Usual (USUAL): tokenomics, risks and score
A stablecoin protocol backed by tokenised US Treasury products, which distributes the yield those reserves earn to token holders rather than keeping it as issuer profit.
What Usual is, and what it does
This is a real world asset. It represents something that exists outside the blockchain, such as government debt, property or a commodity, held by a custodian and recorded on chain.
What the USUAL token itself does: It receives a share of the fees the protocol collects, so holding it is a claim on real revenue.
Where it runs: Ethereum. Mechanism: Stablecoin backed by tokenised treasuries. It has been running since 2024, so roughly 2 years.
The facts
- TICKER
- USUAL
- SECTOR
- Real world assets
- CHAIN
- Ethereum
- LAUNCHED
- 2024, so around 2 years of operating history
- MECHANISM
- Stablecoin backed by tokenised treasuries
- MAXIMUM SUPPLY
- No hard cap, minted against stablecoin supply growth
- VALUE CAPTURE
- Fee share
- UPGRADE CONTROL
- DAO governed
- VESTING
- In progress
- LIQUIDITY BAND
- Micro cap. Thin, often a single venue or pool. Treat the quoted price as indicative only.
How the score breaks down
Each dimension is explained on the directory page, and the reasoning behind it is taught in the Academy research process.
Supply and value capture
High ongoing issuance. New tokens are minted continuously and holders are diluted unless they participate. A share of protocol fees reaches holders directly, which is the strongest form of value capture available.
Changes go through token holder governance, so control is distributed but influenced by whoever holds most. Ownership is heavily concentrated. A small number of wallets hold enough to determine the price on their own.
Where it is strong and where it is not
- The token captures real protocol revenue rather than relying on speculation alone
- Audited, with published reports
- Fully open source, so the code can be independently reviewed
- Heavily concentrated ownership means a few wallets control the outcome
- High ongoing issuance dilutes holders who do not actively participate
- Thin liquidity. Check order book depth before assuming you can exit
- Short operating history, so it has not yet been tested by a full market cycle
Incident history
The protocol abruptly changed redemption terms for its staked stablecoin, causing that token to lose its peg sharply and drawing criticism for altering the rules on existing holders without notice.
Our read
The main risk
It has already changed redemption terms on holders once without warning, which is the core risk with a governed stablecoin.
Before you buy anything
Check the contract address against the project's own documentation rather than a search result or a screener link, since impersonation tokens with identical names and logos are listed constantly. Check the order book depth before assuming you can exit at the quoted price. And write down what would make you wrong before you buy, not after. The Academy thesis module covers why that single habit protects more capital than any indicator.