Q1 turned external doubt into a disciplined relaunch: incentives realigned, borrowing and vault layers activated, security hardened, and core assets live on multiple chains. Usual now operates as a revenue-sharing, composable banking primitive—ready for the next cycles.
Roadmap 2025 → 2026
S1 2025 Wrap-up
From “stablecoin with yield” to a community-owned Blackrock
S1 2025 was full throttle — no resting: real yield for stakers, FED-independent revenue through fixed-rate borrowing, validated USD0++ as high-grade collateral, fortified security with a world-record bounty, and upcoming TVL growth by expanding beyond stablecoin.
Core KPIs
TVL: $635M of which $581M staked in USD0++ over the next 4 years
Annual revenue: $27M (top-40 DeFi)
Total value distributed to users: $259M
Distributed to USUAL stakers: $13M (top-10 rev-share protocol)
Distributed to USD0++ and LP (airdrop and after): $246M
USUAL staked: >50 % of supply
USL TVL: $250M
Cumulative on-chain volume : $51B for USD0 and USD0++
Community: more than 150k followers and users in our socials
Unique users: 250k users that connected their wallet.
Month | Main Update |
|---|---|
Jan | Revenue Switch on: up to 100% of fees distributed every week. |
Feb | First governance proposal to launch the “USL” with Euler: borrow USD0 at a 5% fixed rate against USD0++. |
Mar | Vaults open: users can farm yield across protocols with their USD0++ (Resolv, Superstate, Tac). |
Apr | - Biggest bug bounty ever of $16M, with Sherlock and Nexus. |
June | - ETH0 launch: the best risk-adjusted yield on ETH. |
What is Usual?
Usual converts every idle cash or asset into a community-owned Blackrock that streams 100% of its net proceeds back to depositors. Three development axes drive the next phase:
1. The on-chain Blackrock
What Usual does | Why it’s new | |
|---|---|---|
User deposit, represented by a synthetic | Users deposit USDC, stETH, or T-Bills to mint a fully-collateralised synthetic (USD0, ETH0, BTC0). | Get access to a 100% backed synthetic that gives you the directionality of the asset and potential utility. |
Yield distribution in USUAL | The yield generated by the collateral is minted as fresh USUAL, always linked to revenue generating assets. | Cash it out immediately or hold to compound the “bank’s” growth. |
Protocol earnings streamed to USUAL holders. | Proceeds earned (Treasury coupons, ETH staking, payment fees) are streamed on-chain, 1-for-1, to USUAL holders. | Up to 100% rev-share, no spread kept by a middle-man — the first “mutualised BlackRock” |
The “Alpha or Beta” lever. Your Choice.
You can cash out the yield, swapping your new tokens into stablecoins — a pure beta play, ideal for stable cash management.
Or you can stake USUAL shares, compounding value and redistributions as the protocol’s balance sheet grows — the alpha play — capturing long-term upside as the “Central Bank” scales with every new user.
2. The Liquidity Bootstrapper
With over $650M TVL, Usual can invest in emerging protocols, redirecting TVL and seeding them while earning above-market yield:
Mechanism | Purpose | Value for USUAL holders |
|---|---|---|
Strategic Vaults, Partnership or TVL reallocation (e.g. Euler, Hashnote) | Allow USD0++ holders to expose themselves to more productives assets. | Extra yield + upside in high-growth projects. |
USL Expansion | Fixed-rate credit line that new protocols can tap for initial liquidity. | Interest income plus optional governance tokens. |
Onchain TVL bribing | Allow USUALx to change allocation of flexible weight in a pre-define risk framework. | Reinforce USUALx utility and price. |
New DeFi infra | Secret :) | New cash-flow for USUAL holders |
USUAL becomes the default liquidity bootstrap layer for crypto projects, compounding returns into its own token.
What’s Next?
Upcoming feature drops:
Directional Yield (Q2 2025) – weekly payouts in USD0, ETH0, and soon BTC0.
Buy-back Logic (Q3 2025) – DAO acquires USUAL whenever price < discounted cash-flow.
ETH0 launch + gas utility (Q2 2025) – self-compounding smart-account flywheel.
Second version of the “++” model, with ETH0++ (Q3 2025) – TVL gate re-opens with instant-redeem token.
USUAL's mission remains clear: fight for the best equilibrium, grow cash flows, preserve intrinsic token value, and maintain defendable yields across all market cycles.
1. Yield Engine & New Redistribution Streams for USUAL token
Milestone | What Changes for Holders? |
|---|---|
Q2 2025 | Higher blended APY + optional macro/directional exposure; lock tiers incentivise diamond hands. |
Q3 2025 | Downside protection, tighter price-to-NAV spread. |
Q3 2025 | TVL can grow again; arbitrage room now benefits USUAL stakers rather than outside speculators. |
Q2-Q3 2025 | One-click composability; USL liquidity loops get deeper. |
Q4 2025 | Extra bps of revenue without altering risk appetite. |
2. Synthetic Assets & Stablecoins
Date | Milestone |
|---|---|
Q2-Q3 2025 | Synthetic Expansion – launch of ETH0 (cap-gated TVL), followed by others (BTC0, SOL0, HYPE0, XAU0). |
Q2-Q3 2025 | ETH0 Gas Token + Smart Accounts – ETH0 becomes the native gas coin for Pectra-enabled smart wallets, with auto-claim, stake-on-claim, and auto-reinvest built in. |
S2 2025 | Multi-Currency Stable-Coins – roll-out of EUR-, GBP-, JPY-denominated “0” assets. |
2025-2026 | Payments & Banking Partnerships – announcements with banks/PSPs to settle in USD0 and selected synthetics. |
3. Dedicated Infrastructure and R&D
Date | Milestone |
|---|---|
End of 2025 | Ship novel leverage primitives and infra tooling that amplify the utility of every synthetic product. |
With yield engines scaling, liquidity deepening, and synthetics expanding, Usual is entering the next cycle, completing its transition from a yield-bearing stablecoin to a massive DeFi Blackrock.
The flywheel has spun before – every milestone in this roadmap is engineered to bring it back. This isn’t experimentation – it’s an execution plan.
