Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin
Share of total stablecoin supply
#15 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #61 of 98 issuers
Share of supply in lending
lower bound; below the median issuer (3.3%)
Founded / domicile
FR · Paris
Protocol issuing USD0, a dollar stablecoin, and EUR0, a euro stablecoin.
Who runs Usual
Usual's documentation says its dollar stablecoin is backed by tokenized Treasury bill funds held in smart contracts. The protocol's documentation describes USD0 collateral as held on-chain and verifiable in real time. Ownership of the protocol's revenue is assigned to holders of a governance token, USUAL, which the FAQ describes as representing 100% of protocol revenue.
The entities
The Usual terms of service name Association de Développement de la DAO Usual (ADDU), a French law association registered under SIREN 925 013 245 at 10 rue de la Paix, Paris. The terms describe ADDU as software developers in the protocol ecosystem with no custodial control. They call USD0 a liquid deposit token and do not name a separate issuing entity. The terms bar US persons and residents of other listed jurisdictions.
The development company is Usual Labs, founded in 2022 and based in France. Its president, Pierre Person, is a former member of France's National Assembly. Usual raised a $7 million seed round in April 2024, with IOSG Ventures and Kraken Ventures among the key investors. Governance over collateral acceptance and protocol parameters sits with USUAL holders, according to the docs.
Sources: Usual terms of service (ADDU entity, jurisdiction, restrictions), Usual documentation: What is Usual?, Usual FAQ (USUAL token, bUSD0), Usual Docs, Usual Backers (funding rounds, inception), Usual Docs, Usual: The First Two Years (Usual Labs founded in France in 2022), Assemblée nationale, M. Pierre Person (former member, Paris 6th district), French company register (recherche-entreprises.api.gouv.fr), UP ONLY CO, SIREN 919 540 427, Usual Docs, USD0
USD0 is Usual's only stablecoin.
USD0's supply, counted once across its chains.
Supply of every coin Usual issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$541.1M
Read on 2 chains, all in the total
Ethereum100.0%$541.1M
Arbitrum<1%$999In DIA's latest read, USD0 sits 15 bps below its USD peg. USD0's typical daily move over the last 90 days was 4.8 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | Today | 90d | Largest |
|---|---|---|---|
 USD0USD | −15 bps (−0.15%) | 4.8 bps | −128 bps (−1.28%) |
$17.4M supplied to 3 lending markets on 2 protocols. That is 3.2% of its onchain supply; the median across 43 issuers in lending markets is 3.3%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every Usual coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins Usual issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$17.4M
supplied to 3 lending markets on 2 protocols
29%
Borrowed
share of supplied stablecoins now on loan
0.42%
Average supply APY
weighted by the balance in each market
100.0%$17.4MEthereumUSD0$17.4M0.42%29%EthereumUSD0$3K<1%$5KEthereumUSD0$5KEthereumin 3 lending markets100%$17.4MEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 43 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 43.
3.2%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Below the median issuer (3.3%)
What Usual publishes
USD0 collateral is held in the protocol's collateral treasury contract. The FAQ names Hashnote USYC, a tokenized fund investing in reverse repos and US government securities custodied by BNY Mellon. The collateral set also includes M by M0, USTBL by Spiko, and USDC for indirect minting. The on-chain token registry also accepts U0R, the bUSD0 Zero Rate Vault approved under UIP-16 in January 2026, and an Euler vault, eUSD0. Both hold USD0 as their underlying asset. On 2 October 2026 they made up about $460M of roughly $548M in the collateral treasury. The Usual homepage lists USYC, M0 and USDtb among backing assets. The homepage list and the documentation list differ.
The financial risk policy limits eligible collateral to US Treasury securities, agency debt, cash and cash equivalents, and reverse repurchase agreements with DTCC. Corporate debt is excluded. Collateral must be USD-denominated or fully FX-hedged, and redeemable within five days. The same page gives a percentage split across USYC, Euler's eUSD0 and wrapped M.
Where to check it
The analytics page points readers to RWA.xyz, a Dune dashboard, DeFiLlama and direct contract inspection.
What it does not publish
No third-party reserve attestation is published. The analytics page states the protocol does not rely on periodic attestations.
Sources: Usual FAQ (collateral and redemption), Usual risk policy: financial risk, Usual analytics and transparency resources, Usual homepage (backing assets, transparency links), Usual blog, UIP-14: USTBL as USD0 collateral, Usual Docs, RWA collateral eligibility, Usual blog, UIP-16: Adding U0R as USD0 Collateral, Usual Tech Docs, contract deployments (collateral treasury), Etherscan, USD0 collateral treasury, Usual Docs, financial risk policy
The map lists one Usual stablecoin: USD0, pegged to the US dollar. The map tracks it on Ethereum and Arbitrum.
Users mint USD0 by depositing USDC through the Usual app, where a collateral provider matches the deposit with eligible tokenized T-bills, or by depositing those tokens directly at 1:1. Redemption runs through the protocol's DaoCollateral contract for the underlying tokens. The FAQ notes that direct collateral redemption may require registration with the RWA partner.
Locking USD0 produces bUSD0, formerly USD0++, renamed under governance proposal UIP-12. The current bUSD0 series matures on 11 June 2028, at 1 bUSD0 to 1 USD0. Usual launched a euro stablecoin, EUR0, in October 2025.
Sources: Usual FAQ (minting, redemption, bUSD0, EUR0), Etherscan, Usual USD (USD0) token page (supply), Usual Docs, Usual: The First Two Years
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
