USD0++, issued by the Usual Protocol smart contracts under the governance of USUAL tokenholders, is a tokenized yield-bearing bond token backed 1:1 by USD0, a stablecoin aggregating tokenized real-world asset collateral into onchain exposure [S1][S2].

USD0++ is a bonded version of USD0 locked until a fixed maturity, the current series maturing 11 June 2028, functioning as a liquid bond that distributes daily coupons paid in the USUAL governance token to holders [S2]. USD0 is backed exclusively by tokenized U.S. Treasury Bills and repos, including Hashnote USYC shares in the Hashnote Short Duration Yield Fund, M by M0, and USTBL by Spiko [S1][S3][S4]. Holders bear blockchain gas fees [S5].

The protocol is developed under Association de Développement de la DAO Usual (ADDU), a French law association registered at 10 rue de la Paix, 75002 Paris, under SIREN 925 013 245 [S5]. The tokens are not issued by a single corporate entity; they are governed by USUAL tokenholders, and ADDU does not act as a conventional issuer [S5]. USD0++ is a bonded token representing a liquid bond claim [S2]. Prohibited Persons include U.S. persons and residents of 60-plus listed countries [S5]. Holders combine one bUSD0 plus one rt-bUSD0 for early exit, redeem at par at maturity, accept a DAO floor price of 0.92 USD0, or sell on secondary markets [S2].

USD0++ is an ERC-20 token, with USD0 deployed on Ethereum, Arbitrum, Base, and BNB Chain [S1][S2]. Cross-chain transfers use Chainlink CCIP and LayerZero [S6]. USD0 minting deposits tokenized real-world assets into protocol smart contracts, settled onchain, referenced as T+0 to T+1 [S1][S6]. Pricing uses a ClassicalOracle for collateral and a Chainlink USD0 Oracle [S6].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.usual.money/usual-products/usd0-stablecoin/usd0.md" },
    { id: "S2", url: "https://docs.usual.money/usual-products/yield-products/usd-products/bond-usd0.md" },
    { id: "S3", url: "https://docs.usual.money/usual-products/usd0-stablecoin/usd0/rwa-collateral.md" },
    { id: "S4", url: "https://docs.usual.money/resources-and-ecosystem/fact-sheets/collateral-assets/usyc-hashnote.md" },
    { id: "S5", url: "https://docs.usual.money/resources-and-ecosystem/legal-documentation/terms-of-services" },
    { id: "S6", url: "https://docs.usual.money/usual-products/usd0-stablecoin/usd0/flow-and-architecture.md" },
  ]}
/>


# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

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 USD0++ (USD0++) is a tokenized fund share issued by Usual.

The fund is open-ended and invests in U.S. government debt.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Usual in USD0, and holders have a right to redeem at net asset value with instant settlement.

USD0++ has been issued on Ethereum as an ERC-20 token since June 2024.

Usual USD0++USD0++