Most people think all stablecoins are the same - just digital dollars pegged to the US dollar. But Usual USD (USD0) isn’t like USDT or USDC. It doesn’t rely on bank reserves or corporate promises. Instead, every USD0 is backed 1:1 by real short-term U.S. Treasury Bills, held on-chain and fully visible to anyone. This isn’t a theory. It’s a working system that’s already handling over $150,000 in daily trades and staying within pennies of $1.00 even during market chaos.
How USD0 Is Different From Other Stablecoins
USDT and USDC claim to be backed by cash and cash equivalents, but no one can prove exactly where that money is. There’s no real-time transparency. If a bank fails or a reserve gets frozen, users get stuck. USD0 fixes this by using actual U.S. Treasury Bills - the safest, most liquid assets in the world. These aren’t held by a company. They’re held in custody by a regulated third party, and every single bill is tokenized on the blockchain. You can check the exact holdings anytime through the protocol’s public dashboard.
That’s the first big difference: no fractional reserves. Traditional stablecoins often lend out your dollars to earn interest, leaving you exposed if those loans go bad. USD0 doesn’t do that. Every USD0 you hold is matched with a real T-Bill. No lending. No risk of default. Just pure collateral.
The Three Tokens of the Usual Protocol
USD0 isn’t alone. It’s part of a three-token system that works together to create a self-sustaining economy.
- USD0 - The stablecoin. Every unit is backed by a short-term U.S. Treasury Bill. You can send it, trade it, or use it in DeFi apps just like any other token.
- USD0++ - This is what happens when you stake USD0. When you lock your USD0 into a staking contract, you get USD0++ in return. It’s not a new coin - it’s your staked USD0 with rewards attached. Think of it like a receipt that earns interest.
- USUAL - The governance token. It’s not just a voting token. It’s tied directly to the protocol’s revenue. As more people stake USD0, more USUAL is issued - but only at a rate slower than the protocol’s income growth. This keeps USUAL scarce and valuable over time.
The key insight? USUAL isn’t given away for free. It’s earned by growing the system. The more USD0 is staked, the more revenue the protocol generates - from fees, yield, and asset management - and the more USUAL gets issued, but never faster than the money coming in. That’s a rare design in crypto, where most tokens inflate endlessly.
How Staking USD0 Works
Staking USD0 isn’t like staking Ethereum or Solana. You’re not securing a network with proof-of-stake. You’re locking up a stable asset to earn more of it - plus USUAL tokens.
When you stake 100 USD0, you get 100 USD0++ in return. Over time, you earn additional USD0 as a reward - typically around 4-7% APY depending on market conditions. On top of that, you earn USUAL tokens. These aren’t just bonus coins. They give you a share in the protocol’s future earnings.
For example, if you stake $10,000 worth of USD0 and the protocol generates $100,000 in revenue this month, your share of USUAL issuance increases based on your contribution. You’re not just holding a coin - you’re helping run a financial engine.
The staking rewards are automated. No need to claim them. They compound automatically. And because USD0 is backed by T-Bills, the underlying yield comes from real-world interest - not speculative crypto farming.
Why the Insurance Fund Matters
Even with full collateral, crypto users worry about smart contract bugs, hacks, or black swan events. That’s why USD0 has an insurance fund - funded entirely by protocol revenue, not user deposits.
If something goes wrong - say, a custody partner fails or a blockchain glitch causes a temporary mismatch - the insurance fund steps in to cover losses. It’s not a promise. It’s a reserve. As of early 2026, the fund held over $18 million in liquid assets, mostly in short-term T-Bills and stablecoins. That’s more than enough to cover every USD0 in circulation.
This isn’t marketing. It’s math. The fund grows as the protocol grows. More usage = more fees = more insurance. That’s a loop that actually works.
Price Stability and Real-World Data
As of February 14, 2026, USD0 was trading at $0.996349. That’s not a coincidence. It’s a feature. The 24-hour range was $0.992089 to $1.005 - less than 1.3% variance. Compare that to USDC, which has dipped below $0.99 during bank stress events.
Why such tight stability? Because USD0’s value isn’t based on market sentiment. It’s based on real assets. When you redeem USD0, you get back the exact value of the T-Bills backing it - not a promise from a company.
Conversion rates confirm it:
- 100 USD0 = $99.83 USD
- 1,000 USD0 = $998.29 USD
- 10,000 USD0 = $9,982.92 USD
The tiny gap? That’s just transaction fees - not a broken peg. In fact, 10,000 USD buys you 10,017.10 USD0. That means USD0 is slightly *more* valuable than USD in some markets - because it’s more usable in DeFi.
USUAL Token: The Engine Behind the System
USUAL is where the real innovation lies. Most governance tokens are useless. They give you voting rights but no income. USUAL gives you both.
Every time someone stakes USD0, the protocol earns yield from T-Bills. A portion of that yield is used to buy back USUAL on the open market. Another portion goes into new USUAL issuance - but only if the protocol’s revenue is growing faster than supply. This keeps inflation low and value high.
As of February 2026, USUAL was trading at $0.015188 with a $24.95M market cap. That’s not huge, but it’s growing fast. Daily volume hit $3.78M - meaning real traders are using it, not just speculators.
The key? USUAL’s supply growth is capped at 8% per year - even as TVL (total value locked) in USD0++ crosses $500M. That’s a disinflationary model. It’s designed to outlast hype cycles.
Who Uses USD0?
It’s not just crypto natives. Institutions are starting to use it too.
- DeFi traders use USD0 as a stable asset to move in and out of high-yield pools without losing value.
- Developers build lending apps, savings wallets, and automated strategies around USD0 because its collateral is verifiable.
- Businesses accept USD0 for payments because it settles in seconds and can’t be frozen.
- Investors use USD0++ to earn yield without touching volatile crypto.
It’s not a gamble. It’s a tool.
Is USD0 Safe?
It’s safer than most stablecoins - but not risk-free.
Smart contracts can still have bugs. Custodians can fail. Governments can regulate. But USD0 reduces those risks better than anyone else:
- Backed by T-Bills - the safest asset class on Earth.
- Full transparency - you can verify holdings yourself.
- Insurance fund - already funded and growing.
- No leverage - no lending, no derivatives, no risky collateral.
- Decentralized governance - no single company controls it.
If you’re tired of being told to trust a company, USD0 is the first stablecoin that lets you trust math instead.
Is USD0 the same as USDT or USDC?
No. USDT and USDC are backed by corporate reserves that aren’t fully transparent or independently audited. USD0 is backed 1:1 by U.S. Treasury Bills held in custody by a regulated third party. You can verify every asset on-chain. There’s no fractional reserve risk. USD0 is designed to be more secure and transparent than any fiat-backed stablecoin.
Can I earn interest on USD0?
Yes - but not directly. You earn interest by staking USD0 to get USD0++. This gives you two rewards: more USD0 (typically 4-7% APY) and USUAL tokens. The yield comes from real-world interest on the T-Bills backing the protocol. It’s not speculative. It’s earned from actual government debt.
What is USUAL token used for?
USUAL is the governance token of the Usual protocol. It gives holders voting rights on protocol upgrades and fee structures. But more importantly, it’s tied to revenue. As the protocol earns more from staking and asset management, USUAL is issued - but only at a rate slower than revenue growth. This keeps it scarce and valuable over time. It’s not just a vote token - it’s an income-generating asset.
Is USD0 backed by Bitcoin or Ethereum?
No. USD0 is backed exclusively by short-term U.S. Treasury Bills. These are government debt securities, not cryptocurrencies. The protocol uses blockchain to tokenize and track these assets, but the underlying value comes from real-world government bonds - not crypto volatility.
Can I redeem USD0 for real U.S. dollars?
Not directly to a bank account. But you can redeem USD0 for its underlying value - the equivalent value of the T-Bills backing it - through the protocol’s redemption mechanism. This means if you hold 100 USD0, you can exchange it for the cash value of the T-Bills that back those tokens. It’s not a bank withdrawal, but it’s backed by real assets that can be sold for USD on open markets.
Is USD0 legal?
Yes. The protocol operates under existing financial regulations by using only U.S. Treasury Bills - which are legal, regulated assets. The blockchain infrastructure is decentralized, but the underlying collateral is fully compliant. The protocol does not issue debt, create loans, or engage in unlicensed banking activities. It simply tokenizes existing legal financial instruments.
How do I buy USD0?
You can buy USD0 on major decentralized exchanges like Uniswap, Curve, and Balancer. It’s also listed on centralized exchanges such as KuCoin and Bitget. Look for the ticker USD0. You’ll need to swap ETH, USDT, or USDC for USD0. Always check the official Usual website for the latest list of supported platforms.
USD0 isn’t trying to replace the dollar. It’s trying to make the dollar work better on the blockchain. If you want stability without trusting a company, this is the closest thing we have today.
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