Why Vaults?

USD0++ was built as more than a passive yield-bearing asset: it’s a dynamic, composable financial layer, designed to move fluidly across the most compelling opportunities in DeFi.

The introduction of Vaults marked a major step forward in this vision. Vaults empower USD0++ holders to deploy their capital into external strategies without needing to exit the Usual ecosystem. By bridging access to third-party yield sources while maintaining USUAL rewards, Vaults unlock greater capital efficiency and optionality for the community.

For the Usual ecosystem, Vaults serve a dual purpose:

• They strengthen the utility and demand of USD0++ by turning it into a gateway for diversified yield.

• They ensure sustainable value capture for the protocol and the DAO.

Vaults represent a natural evolution: permissionless access to tokenized real-world assets (RWAs) and advanced DeFi strategies, built on Lagoon's solid infrastructure and aligned with Usual’s long-term mission.

With ustUSR++, the first Vault, already live, it’s time to expand.

Introducing uUSCC++: Diversified Institutional Yield for USD0++

The second Vault in the Usual ecosystem, uUSCC++, expands USD0++’s reach into the world of institutional-grade, tokenized finance. This Vault provides exposure to two of Superstate’s flagship funds:

• USCC: A crypto carry fund designed to capture the basis between spot and futures markets on assets like BTC,ETH, and SOL.

• USTB: A short-duration U.S. Treasury fund targeting stable yield aligned with the federal funds rate.

When depositing into uUSCC++, USD0++ is:

• Exchanged 1:1 for USD0 via the primary market

• Reinvested into a balanced portfolio of USCC and USTB

At launch, the allocation is set at 50/50 between the two assets, with the ability to dynamically rebalance (up to 90% into USCC) based on market conditions and ongoing coordination between Superstate, Lagoon, and the Usual ecosystem.

This design enables USD0++ holders to benefit from diversified, real-world asset exposure across both stable yield backed by short duration T-Bills and higher-return crypto cash-and-carry opportunities, all while continuing to earn USUAL rewards. Withdrawals are always processed in USD0++, ensuring a seamless experience for users and predictable access to liquidity.

uUSCC++ is a significant leap forward in the Vault strategy: combining trusted institutional frameworks with the permissionless power of DeFi, all through the USD0++ layer.

How Earnings Work: Stacking Real-World and DeFi Yield

uUSCC++ is designed to unlock multiple layers of yield through a curated blend of institutional-grade strategies, while keeping USD0++ fully productive within the Usual ecosystem.

When depositing into the Vault, users earn across three distinct streams.

USUAL Rewards

Depositors continue to earn USUAL rewards as if they were simply holding USD0++. These rewards are claimable daily through the Usual dApp, maintaining the core incentive structure of the protocol.

USCC Yield (Crypto Carry Strategy)

USCC is Superstate’s flagship fund focused on the crypto cash-and-carry trade, a strategy that captures the spread between spot and term futures/forwards markets on crypto assets like BTC, ETH, and SOL. This yield accrues in the Vault and is realized upon withdrawal, compounding over time without user intervention.

USTB Yield (Tokenized T-Bills)

USTB offers short-duration U.S. Treasury exposure, targeting returns in line with the federal funds rate. This provides a stable, low-volatility yield layer, complementing the higher-risk USCC component and enhancing the overall strategy’s resilience.

While both USCC and USTB accumulate yield internally, users only realize the full value upon exiting the Vault, at which point it is reflected in the USD0++ amount returned.

Fee Mechanism: Sustainable Yield, Aligned Incentives

To ensure long-term sustainability for the Usual ecosystem and fairness for depositors, uUSCC++ includes a simple, transparent fee structure with two components.

Base Fee

A 4% flat management fee is applied to the underlying strategy’s yield. This fee replaces the T-Bill yield the Usual DAO would otherwise earn from USD0++’s backing, as those funds are temporarily redeemed and deployed into external assets (USCC and USTB).

This ensures that the DAO’s revenue model remains intact, while depositors continue to receive full USUAL rewards on their positions.

Performance Fee

If the yield from USCC + USTB exceeds 4%, a 20% performance fee is applied to the excess.

This fee is split as follows:

• 50% to the curator, 9Summits

• 50% to the Usual DAO, reinforcing the protocol and its long-term alignment with holders

A Balanced, Win-Win Design

• The DAO retains predictable income, supporting tokenomics and buyback initiatives

• Curators are rewarded for surfacing and maintaining high-performing strategies

• Depositors benefit from layered yield, receiving USUAL rewards, tokenized treasury income, and crypto carry returns, all from a single vault

This fee model is built to incentivize performance while protecting principal, ensuring the Vault works for both users and the protocol.

The Strategic Edge: Capital Efficiency at Work

One of the key advantages of uUSCC++ lies in its ability to unlock greater capital efficiency, especially in the context of USD0++’s current market dynamics.

When deposited into the Vault, USD0++ is exchanged 1:1 for USD0 before being deployed into the USCC and USTB strategies. This means that even if USD0++ is acquired below $1 on secondary markets, users still gain $1 of exposure to the underlying assets.

With USCC providing high yield through crypto carry trades and USTB delivering low-volatility, stable Treasury income, uUSCC++ offers a blended yield strategy that’s both performance-oriented and risk-aware.

This is real capital efficiency, designed for modern DeFi participants, and fully aligned with the broader Usual vision.

Risk Isolation & Security

Vaults are built to provide access to external strategies, without compromising the stability or collateral integrity of the core USD0++ ecosystem.

Each Vault, including uUSCC++, is fully siloed. That means:

• Funds deposited into uUSCC++ are completely separate from the assets backing USD0++.

• Exposure is exclusively tied to USCC and USTB, both tokenized products managed by Superstate and subject to institutional-grade oversight.

• Any risks associated with these strategies are isolated within the Vault and do not affect the broader USD0++ holder base.

As with all Vaults, users voluntarily allocate their capital into third-party yield sources, taking on the risk profile of the underlying assets (in this case, the crypto carry trade and U.S. Treasuries). This model ensures that Vault participants benefit from the yield they seek, while non-participating users remain unaffected, preserving the integrity of the Usual protocol.

Conclusion: A New Layer for Permissionless RWAs

uUSCC++ marks the next evolution in the Usual Vault strategy, bridging permissionless DeFi infrastructure with tokenized, institutional-grade strategies.

By combining exposure to Superstate’s USCC and USTB within a fully integrated, composable Vault, USD0++ holders now have access to:

• Yield from crypto basis trading

• Stable returns from tokenized Treasuries

• Daily USUAL rewards

All without leaving the Usual ecosystem.

This launch isn’t just about a new Vault, it’s a step toward realizing Usual’s broader mission: To make USD0++ the go-to layer for accessing real-world assets in a permissionless, modular, and capital-efficient way.

As more Vaults are introduced, users will gain seamless exposure to diverse yield strategies across DeFi and traditional finance, while the protocol strengthens its value flows and alignment with USUAL holders.

About Superstate

Superstate is an asset management firm modernizing investing for crypto native institutional investors through tokenized financial products. We offer investment products that benefit from the speed, programmability, and compliance advantages of blockchain tokenization. Superstate’s suite of products includes tokenized treasury fund USTB, and tokenized crypto basis fund, USCC. Learn more about our products for institutional investors at Superstate.co.

About Lagoon

Lagoon provides an open infrastructure to launch, manage and scale on-chain vaults. They are on a mission to democratize DeFi risk management, turning sophisticated farming strategies into 1-click yield products.

About Usual

Usual is a decentralized stablecoin protocol designed to bring transparency, security, and long-term value redistribution to the DeFi ecosystem. By leveraging real-world asset backing, Usual offers USD0, a fully collateralized and resilient stablecoin, providing a reliable alternative to traditional fiat-backed models. At the core of the protocol is USUAL, a governance and rewards token that aligns incentives between users and the ecosystem, distributing yield while granting holders a stake in Usual’s future. Through its innovative approach, Usual empowers its community with both financial rewards and governance participation, ensuring a stable and decentralized foundation for the next generation of on-chain finance.