USUALX, issued by the Usual Protocol smart contracts under the governance of USUAL tokenholders, is a tokenized governance instrument representing ownership of protocol revenue generated by the USD0 stablecoin and its associated yield strategy [S1][S2].

Holders gain economic exposure to revenue produced by USD0, a stablecoin fully collateralized 1:1 by tokenized real-world assets comprising U.S. Treasury Bills and repos, including Hashnote USYC, M by M0, and USTBL by Spiko [S3][S4]. USUAL represents ownership of 100% of protocol revenue, distributed weekly in USD0 to stakers through a Revenue Switch [S2]. Usual itself charges Users no fees for the Services; holders bear blockchain gas costs [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 in Paris, France [S5]. ADDU does not act as a conventional corporate issuer; tokens are governed by USUAL tokenholders, and USUAL represents ownership of protocol revenue but explicitly not equity in the Association [S5][S2]. Prohibited Persons include residents or nationals of 60 or more listed countries, and U.S. persons are explicitly excluded [S5]. Underlying USD0 collateral custody sits with regulated custodians including BNY Mellon for USYC, with full 1:1 collateralization and an insurance fund buffer of 0.33% to 5.33% of supply [S3][S6].

USD0 is an ERC-20 token deployed onchain on Ethereum, Arbitrum, Base, and BNB Chain, with cross-chain transfers using Chainlink CCIP and LayerZero [S3][S7]. USD0 redemption presents tokens to DaoCollateral for underlying Treasury Bills at 1:1 par, with settlement referenced as T+0 to T+1 in USDC or PYUSD; pricing uses a ClassicalOracle and a Chainlink USD0 Oracle [S3][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/usual-governance-token/why-usual.md" },
    { id: "S3", url: "https://docs.usual.money/usual-products/usd0-stablecoin/usd0.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/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" },
  ]}
/>


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 X (USUALX) is a tokenized fund share issued by Usual through Association de Développement de la DAO Usual.

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

Investors can subscribe and redeem in USUAL, and holders have a right to redeem at net asset value.

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

USUALX has been issued on Ethereum as an ERC-4626 token since December 2024.

Usual XUSUALX