain transfers via Chainlink CCIP and LayerZero [S2][S7]. Permissioned minting deposits tokenized real-world assets into DaoCollateral for 1:1 settlement onchain; permissionless minting supplies USDC via SwapperEngine [S7]. Pricing uses a ClassicalOracle and a Chainlink USD0 Oracle, settling T+0 to T+1 [S2][S7].

<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/usd0-stablecoin/usd0/rwa-collateral.md" },
    { id: "S4", url: "https://docs.usual.money/usual-products/usual-governance-token/why-usual.md" },
    { id: "S5", url: "https://docs.usual.money/resources-and-ecosystem/legal-documentation/terms-of-services" },
    { id: "S6", url: "https://docs.usual.money/resources-and-ecosystem/fact-sheets/collateral-assets/usyc-hashnote.md" },
    { id: "S7", url: "https://docs.usual.money/usual-products/usd0-stablecoin/usd0/flow-and-architecture.md" },
  ]}
/>


Stablecoins

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 USD (USD0) is a U.S. dollar stablecoin issued by Usual through Association de Développement de la DAO Usual.

Custody of the reserves rests with The Bank of New York Mellon and CACEIS Bank, and Cohen and Co attests them.

Institutions can mint and redeem directly with Usual in USDC and USYC.

Association de Développement de la DAO Usual is incorporated in France.

USD0 has been issued on public blockchains since May 2024 and is native to Ethereum and Arbitrum One.

Usual USDUSD0

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