USUALM, issued by the Usual Protocol smart contracts under the governance of USUAL tokenholders, is a governance token representing ownership of protocol revenue generated by USD0, a real-world asset stablecoin fully collateralized 1:1 by tokenized U.S. Treasury Bills [S1][S2][S3].

USD0 is backed exclusively by tokenized U.S. Treasury (USD) Bills and repos, including Hashnote USYC, M by M0, and USTBL by Spiko, with an insurance fund reserving approximately 0.33% to 5.33% of supply [S2][S4]. USD0 is non-yield-bearing at the base layer; the USUAL governance token represents ownership of 100% of protocol revenue, distributed weekly in USD0 to stakers through a Revenue Switch [S1][S3]. Users bear blockchain gas fees [S5].

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, which states it does not act as a conventional corporate issuer; the tokens are governed by USUAL tokenholders [S5]. USUAL represents ownership of protocol revenue but explicitly not equity in the Association [S5][S3]. Prohibited Persons include residents or nationals of 60-plus listed countries, and U.S. persons are explicitly excluded [S5]. USD0 redeems at DaoCollateral for underlying tokenized Treasury Bills at 1:1 par value [S6].

USD0 is an ERC-20 token deployed on Ethereum, Arbitrum, Base, and BNB Chain, with cross-chain transfers using Chainlink CCIP and LayerZero [S2][S6]. Direct minting deposits tokenized real-world assets into DaoCollateral for USD0 1:1, settled immediately onchain; indirect minting supplies USDC to the SwapperEngine [S6]. Pricing uses a ClassicalOracle and a Chainlink USD0 Oracle; settlement is 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/usual-products/usd0-stablecoin/usd0/rwa-collateral.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 senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

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

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

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 M (USUALM) is a tokenized fund share issued by Usual.

The fund invests in U.S. government debt.

Holders can mint and redeem directly with Usual.

USUALM has been issued on Ethereum as an ERC-20 token since December 2024.

Usual MUSUALM