Usual operates as a decentralized issuer of fiat stablecoins, utilizing the $USUAL token to redistribute governance and ownership.

As the governance instrument for the Usual protocol, $USUAL grants users control over the treasury and infrastructure. It features a unique design where its intrinsic value links directly to the protocol’s revenue model. This structure promotes the adoption and use of USD0, aligns contributor incentives, and fuels growth. The team states that this innovative distribution model creates new DeFi opportunities, accelerating ecosystem expansion and sustainable decentralization.

The protocol relies on three tokens:

• USD0 is a stablecoin fully backed by short-term, liquid, and risk-free assets. This ensures no exposure to banks or counterparty risks while remaining composable, permissionless, and transparent within the DeFi ecosystem.
• bUSD0 serves as the USD0 bond token, distributing rewards in the form of $USUAL tokens.
• $USUAL rewards the growth, adoption, and usage of USD0 within the ecosystem. It functions as ownership of the protocol's revenue, acting as a governance token backed by real cash flows.