USD0

Overview

USD0 holds no dollars. It holds tokens issued by other firms against US Treasury exposure. Usual's documentation describes it as "a permissionless, fully collateralized stablecoin backed by tokenized US Treasury Bills and repurchase agreements (repos)". Usual issues it as a standard ERC-20 pegged to the US dollar.

How it is minted

Minting runs on two tracks. Permissioned participants deposit eligible tokenized collateral into the DaoCollateral contract and receive USD0 at par. Everyone else mints through the SwapperEngine contract with USDC, matched against a Collateral Provider who posts the underlying asset, at a launch-phase minimum order size of 100,000 USD0.

DIA's registry reads about 551.4 million USD0 on Ethereum.

Sources: Usual Docs, USD0 stablecoin, Usual Docs, USD0 mint and redeem flow and architecture

Backing and reserves

What sits behind the token

Usual's collateral policy admits four assets: USYC from Hashnote, M from M0 Foundation, USTBL, and USDC for indirect minting. Each must be fully collateralized with no leverage, carry a portfolio duration below 0.33 years, and be redeemable within a maximum of five business days.

The largest named collateral is not a Treasury bill portfolio. USYC is "the on-chain representation of the Hashnote International Short Duration Yield Fund Ltd.", and that fund "invests primarily in reverse repo and U.S. Government backed securities". Usual's counterparty page names BNY Mellon as custodian on the USYC leg, DTCC as clearing, and Marex as prime broker.

What the disclosure leaves out

Usual publishes no periodic reserve attestation for USD0. The FAQ states the position directly: "Reserve composition is visible on-chain in real time, without reliance on third-party attestations." On-chain balances are the proof of reserves layer, and they stop at the token boundary. A balance shows how much USYC the protocol holds, not what the Hashnote fund holds.

The counterparty page lists tokenizers and custodians with no allocation percentages. It names no audit firm for any tokenizer.

Sources: Usual Docs, RWA collateral eligibility, Usual Tech Docs, USYC by Hashnote, Usual Docs, counterparty risk, Usual Docs, FAQ

Peg behaviour

The protocol runs an insurance fund against undercollateralization, capped between 0.33% and 5.33% of circulating USD0 depending on whether the stress test covers interest-rate shocks alone or counterparty failure as well. It is funded from a share of collateral yield. Its counter bank run mechanism burns USD0 held by the fund, raising the redemption value of the remainder.

Sources: Usual Docs, insurance fund, Usual Tech Docs, bUSD0 (formerly USD0++)

Regulation

Usual's documentation makes no licence claim for USD0. The perimeter it describes sits one layer down, on the firms that issue the collateral. The risk policy accepts custodians and banks with strong credit ratings, and requires assets "ring-fenced in a bankruptcy remote vehicle (BRV) in the event of the tokenizer's insolvency".

For EUR0, the euro token built on the same architecture, Usual names Spiko as an approved and supervised collateral provider.

Sources: Usual Docs, counterparty risk, Usual Docs, EUR0 stablecoin

Risks

Where the claim sits

A holder's ultimate claim is on tokenized fund shares issued by Hashnote, M0 Foundation and the other tokenizers, not on Usual. Usual defines credit risk as loss from "a default, delayed payment, or deterioration in the credit quality of securities held as collateral". Its policy requires ring-fencing in a bankruptcy remote vehicle. Whether that holds is decided by each vehicle's legal documents, which Usual does not publish.

Redemption is not instant for everyone

Direct redemption at DaoCollateral returns the underlying tokenized asset. The holder then redeems that asset with the RWA partner, and Usual's eligibility rule allows up to five business days for that leg. The permissionless mint path carries a launch-phase minimum order size of 100,000 USD0.

Sources: Usual Docs, credit risk, Usual Docs, counterparty risk, Usual Docs, RWA collateral eligibility

What this map tracks

The Global Stablecoin Map tracks USD0 on Ethereum, at contract 0x73A15FeD60Bf67631dC6cd7Bc5B6e8da8190aCF5. Supply and price on this page are DIA first-party registry reads: about 551.4 million USD0 on the Ethereum contract. RWA.xyz shows about 126,000 holders. The registry also lists Arbitrum.

Usual's documentation says USD0 is deployed on Ethereum, Arbitrum, Base and BNB Chain. The supply figure above covers the Ethereum contract only, so float on Base and BNB Chain sits outside it.

The map reads peg, chain, contract and float. It does not read a per-asset reserve breakdown, because the collateral is held as tokenized fund shares issued by third parties. Other RWA-backed tokens sit alongside USD0 in the stablecoin explorer.

Sources: Usual Docs, USD0 stablecoin (chain deployments), RWA.xyz, USD0 asset page

Common questions