As we approach the end of the year, it’s a good moment to take stock, of what’s evolved, what’s been learned, and what comes next. A few milestones moved along the way, but always with purpose: to build a stronger base for a more ambitious plan. This plan will unfold in Q4, with the Bond upgrade at its core.

Even if the price of $USUAL may diverge from fundamentals, our direction remains clear, we’re focused on sustainable growth, disciplined execution, and concrete proposals soon to be submitted to governance.

In the coming days, we’ll cross a new milestone: laying the foundations of a community DeFi Bank. The USD lineup — USD0 / USD0x / bUSD0 (upgrade) — will be clarified around a unified product logic; EUR0 will launch and FX rails will be activated to move value across currencies.

In parallel, $USUAL will be strengthened with additional in-kind yield products, practical utilities, and mechanisms to limit inflation and sell pressure. Quarter objective: consolidate, simplify, connect, and prepare USUAL v2.

Q4 2025 = a quarter of consolidation

After a cycle of hyper-growth followed by rationalization, USUAL now rests on a robust base: recurring revenues, durable TVL, and a treasury that secures the protocol’s long-term sustainability. Q4 2025 aims to align products, liquidity, and governance so the next growth phase relies less on incentives and more on utility and interoperability.

Revenues & Buybacks

Protocol revenues are substantial, exceeding $27M annualized, with 33% redistributed and 67% fueling buybacks and treasury growth.

To date, over 6% of circulating supply has been repurchased by the protocol, increasing the token’s scarcity.

1. A new USD lineup: Cash, Yield, and Bonds

Usual’s stablecoin suite evolves into three complementary pillars, all composable in DeFi and ready for integrations across money markets, PT/YT vaults, and exchanges.

This new architecture isn’t just a UX improvement: it turns Usual into a yield infrastructure, ready to power other products, wallets, and institutions.

USD0 — the “cash” layer, made productive

USD0 is the foundation of USUAL’s dollar system, a pristine, transparent stablecoin backed by T-Bills and short-term repos. Designed for parity, liquidity, and composability, it serves as the neutral unit of account across the protocol and DeFi integrations.

In Q4, USD0 evolves: while not natively yielding, USD0 will add an accrual (and rebase) mode to share more of the protocol’s revenue and help users better hedge inflation.

It’s still “cash”, but cash that works for you, combining the safety of a stable asset with the efficiency of a savings account.

USD0 becomes more than stable, it becomes productive.

USD0x — the “delta-neutral yield” option

USD with a delta-neutral yield engine built on a cash-and-carry strategy combining spot and regulated futures, with a T-Bills cushion to protect capital.

It captures the performance of funding spreads while neutralizing directional exposure, a way to earn yield that isn’t tied to market swings.

Fully composable in DeFi, USD0x provides a clean, scalable alternative to complex delta-neutral strategies. It’s yield without the noise, built for treasuries, funds, and users seeking real yield over the risk-free rate.

This evolution refines the protocol’s yield logic: high-yield flows find their place in USD0x, letting $USUAL focus on alignment and ownership rather than short-term distribution.

A cleaner, simpler way to earn high real yield, without the farm.

bUSD0 (upgrade) — the modernized “bond”

bUSD0 is Usual’s bond (formerly USD0++), a fixed-term deposit where users lock USD0 to earn a loyalty bonus in $USUAL and directional exposure to protocol performance.

In return, most of the underlying revenue is sent to the DAO, then redistributed to $USUAL holders, aligning depositors and governance in a single loop.

In Q4, bUSD0 introduces greater user control through more flexible exits, refined secondary-market mechanics, and reduced volatility for smoother position management.

A more flexible & transparent bond, turning deposits into ownership.

This three-part lineup will extend to future Usual assets (EUR0, ETH0, BTC0) so everyone can choose their preferred exposure type with their preferred asset.

2. EUR0: the natural euro extension

On-chain DeFi has been built around the dollar: ~99% of stablecoins are USD, and on-chain euros remain marginal (< €350M as of July 2025; EUR/GBP/CHF ≈ $463M, i.e., <0.2% of the market). Dollar dominance creates FX drag for actors who think in € but invest in USD: when the euro appreciates, euro-base performance erodes (>10% year-to-date).

EUR0 delivers a safe, composable on-chain €, collateralized by Eurozone T-Bills via a dedicated money market fund. Two paths coexist:

• Permissionless via EURC (retail access, with liquidity constraints),

• Permissioned via collateral (at-par parity, KYC/KYB) for institutional capacity.

Q4 is a staged rollout: deployment of contracts, oracles, and initial pools, followed by a gradual liquidity ramp-up. EUR0 will first feed the EUR0–USD0 pair and pave the way for a € savings account and complementary products.

EUR0 brings the euro on-chain: safe, composable, and ready to scale.

3. FX rails: building the on-chain FX layer

On-chain Foreign Exchange remains shallow and fragmented, making cross-currency swaps and arbitrage costly. In Q4, Usual will activate its EUR↔USD rails, enabling seamless movement between stable assets with institutional-grade pricing and liquidity.

Integrated directly into the dApp, this infrastructure will combine native routing, on-/off-ramp flows, and EUR0–USD0 stable pools powered by robust FX oracles. It will lay the groundwork for future multi-currency products, delivering a simple on-chain FX experience for treasury, payments, and hedging, while linking these flows to fiat gateways where relevant.

Ultimately, this foundation will strengthen Usual’s FX moat through deeper liquidity, smoother arbitrage, and better execution for the community.

Usual connects currencies: frictionless swaps, better liquidity, global reach.

4. $USUAL: scarcity and utility in motion

$USUAL enters a new stage of maturity. A phase focused on sustainable value creation and stronger alignment between token and product.

In Q4, the DAO will review proposals to optimize emissions and reinforce scarcity, incorporating community feedback to ensure the token’s supply evolves responsibly with protocol activity. These initiatives aim to decouple protocol growth from pure incentives, reduce sell pressure, and tighten spreads through better-equipped liquidity.

On utilities, multiple directions are being explored, from higher yield and fee reductions to product access, governance features, and loyalty mechanisms. Q4 marks the moment to lay the first stones, before a broader expansion in 2026 where utilities will become a central pillar of the ecosystem.

$USUAL enters its next phase, fewer emissions, more utilities, greater impact.

5. Liquidity & UX: stronger markets, transparent experience

Liquidity and transparency are a core focus this quarter.

The dApp will introduce native LP management, allowing users to create, manage, and track liquidity positions directly, while the DAO will strengthen core pools (stables, USUAL pairs) to deepen markets and improve execution quality.

A new Transparency Center will also be launched, an external dashboard providing real-time visibility on collateral, NAV, yields, and risk metrics, prominently featured within the dApp for easy access.

Altogether, the experience moves closer to a fintech-grade UX, connecting swaps, liquidity, and data into one coherent ecosystem.

Deeper markets, cleaner insight.

Targets by end-Q4

By the end of the quarter, the roadmap aims to turn this foundation into visible progress across products, markets, and governance.

• USD lineup clarified, USD0 (accrual / rebase), USD0x, and upgraded bUSD0 live.

• EUR0 launched, with first liquidity pools and integrations.

• FX rails activated, connecting EUR↔USD through oracles, pools, and routing.

• $USUAL strengthened, with optimized emissions and first native utilities.

• Liquidity upgraded, with deeper key pools and the first Transparency Center online.

Usual is moving from a product to a system. Safe assets, in-kind yields, multi-currency rails, and active governance: we ship what matters, simplify what blocks, and deepen liquidity, with the DAO. What we build this quarter sets the stage for Usual v2 next year.