Total Value Locked$43.06m
TVL by Chain
Ethereum$43.06m
Key Metrics
Fees 30d$275,915
Fees 30d by chain
Ethereum$275,915
Fees 7d$52,304
Ethereum$52,304
Fees 24h$5,698
Ethereum$5,698
Cumulative Fees$76.07m
Ethereum$76.07m
Revenue 30d$267,419
Revenue 30d by chain
Ethereum$267,419
Revenue 7d$50,670
Ethereum$50,670
Revenue 24h$5,502
Ethereum$5,502
Cumulative Revenue$61.52m
Ethereum$61.52m
Holders Revenue 30d$92,981
Holders Revenue 30d by chain
Ethereum$92,981
Holders Revenue 7d$13,019
Ethereum$13,019
Holders Revenue 24h$0
Ethereum$0
Cumulative Holders Revenue$13.38m
Ethereum$13.38m
Market Cap$20.39m
$USUAL Price$0.01
Fully Diluted Valuation$20.47m
$USUAL Volume 24h$869,381
CEX Volume$689,662
DEX Volume$430,879(49.56% of total)
Staked$10.12m(49.64% of mcap)
Total Raised$18.5m
Apr 17, 2024$7mRound: StrategicInvestors: IOSG Ventures, Kraken Ventures, GSR, Mantle Network, Flowdesk, StarkWare, Avid3, Bing Ventures, Breed VC, Hypershere, Kima Ventures, Psalion, Public Works, 0x Ventures, LBank Labs, TRGC, Capsule Corp., Pleb Capital, Kalpha DAO, KaizenDAO, Primony, 0xSalazar, apolynya, HighStakesCap, DCF God, Nicolas Bacca, Sebastien Couture
Nov 6, 2024$1.5mRound: Community RoundInvestors: echoxyz, Comfy Capital, Jed Breed
Dec 23, 2024$10mRound: Series AInvestors: Binance Labs, Kraken Ventures, Galaxy Digital, OKX Ventures, Coinbase Ventures, Wintermute Ventures, Echo, IOSG Ventures, Fasanara Digital Ventures, Symbolic Capital, Amber Group, GSR, Psalion, Hypershere, Avid3, FunFair Ventures, LeadBlock Partners, White Loop Capital, PHAEDRUS, Krypital Group, JPEG Trading, M^0
Protocol Information
The Usual protocol is a decentralized finance framework centered around USD0, a stablecoin designed as a liquid deposit token. It embodies the principle of redistributing value generated by users through a revenue-based token, USUAL. This approach enables users to access yields while simultaneously gaining exposure to the protocol’s growth and long-term success.
Sub Category: Treasury Bills
Audits:
Methodology
TVL: TVL represents the value held by the protocolView code on GitHubFees: Yields from underlying assets,usual stability loan interests, total USD0 redemption fees and USD0++ early unstake fees.View code on GitHubRevenue: Fees kept by Usual (treasury and USUAL holders), excluding the USD0 paid to sUSD0 and USD0a stakers and the Euler vault interest paid to lenders.View code on GitHubHolders Revenue: USD0 paid to USUALx lockers from RWA yield, plus USUAL early unstake penalties distributed to USUALx stakers or burnt.View code on GitHubYields
Pools Tracked5
Average Supply APY11.35%
Hacks
Date: May 27, 2025
Amount: $43,000
Classification: Input Validation
Technique: Missing Input Validation
Chains: Ethereum
Language: Solidity
Target Type: DeFi Protocol
Competitors
Usual USD0 history
TVL is the default DefiLlama definition, which excludes Staking. Daily values are UTC snapshots from Jul 15, 2024 to Oct 23, 2026.
All-time high TVL: $1.871b on Jan 7, 2025. All-time low TVL: $42.83m on Oct 23, 2026.
Daily TVL, Sep 24, 2026 to Oct 23, 2026
| Date | TVL |
|---|---|
| Sep 24, 2026 | $87.89m |
| Sep 25, 2026 | $88.04m |
| Sep 26, 2026 | $88.05m |
| Sep 27, 2026 | $88.05m |
| Sep 28, 2026 | $88.05m |
| Sep 29, 2026 | $87.9m |
| Sep 30, 2026 | $87.8m |
| Oct 1, 2026 | $87.77m |
| Oct 2, 2026 | $87.79m |
| Oct 3, 2026 | $87.8m |
| Oct 4, 2026 | $87.8m |
| Oct 5, 2026 | $87.8m |
| Oct 6, 2026 | $84.45m |
| Oct 7, 2026 | $84.46m |
| Oct 8, 2026 | $84.43m |
| Oct 9, 2026 | $84.07m |
| Oct 10, 2026 | $84.07m |
| Oct 11, 2026 | $84.07m |
| Oct 12, 2026 | $83.97m |
| Oct 13, 2026 | $83.75m |
| Oct 14, 2026 | $83.55m |
| Oct 15, 2026 | $83.27m |
| Oct 16, 2026 | $83.26m |
| Oct 17, 2026 | $83.25m |
| Oct 18, 2026 | $83.25m |
| Oct 19, 2026 | $83.25m |
| Oct 20, 2026 | $83.11m |
| Oct 21, 2026 | $83.11m |
| Oct 22, 2026 | $83.11m |
| Oct 23, 2026 | $42.83m |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $480.21m |
| Dec 31, 2024 | $1.733b |
| Jan 31, 2025 | $1.215b |
| Feb 28, 2025 | $1.057b |
| Mar 31, 2025 | $644.91m |
| Apr 30, 2025 | $435.86m |
| May 31, 2025 | $366.95m |
| Jun 30, 2025 | $331.54m |
| Jul 31, 2025 | $314.03m |
| Aug 31, 2025 | $284.62m |
| Sep 30, 2025 | $258.15m |
| Oct 31, 2025 | $211.36m |
| Nov 30, 2025 | $158.12m |
| Dec 31, 2025 | $149.71m |
| Jan 31, 2026 | $125.86m |
| Feb 28, 2026 | $109.4m |
| Mar 31, 2026 | $105.92m |
| Apr 30, 2026 | $100.77m |
| May 31, 2026 | $95.8m |
| Jun 30, 2026 | $95.09m |
| Jul 31, 2026 | $94.7m |
| Aug 31, 2026 | $90.82m |
| Sep 30, 2026 | $87.8m |
| Oct 23, 2026 (latest) | $42.83m |
TVL at each year end, Dec 31, 2024 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2024 | $1.733b |
| Dec 31, 2025 | $149.71m |
Fees, revenue and holders revenue by UTC calendar month, Nov 2024 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Nov 2024 | $1.3m | - | $0 |
| Dec 2024 | $3.4m | $3.18m | $0 |
| Jan 2025 | $5.03m | $5.03m | $0 |
| Feb 2025 | $4.74m | $4.68m | $0 |
| Mar 2025 | $12.08m | $11.55m | $3.08m |
| Apr 2025 | $17.72m | $16.95m | $8.25m |
| May 2025 | $2.45m | $1.49m | $93,200 |
| Jun 2025 | $4.86m | $3.73m | $3,871 |
| Jul 2025 | $3.18m | $1.82m | $742,551 |
| Aug 2025 | $2.67m | $1.24m | $155,754 |
| Sep 2025 | $3.5m | $2.04m | $177,442 |
| Oct 2025 | $3.05m | $1.48m | $47,876 |
| Nov 2025 | $2.02m | $852,165 | $185,690 |
| Dec 2025 | $1.2m | $679,258 | $22,421 |
| Jan 2026 | $2.39m | $2.03m | $89,575 |
| Feb 2026 | $503,918 | $452,270 | $136,877 |
| Mar 2026 | $362,062 | $317,893 | $1,105 |
| Apr 2026 | $2.22m | $2.2m | $991.06 |
| May 2026 | $305,121 | $277,593 | $1,211 |
| Jun 2026 | $291,286 | $266,415 | $1,167 |
| Jul 2026 | $327,117 | $305,664 | $36,023 |
| Aug 2026 | $420,707 | $407,806 | $145,183 |
| Sep 2026 | $331,683 | $322,623 | $130,164 |
| Oct 2026 (to date) | $216,314 | $210,031 | $79,611 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/usual-usd0
Frequently asked questions
What is Usual USD0's TVL?
As of Oct 23, 2026, Usual USD0 has $43.06m in total value locked. TVL has decreased 51% over the past 30 days.
What chains does Usual USD0 operate on?
Usual USD0 operates on Ethereum. Ethereum holds the largest share at 100%.
How much has Usual USD0 generated in fees and revenue?
Over the past 30 days, Usual USD0 generated $275,915 in fees. Of that, $267,419 was protocol revenue. Based on the trailing year, the annualized rate is $11.58m in fees and $8.84m in revenue.
What is the USUAL token price and valuation?
USUAL is currently trading at $0.01. Its circulating market capitalization is $20.49m, ranking it #1,037. Its fully diluted valuation is $20.56m. Supply currently stands at 1.976b circulating, 1.983b total supply, 3b maximum supply.
How has USUAL performed recently?
USUAL is down 3.1% over the past 7 days and down 25.8% over the past 30 days. Its all-time high is $1.61, reached on Dec 19, 2024. The token is currently 99.4% below that level.
How does Usual USD0's TVL compare to similar protocols?
Among RWA protocols tracked by DefiLlama, Usual USD0 ranks #18 by TVL. The category holds $4.102b across 176 protocols, and Usual USD0 accounts for 1% of that total. Similar protocols include Ethena USDtb, Re, Huma, Anemoy Capital, OpenTrade, Plume Vaults, Theo Network thUSD, Ember, Frax USD, and Sky RWA.
How many yield pools does Usual USD0 have?
DefiLlama tracks 5 Usual USD0 yield pools with an average APY of 11.4%.
Has Usual USD0 ever been exploited?
Usual USD0 has 1 recorded security incident. The most recent incident occurred on May 27, 2025 and involved $43,000. It was classified as Input Validation.