Usual USD

Symbol	USD0
Peg	USD
Backing	Rwa backed
Status	Active
Launched	2024
Networks	L1 EVM Ethereum
Specifications	Backing Fully backed by U.S. Treasury Bills and reverse repurchase agreements. Auditor Cohen & Company Redemption USD0 is a liquid stablecoin redeemable 1:1 for the underlying collateral (U.S. T-Bills / reverse repos) at any time. USD0++ (the separate locked/bonded version) has its own conditional and unconditional exit mechanisms that do not apply to plain USD0.
Use cases	DeFi collateral, Trading
Mint and redeem	USD0 is minted and redeemed 1:1 against eligible tokenized real-world-asset collateral through the Usual Protocol. In the direct primary-market path, institutional or otherwise permissioned participants holding eligible RWA tokens such as USYC, M or USTBL deposit those assets and receive USD0 at par; redemption reverses the transaction, with USD0 surrendered for eligible RWA collateral. The direct path has no stated minimum. In the indirect path, users deposit USDC and are matched with Collateral Providers that supply the required RWA collateral; the documented primary-order minimum for this path is 100,000 USD0, with smaller orders routed to secondary markets. The indirect mechanism is designed to give retail or permissionless users access without themselves holding permissioned RWA tokens. Redemption is therefore onchain against collateral rather than a general right to redeem USD0 directly for bank-account dollars from a centralized issuer.

Chains holding at least $1M of this token, from the daily cross-chain compilation. The total may differ from the market capitalization above, which is a separate measurement.

Addresses as recorded for this token. Verify against the issuer's own published address before sending funds.

Official site · Whitepaper

Usual USD (USD0) is a stablecoin issued by Usual Protocol, designed to maintain a 1:1 peg with the US dollar through backing by real-world assets. USD0 is fully backed by short-duration U.S. Treasury Bills and reverse repurchase agreements, ensuring liquidity and stability. The reserves are audited by Cohen & Company, with regular third-party attestations of holdings.