Usual USD0 is a stablecoin from Usual backed one-to-one by a basket of real-world assets, primarily short-term US Treasuries and tokenized treasury funds held in bankruptcy-remote structures. The base token is redeemable and non-yielding, while a locked variant, USD0++, earns a boosted yield in exchange for a fixed term. USD0 scores 68/100 (Tier 2) on the RWTS Trust Score: a transparent RWA reserve, set against a redemption path the protocol can pause and price at its own discretion, and against a relatively short operating history and the complexity that the yield-bearing version introduces through its lock-up and token economics.
- Issuer / protocol
- Usual
- Backing
- Real-world assets (RWA collateral basket)
- Redemption / lock-up
- None (USD0++ has lock for boosted yield)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 2 — Treasury & Fiat-Backed
- Contract
- 0x73A1…b3c1
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
| Pool | DEX | Liquidity | 24h Vol |
|---|---|---|---|
| USD0 / USDC | uniswap | $1.9M | $708K |
| USD0 / USDC | curve | $575K | $52K |
Aggregated across public DEX pools holding more than $10K in liquidity. Daily snapshot, not a live feed. Source: DexScreener. Deep, distributed liquidity makes a token easier to enter and exit without slippage.
Current yield of 5.71% sits at 68% of the observed range. This is above the midpoint, indicating relatively attractive rates.
Projections assume constant APY of 5.71%. Actual returns may vary. Not financial advice.
Beyond USD0's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $542.16M indicates healthy on-chain liquidity. Lock-up: None (USD0++ has lock for boosted yield).
Is USD0 safe?
USD0 (Usual USD0) scores 68/100 on the independent RWTS Trust Score, which places it in Treasury & Fiat-Backed (Tier 2). Tier 2 is strong: institutional or fiat backing with solid verification, a notch below fully-reserved physical assets. Backing: Real-world assets (RWA collateral basket). It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Exit routes
5/15 · right 4/8 · routes 1/7If the issuer stopped cooperating tomorrow, could you get out?
One route, and it does not depend on the issuer
- issuer
Usual DaoCollateral redeem()
A redeem function exists, but the fee is set by an admin role, redemption can be paused by PAUSING_CONTRACTS_ROLE, and a counter-bank-run mode can be activated by DEFAULT_ADMIN_ROLE. A route the issuer can switch off is not a route the issuer cannot close.
- independent
Uniswap V3
93.8% of volume. Curve carries 6.2% and everything else 0.1%, so the venues outside the largest total under 10% and collapse to one route.
Route 1 and right 4, taking USD0 from 11 to 5. The redemption right is real but pausable and its fee is discretionary, and 94% of the market sits on one venue.
This is the redeemability component of the Trust Score above, which stands at 68/100 (B-). Until 1 September 2026 redeemability was a single figure measuring the right to redeem while ignoring how many routes existed to exercise it. Splitting it moved this asset’s score. How the score works
Assessed 2026-09-01. Route independence asks how many ways out the issuer cannot close, not how much the asset trades.
Compare USD0
Head to head on the Trust Score with similar assets.