If you’re searching for yield, an RWA-backed stablecoin, and a protocol model built with an emphasis on distributing rewards fairly among users, then it’s worth taking a look round a platform named Usual, but note that it is in some ways actually a little unusual.
The platform is a decentralized fiat stablecoin issuer, and it works by aggregating tokenized RWAs, with plans to utilize collateral from platforms including Hashnote, Ondo Finance, and TradFi giant BlackRock (which operates a tokenized RWA fund called BUIDL), although initially, the only operating partner is Hashnote.
This collateral–in the case of Hashnote, it’s USYC (the Hashnote US Yield Coin)–is used for a 100% deposit-backed stablecoin called USD0, while Usual also issues a Liquid Staking Token (LST) called USD0++.
Additionally, the platform’s incoming governance token is called USUAL, and this is set to launch for trading on Binance this week. According to official documents, the token acquires its worth from value retained in the protocol’s treasury, as protocol revenue and all yield generated from the assets backing the USD0 stablecoin are channelled back into the treasury.
Overall then, Usual is based around transparency, distributed rewards, and a fully RWA-backed stablecoin that provides an interesting alternative to tokens such as USDC and USDT.
And importantly, when it comes to platform growth, the protocol is gaining momentum, as last week it was ranked by Token Terminal as the fastest growing stablecoin issuer, growing by almost 50% over seven days to register just under $840 million of stablecoin supply.
The User Flow on Usual
So with that overview of how the platform operates and what it has planned, let’s take a look at the user flow and how to generate returns, although before we dive in, please keep in mind that using DeFi protocols comes with risks, including: smart contract vulnerabilities, token depegs, frontend attacks, economic design flaws, and the possibility of systemic risk across DeFi and crypto. This guide is neither an endorsement nor financial advice.
Always keeping risk management in mind then, let’s start with a look at the steps involved in using Usual, which can be as follows:
- Swap tokens such as USDC or ETH for USD0 on Usual, or buy USD0.
- Stake USD0 for the USD0++ LST on Usual, or buy USD0++.
- Use USD0++ to earn further yield on other compatible protocols.
How to Acquire USD0 and USD0++
For the first step, you need to visit the Usual app and connect up your wallet. Compatible wallets include MetaMask and Phantom, with Usual operating on Ethereum, so you’ll need to make sure your wallet is switched to that network.
From there, if you go to the Swap tab, you’ll be able to exchange a range of tokens–including USDC, USDT, ETH and ONDO–for USD0.
Having acquired USD0, if you then hover over the Swap tab again, you…
