USD0 vaults
About USD0 vaults
Usual USD USD0 is used in 3 stablecoin vaults with $463.4M TVLacross 1 protocol. The largest vaults are bUSD0 Zero Rate Vault, Usual Stability Loan, Savings USD0and the most popular vault protocol is Euler. The last 30 days' average yield is 0.1%.
1 vault is excluded from this ranking due to minimum TVL requirements or risk issues.
About Usual USD
USD0 is a USD-backed stablecoin issued by Usual, backed by real-world assets including US Treasury Bills. It is designed to redistribute value to users through the USUAL governance token. USD0 can be staked as USD0++ for additional yield.
USD0 is the core stablecoin of the Usual protocol, a decentralised stablecoin issuer that aims to redistribute the value generated by reserve assets back to token holders rather than retaining it centrally. USD0 is fully backed by tokenised real-world assets (RWAs), primarily short-dated US Treasury Bills sourced from institutional providers including Hashnote, M0, and Superstate.
Mechanism
Users deposit capital into the Usual protocol, which aggregates RWA collateral on-chain and issues USD0 at a 1:1 ratio. Collateral is fully on-chain and verifiable in real time, removing reliance on off-chain attestors. This design limits banking counterparty exposure — a risk highlighted by the 2023 USDC depeg — by favouring short-dated Treasuries and secured repo structures over commercial bank deposits.
USD0 can be staked to receive USD0++, a yield-bearing variant, and holders can also earn USUAL governance tokens. USUAL represents ownership of 100% of protocol revenue rights, distributed daily to active participants; staked USUAL (USUALx) earns a share of emissions and weekly protocol revenue.
Key properties
- Backed by tokenised US Treasury Bills, verifiable on-chain in real time
- Deployed on Ethereum, Arbitrum, Base, and BNB Chain
- Revenue redistributed to community via USUAL governance token
- Audited smart contracts; governance-controlled collateral acceptance
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Performance and risk
The vaults on the listing are limited to the current category. See all vaults.
| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Savings USD0 Unknown vault protocol | 4.1%* | 4.1%* | 3.8%* | 16.4 | 0.2% | 0.0% | USD0 | $237.48K $1.11M | 0.9 | --- | Unknown | Unknown |  | ||
Usual Stability Loan Euler | 0.6% | 0.7% | 4.5% | 19.0 | 0.0% | 0.0% | USD0 | $17.36M $425.83M | 1.7 | 0.0%/ 3.0% | Instant | Negligible |  | ||
bUSD0 Zero Rate Vault Euler | 0.1% | 0.1% | 0.1% | 15.3 | 0.0% | 0.0% | USD0 | $445.26M $445.26M | 0.7 | 0.0%/ 0.0% | Instant | Negligible |  |
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