Usual USD (USD0) presents a compelling case as a next-generation, Real World Asset (RWA) backed stablecoin. The project distinguishes itself with a robust tokenomic model that redistributes revenue from underlying US Treasury collateral back to users, addressing a major inefficiency in the current stablecoin market dominated by centralized incumbents. Operational metrics are strong, with over $500M in TVL and a rapidly expanding community driven by incentivized campaigns. Security is a highlight, evidenced by a massive $16M bug bounty program and high audit frequency, although a minor arbitrage exploit ($43k profit) was noted and contained. Active development is confirmed through consistent off-chain signals and ecosystem integrations. However, the overall score is significantly impacted by a missing data evaluation for the 'Team and Governance' section (scored 0 due to an error), which mathematically drags down what would otherwise be a very high-scoring project. Despite this data gap, the presence of 'Usual Labs' and active roadmap execution described in other sections suggests a competent operating team. Investors should view USD0 as a strong RWA contender with verified backing, keeping in mind the centralized custody risks inherent to RWA assets.