Finance Protocol Usual Introduces Stablecoin Backed by Real-World Assets

Profits are redistributed to the community by rewarding token holders with yields.

AccessTimeIconFeb 28, 2024 at 2:00 p.m. UTC
Updated Mar 9, 2024 at 1:43 a.m. UTC
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  • USD0 is a permissionless stablecoin backed by real-world assets.
  • Holders of the stablecoin will be rewarded with yields generated by the real-world assets.
  • A governance token, USUAL, grants the right to vote on proposals that guide the protocol's future.

Finance protocol Usual has introduced USD0, a permissionless stablecoin backed by real-world assets (RWAs), alongside a governance token that allows users to have a say on the network's future, the company said in a press release Wednesday.

The protocol addresses some of the current issues of the stablecoin market by redistributing profits to the community, the France-based company said. A stablecoin is a type of cryptocurrency that's usually pegged to the U.S. dollar, though some other currencies and assets such as gold are also used. USD0 holders will be rewarded with yields generated by the real-world assets.

The governance token, USUAL, will be granted to members of the Usual ecosystem, and gives the right to vote on proposals that guide the token's future, the firm said.

Stablecoin innovation has been gathering pace. Ethena Labs recently launched its USDe token, which it calls a synthetic dollar, not a stablecoin. Users of its platform can deposit stablecoins to receive USDe, which is then staked. The yield is generated by staking ether to a validator and earning 5% on the capital, as well as shorting ether futures to capture the funding rate, estimated at above 20%.

Usual is led by CEO Pierre Person, a former politician and member of the French National Assembly who spearheaded the country's crypto asset legislation.

"Existing stablecoin models lack transparency and equitable value distribution, privatizing their gains and socializing their losses, and going against the ethos that web3 was built on," Person said in the release. "Usual is proud to be addressing this void by providing a permissionless, real-asset backed stablecoin that shares our profits directly with the community, and empowers our token holders to guide us to the future that they see fit."

UPDATE (Feb. 28, 19:14 UTC): Updates company's headquarter location to France.

Edited by Sheldon Reback.


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Will Canny is CoinDesk's finance reporter.

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