Searching for Alpha: Usual

Usual is a stablecoin protocol that issues USD0, a stablecoin with two unique features. USD0 is backed by the aggregation of real-world assets (RWAs) managed by third-party protocols and Usual shares revenue with USD0 lockers.

USD0 is currently backed by Hashnote’s USYC, an onchain representation of the Hashnote International Short Duration Yield Fund Ltd that invests primarily in overnight reverse repurchase agreements (RRPs) and U.S. government-backed securities. These investments are generally considered to have minimal market, duration, and credit risks.