Usual USD
USD0
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
USD0 (Usual USD) is an RWA-backed stablecoin issued by Usual Protocol, backed 1:1 by short-term U.S. Treasury Bills and tokenized RWAs with a market cap of ~$550M and over 126k holders. Active development is relatively solid (7.0/10), evidenced by the Road to Usual v2 roadmap and recent audits by Hexens and Sherlock, showing the protocol remains operational with functional mint/redemption mechanisms. Tokenomics (6.0/10) provide an elastic supply model where yield is redirected via the USUAL governance token rather than directly accruing to USD0 holders. However, the asset faces material headwinds reflected in lower scores across Team & Governance (4.5/10) and Security (3.5/10). The protocol experienced a January 2025 depeg of its liquid staking derivative USD0++ to ~$0.90 and a May 28, 2025 smart contract arbitrage exploit, alongside high insider voting concentration (50% until 2028). While contract pauses and audits addressed these incidents, they represent notable operational and smart contract risks. Overall score is calculated strictly via the weighted average of all six complete sections with no data gaps.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Usual USD (USD0)
USD0 (Usual USD) is a fiat-pegged stablecoin issued by Usual Protocol, backed 1:1 by short-term U.S. Treasury Bills and tokenized real-world assets (RWAs). The token operates across multiple blockchain networks, including Ethereum, Base, BNB Chain, and Arbitrum. USD0 functions with an elastic supply model and does not directly distribute collateral yield to base token holders. Instead, collateral yield is routed through the USUAL governance token ecosystem, while users seeking yield interact with the protocol's liquid staking derivative, USD0++.
The protocol has experienced multiple operational and security setbacks. In January 2025, the liquid staking derivative USD0++ suffered a significant depeg, dropping to approximately $0.90. On May 28, 2025, Usual Protocol identified and paused contracts following a smart contract arbitrage exploit involving 1:1 swaps between USD0++ and USD0. Furthermore, governance analysis indicates centralization risks, as protocol insiders retain 50% of the voting power within the Usual DAO governance structure until June 2028.
Despite these historical incidents, Usual Protocol remains operational. In October 2025, the team published the "Road to Usual v2" roadmap outlining governance and protocol restructuring, alongside code audits conducted by security firms including Sherlock, Hexens, Cantina, and Halborn. USD0 continues to maintain active minting and redemption capabilities across its supported networks.