USUALWM, issued by the Usual Protocol smart contracts under the governance of USUAL tokenholders, is a governance token conferring ownership of protocol revenue generated by USD0, a stablecoin fully collateralized 1:1 by tokenized U.S. Treasury collateral [S1][S2][S3].

USUALWM represents ownership of 100% of Usual Protocol revenue, which derives from yield on the underlying real-world asset collateral backing USD0, namely tokenized U.S. Treasury Bills and reverse repos supplied by Hashnote USYC, M by M0, and USTBL by Spiko [S1][S4][S3]. Revenue is distributed weekly in USD0 to stakers through a Revenue Switch [S3]. The USUAL token is not equity in the Association and does not itself bear management or redemption fees [S5][S3].

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 [S5]. The token is not issued by a single corporate entity and is governed by USUAL tokenholders [S5]. USUAL represents ownership of protocol revenue but explicitly not ownership or equity in the Association [S5][S3]. Prohibited Persons include residents or nationals of more than 60 listed countries and U.S. persons, and holders must not be politically exposed persons [S5]. The Terms of Service specify no separate redemption rights [S5].

USUALWM is an ERC-20 token issued onchain [S1]. Underlying USD0 collateral is priced through a ClassicalOracle for collateral valuation and a Chainlink USD0 Oracle for external integrations, with NAV-based onchain pricing from tokenized-fund collateral providers [S2][S6]. USD0 revenue is settled and distributed weekly in USD0 to USUAL stakers via the Revenue Switch [S3].

<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/resources-and-ecosystem/fact-sheets/collateral-assets/usyc-hashnote.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" },
  ]}
/>


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 WM (USUALWM) is a tokenized fund share issued by Usual.

USUALWM has been issued on public blockchains since August 2024 and is native to Ethereum, Arbitrum One, and Solana.

Usual WMWRAPPEDM

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