Join us for an AMA with Pierre on UIP-11.
🗓: Tuesday, Nov 18 @ 11:30 CET
This will be a focused session on the proposal and its impact on the next phase of the protocol.
We will walk through the changes and answer questions ahead of the UIP vote closing.
🔗: https://discord.com/events/1106588534871179280/1438506076474703953
🗓: Tuesday, Nov 18 @ 11:30 CET
This will be a focused session on the proposal and its impact on the next phase of the protocol.
We will walk through the changes and answer questions ahead of the UIP vote closing.
🔗: https://discord.com/events/1106588534871179280/1438506076474703953
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Usual Announcements 🔮
Join us for an AMA with Pierre on UIP-11. 🗓: Tuesday, Nov 18 @ 11:30 CET This will be a focused session on the proposal and its impact on the next phase of the protocol. We will walk through the changes and answer questions ahead of the UIP vote closing.…
Just 5 minutes till our AMA on UIP-11.
If you have questions or wish to discuss the proposal please join!
https://discord.com/events/1106588534871179280/1438506076474703953
If you have questions or wish to discuss the proposal please join!
https://discord.com/events/1106588534871179280/1438506076474703953
Discord
Discord - Group Chat That’s All Fun & Games
Discord is great for playing games and chilling with friends, or even building a worldwide community. Customize your own space to talk, play, and hang out.
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📢 Liquidity Update Following UIP-11
The USD0 liquidity transition is now underway. This announcement summarizes each step exactly as it occurs.
🔹 Curve Incentives Discontinued
Incentives on the USD0/USDC Curve pool have now ended.
The dApp immediately reflects this with a 0% APY, along with a migration option for users who want to move their position or read the full update.
For existing LPs:
- 20 Nov at 02:00 UTC: pending rewards stop accruing
- 23 Nov: claimable rewards update, following the standard validation period
🔹 Transition Window — Fluid Remains Temporarily
The Fluid USD0/USDC pool will continue operating during this migration phase.
It serves only as a temporary continuity option and is not a long-term venue.
🔹 9 December — Uniswap v3 Incentives Begin
On 9 December 2025, the new Uniswap v3 USD0/USDC pool becomes the incentivized venue.
It will be available directly in the dApp, enabling deposits into the incentivized range with a smooth UX.
Fluid is deprecated on the same day, completing the transition.
🔹 Read the complete update here: https://usual.money/blog/post-uip-11-liquidity-transition
The USD0 liquidity transition is now underway. This announcement summarizes each step exactly as it occurs.
🔹 Curve Incentives Discontinued
Incentives on the USD0/USDC Curve pool have now ended.
The dApp immediately reflects this with a 0% APY, along with a migration option for users who want to move their position or read the full update.
For existing LPs:
- 20 Nov at 02:00 UTC: pending rewards stop accruing
- 23 Nov: claimable rewards update, following the standard validation period
🔹 Transition Window — Fluid Remains Temporarily
The Fluid USD0/USDC pool will continue operating during this migration phase.
It serves only as a temporary continuity option and is not a long-term venue.
🔹 9 December — Uniswap v3 Incentives Begin
On 9 December 2025, the new Uniswap v3 USD0/USDC pool becomes the incentivized venue.
It will be available directly in the dApp, enabling deposits into the incentivized range with a smooth UX.
Fluid is deprecated on the same day, completing the transition.
🔹 Read the complete update here: https://usual.money/blog/post-uip-11-liquidity-transition
usual.money
Post-UIP-11 : Liquidity Transition - Usual Blog
USD0’s liquidity layer is evolving toward a more efficient, streamlined structure. This update transitions the system to a setup designed to reduce friction for users while strengthening the foundation for upcoming products.
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Disinflation: Resetting Pace for Long-Term Stability
The disinflation update approved through UIP-11 is now being put into effect.
It slows issuance, simplifies system mechanics, and strengthens the foundation the protocol will build on moving forward.
Over the past year, USUAL expanded quickly. Demand grew, product direction became clearer, and fundamentals improved. But emissions were rising faster than usage, and incentives built for bootstrapping created persistent sell pressure.
Disinflation corrects that.
It shifts the protocol from high-velocity expansion to a more durable, sustainable structure.
The adjustment includes:
1. Daily emissions reduced by over 50%
2. Roughly 90% of farming-driven sell pressure removed
3. USL converted into a zero-coupon model
4. A fixed, finite supply of 3B USUAL
5. Cleaner USD0++ behaviour for predictable integrations
6. A trade-off from short-term activity toward long-term system health
These changes address a central community question around why strong fundamentals were not reflected structurally.
Disinflation provides the answer by tightening issuance, removing extraction loops, and allowing fundamentals to speak again.
This update also sets the conditions required for the protocol’s next phase, where token design supports the product rather than defines it.
USUAL now moves into a more deliberate, stable operating mode.
Disinflation is the first step.
Read more here: https://usual.money/blog/disinflation-resetting-the-pace-for-long-term-stability
The disinflation update approved through UIP-11 is now being put into effect.
It slows issuance, simplifies system mechanics, and strengthens the foundation the protocol will build on moving forward.
Over the past year, USUAL expanded quickly. Demand grew, product direction became clearer, and fundamentals improved. But emissions were rising faster than usage, and incentives built for bootstrapping created persistent sell pressure.
Disinflation corrects that.
It shifts the protocol from high-velocity expansion to a more durable, sustainable structure.
The adjustment includes:
1. Daily emissions reduced by over 50%
2. Roughly 90% of farming-driven sell pressure removed
3. USL converted into a zero-coupon model
4. A fixed, finite supply of 3B USUAL
5. Cleaner USD0++ behaviour for predictable integrations
6. A trade-off from short-term activity toward long-term system health
These changes address a central community question around why strong fundamentals were not reflected structurally.
Disinflation provides the answer by tightening issuance, removing extraction loops, and allowing fundamentals to speak again.
This update also sets the conditions required for the protocol’s next phase, where token design supports the product rather than defines it.
USUAL now moves into a more deliberate, stable operating mode.
Disinflation is the first step.
Read more here: https://usual.money/blog/disinflation-resetting-the-pace-for-long-term-stability
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USD0a.png
683 KB
📢 USD0a is now live — Enhanced Yield on Usual
USD0a is now available in the app, allowing everyone to expose their USD0 to a new, more profitable delta-neutral strategy. Additionally, USD0a can be minted with other stablecoins including USDC.
Unlike USD0, whose collateral is exposed to short-term T-Bills, USD0a directs its collateral toward a hybrid strategy composed of regulated products and delta-neutral strategies offered by various regulated actors such as Superstate. The majority of the yield generated comes from arbitrage strategies between fixed-maturity futures and spot prices. This arbitrage creates yield opportunities that can beat the risk-free yield rate.
The experience is intentionally simple. You mint with USD0 or USDC, and the system follows the same mechanisms every time. When liquidity is available, redemptions in USD0 or USDC settle immediately. When activity is higher, withdrawals go through a short documented queue that maintains the order of the process without compromising the user experience.
The yield increases the token's value, reflecting the value generated each day.
USD0a exists autonomously within the ecosystem. It does not depend on USD0 in its fundamental flows; rather, it introduces a dedicated yield path for users seeking stability, both in returns and in mechanics. The valuation model is transparent, the behavior is predictable, and the yield source is clear from end to end.
You can mint USD0a now at: https://usual.money
USD0a is now available in the app, allowing everyone to expose their USD0 to a new, more profitable delta-neutral strategy. Additionally, USD0a can be minted with other stablecoins including USDC.
Unlike USD0, whose collateral is exposed to short-term T-Bills, USD0a directs its collateral toward a hybrid strategy composed of regulated products and delta-neutral strategies offered by various regulated actors such as Superstate. The majority of the yield generated comes from arbitrage strategies between fixed-maturity futures and spot prices. This arbitrage creates yield opportunities that can beat the risk-free yield rate.
The experience is intentionally simple. You mint with USD0 or USDC, and the system follows the same mechanisms every time. When liquidity is available, redemptions in USD0 or USDC settle immediately. When activity is higher, withdrawals go through a short documented queue that maintains the order of the process without compromising the user experience.
The yield increases the token's value, reflecting the value generated each day.
USD0a exists autonomously within the ecosystem. It does not depend on USD0 in its fundamental flows; rather, it introduces a dedicated yield path for users seeking stability, both in returns and in mechanics. The valuation model is transparent, the behavior is predictable, and the yield source is clear from end to end.
You can mint USD0a now at: https://usual.money
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🗓Here’s what happened at Usual this month:
- Introduced the new Product Suite across Savings, Alpha, and Bonds.
- Launched $sUSD0 and $sEUR0 as the first Savings products, presenting Savings Mode as a simple, easy-to-consume way to earn on $USD0 and $EUR0.
- Launched the Cash and Carry product ($USD0a), introducing Enhanced Yield Mode.
- Integrated Superstate $USCC as part of $USD0a’s product design.
- Ratified the DAO Disinflation Proposal, completing a major tokenomics overhaul.
- Cut and burned 25% of max supply and reduced daily selling pressure by 85%.
- Reduced the USL borrowing rate from 5% to 1.5% APY.
- Continued $USUAL buybacks. More on this shortly.
- Held a community AMA with Pierre covering proposed protocol changes and what to expect going forward.
- Improved the communication flow across Discord with clearer feedback and response channels.
- Managed the one-year cliff investor vesting event, a major liquidity milestone now behind us.
- Introduced the new Product Suite across Savings, Alpha, and Bonds.
- Launched $sUSD0 and $sEUR0 as the first Savings products, presenting Savings Mode as a simple, easy-to-consume way to earn on $USD0 and $EUR0.
- Launched the Cash and Carry product ($USD0a), introducing Enhanced Yield Mode.
- Integrated Superstate $USCC as part of $USD0a’s product design.
- Ratified the DAO Disinflation Proposal, completing a major tokenomics overhaul.
- Cut and burned 25% of max supply and reduced daily selling pressure by 85%.
- Reduced the USL borrowing rate from 5% to 1.5% APY.
- Continued $USUAL buybacks. More on this shortly.
- Held a community AMA with Pierre covering proposed protocol changes and what to expect going forward.
- Improved the communication flow across Discord with clearer feedback and response channels.
- Managed the one-year cliff investor vesting event, a major liquidity milestone now behind us.
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📢 New UIP Proposal Live: Transition from USD0++ → bUSD0 and Introduction of rt-bUSD0
gm gm—we've just published a new UIP that proposes an upgrade to the USD0++ model. The goal is to make the system clearer, create more liquidity, allow new TVL even when USD0++ is discounted on the secondary market, and align incentives for both liquid and long-duration users.
Below is a summary of the proposed changes so the community can review and participate.
1. Name Change: USD0++ → bUSD0
USD0++ already functioned as the staked/bonded version of USD0. The UIP formalises this by renaming it to bUSD0 to make the roles of each asset clearer in the system:
- USD0 = stablecoin
- bUSD0 = locked USD0 that farms USUAL
- rt-bUSD0 = new redemption token (explained below)
The name change is purely clarity-driven. The underlying purpose remains the same.
2. New Model: Separating the Lock from the Exit Right
Under the old USD0++ model, exiting relied mainly on the price floor. When USD0++ traded at a discount, users would buy discounted tokens on the secondary market instead of minting, which slowed new inflows.
The new model separates responsibilities into two tokens:
When locking 1 USD0, the user receives:
- 1 bUSD0, which stays locked and earns USUAL
- 1 rt-bUSD0, which represents the right to redeem early at 1:1
The two tokens behave as follows:
- bUSD0 remains the locked asset that farms USUAL. At maturity, it automatically converts back to USD0 even without rt-bUSD0.
- rt-bUSD0 carries no yield and no governance. It simply gives the right to exit early at par.
- To exit early, users burn 1 bUSD0 + 1 rt-bUSD0 → 1 USD0.
- rt-bUSD0 is freely tradable, letting users choose between maintaining liquidity or taking on more bUSD0 exposure by selling their exit rights.
This structure replaces the price-floor-only exit model with a direct, par-based redemption path.
3. Why This Matters
The new model addresses the weak points of the previous system while keeping all the long-duration benefits:
- Early exits now occur at 1:1, reducing the incentive for the asset to sit at a persistent discount.
- A separate market emerges for exit rights.
People who want flexibility can buy rt-bUSD0.
People who want higher bUSD0 exposure can sell their rt-bUSD0 and capture the illiquidity premium.
- Long-term TVL and USUAL farming remain intact, but the exit mechanism becomes cleaner and more economically sound.
tl;dr:
The upgrade renames USD0++ to bUSD0 and introduces rt-bUSD0, separating the lock from the exit right so that early redemption can happen at par instead of relying on the price floor.
:ballot_box: The UIP is now open for review.
Please take a moment to read the full proposal, share feedback, and ask questions before it moves to a vote.
Looking forward to your input.
https://snapshot.box/#/s:usualmoney.eth/proposal/
gm gm—we've just published a new UIP that proposes an upgrade to the USD0++ model. The goal is to make the system clearer, create more liquidity, allow new TVL even when USD0++ is discounted on the secondary market, and align incentives for both liquid and long-duration users.
Below is a summary of the proposed changes so the community can review and participate.
1. Name Change: USD0++ → bUSD0
USD0++ already functioned as the staked/bonded version of USD0. The UIP formalises this by renaming it to bUSD0 to make the roles of each asset clearer in the system:
- USD0 = stablecoin
- bUSD0 = locked USD0 that farms USUAL
- rt-bUSD0 = new redemption token (explained below)
The name change is purely clarity-driven. The underlying purpose remains the same.
2. New Model: Separating the Lock from the Exit Right
Under the old USD0++ model, exiting relied mainly on the price floor. When USD0++ traded at a discount, users would buy discounted tokens on the secondary market instead of minting, which slowed new inflows.
The new model separates responsibilities into two tokens:
When locking 1 USD0, the user receives:
- 1 bUSD0, which stays locked and earns USUAL
- 1 rt-bUSD0, which represents the right to redeem early at 1:1
The two tokens behave as follows:
- bUSD0 remains the locked asset that farms USUAL. At maturity, it automatically converts back to USD0 even without rt-bUSD0.
- rt-bUSD0 carries no yield and no governance. It simply gives the right to exit early at par.
- To exit early, users burn 1 bUSD0 + 1 rt-bUSD0 → 1 USD0.
- rt-bUSD0 is freely tradable, letting users choose between maintaining liquidity or taking on more bUSD0 exposure by selling their exit rights.
This structure replaces the price-floor-only exit model with a direct, par-based redemption path.
3. Why This Matters
The new model addresses the weak points of the previous system while keeping all the long-duration benefits:
- Early exits now occur at 1:1, reducing the incentive for the asset to sit at a persistent discount.
- A separate market emerges for exit rights.
People who want flexibility can buy rt-bUSD0.
People who want higher bUSD0 exposure can sell their rt-bUSD0 and capture the illiquidity premium.
- Long-term TVL and USUAL farming remain intact, but the exit mechanism becomes cleaner and more economically sound.
tl;dr:
The upgrade renames USD0++ to bUSD0 and introduces rt-bUSD0, separating the lock from the exit right so that early redemption can happen at par instead of relying on the price floor.
:ballot_box: The UIP is now open for review.
Please take a moment to read the full proposal, share feedback, and ask questions before it moves to a vote.
Looking forward to your input.
https://snapshot.box/#/s:usualmoney.eth/proposal/
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📢 USD0/++ Liquidity Transition - The Final Phase
The liquidity transition introduced under UIP-11 is now complete. Over the past weeks, the protocol has moved away from the legacy multi-venue setup and aligned around a single, more efficient liquidity path.
Here’s what changes today.
🔹 Curve Pools Remain, but All Incentives Are Removed
Incentives on the USD0/USDC Curve pool were removed as part of the initial phase.
A migration option was provided for users who wanted to adjust their position.
Pending rewards stopped accruing on 20 November at 02:00 UTC, and claimable rewards were updated three days later, following the standard validation window.
Starting today, the same applies to the USD0/USD0++ Curve pool.
Liquidity may remain on Curve, but all USUAL incentives have been removed.
Users are encouraged to move their liquidity to Uniswap.
🔹 Fluid Moves Into a Reduced Phase
Fluid continued to operate during the transition to ensure continuity.
In line with UIP-11’s disinflation goals, Fluid now enters a reduced mode with a 50% cut in USUAL rewards.
Depending on USD0 liquidity and spread, Fluid incentives will be reduced in two stages throughout December.
🔹 Uniswap v3 Becomes the Primary Incentivized Venue
The USD0/USDC and USD0/USD0++ pools on Uniswap v3 are now live and receiving incentives.
Uniswap v3 is now the primary incentivized liquidity venue for USD0.
The pool is integrated directly into the dApp, allowing users to deposit simply and without complexity into the incentivized range with a smooth UX.
New APYs are visible at go-live, and users will begin receiving these rewards one day after the epoch concludes, following the standard reward-processing cycle.
🔹 A Unified Liquidity Path Going Forward
With Uniswap v3 active, the liquidity transition outlined under UIP-11 is complete.
The system now operates with a single, efficient incentivized venue and a clearer structure for liquidity providers.
Thanks to concentrated liquidity, USUAL products now offer tighter spreads and greater efficiency - directly reflecting community requests.
https://usual.money/blog/finalizing-the-usd0-liquidity-transition
The liquidity transition introduced under UIP-11 is now complete. Over the past weeks, the protocol has moved away from the legacy multi-venue setup and aligned around a single, more efficient liquidity path.
Here’s what changes today.
🔹 Curve Pools Remain, but All Incentives Are Removed
Incentives on the USD0/USDC Curve pool were removed as part of the initial phase.
A migration option was provided for users who wanted to adjust their position.
Pending rewards stopped accruing on 20 November at 02:00 UTC, and claimable rewards were updated three days later, following the standard validation window.
Starting today, the same applies to the USD0/USD0++ Curve pool.
Liquidity may remain on Curve, but all USUAL incentives have been removed.
Users are encouraged to move their liquidity to Uniswap.
🔹 Fluid Moves Into a Reduced Phase
Fluid continued to operate during the transition to ensure continuity.
In line with UIP-11’s disinflation goals, Fluid now enters a reduced mode with a 50% cut in USUAL rewards.
Depending on USD0 liquidity and spread, Fluid incentives will be reduced in two stages throughout December.
🔹 Uniswap v3 Becomes the Primary Incentivized Venue
The USD0/USDC and USD0/USD0++ pools on Uniswap v3 are now live and receiving incentives.
Uniswap v3 is now the primary incentivized liquidity venue for USD0.
The pool is integrated directly into the dApp, allowing users to deposit simply and without complexity into the incentivized range with a smooth UX.
New APYs are visible at go-live, and users will begin receiving these rewards one day after the epoch concludes, following the standard reward-processing cycle.
🔹 A Unified Liquidity Path Going Forward
With Uniswap v3 active, the liquidity transition outlined under UIP-11 is complete.
The system now operates with a single, efficient incentivized venue and a clearer structure for liquidity providers.
Thanks to concentrated liquidity, USUAL products now offer tighter spreads and greater efficiency - directly reflecting community requests.
https://usual.money/blog/finalizing-the-usd0-liquidity-transition
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UIP-12 has officially passed.
USD0++ is now bUSD0, with rt-bUSD0 added for early-exit rights.
The full breakdown of what’s now live in the dApp is here: https://usual.money/blog/introducing-busd0-and-rt-busd0
USD0++ is now bUSD0, with rt-bUSD0 added for early-exit rights.
The full breakdown of what’s now live in the dApp is here: https://usual.money/blog/introducing-busd0-and-rt-busd0
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🏛️ UIP-13 is live
UIP-13 proposes a clearer structure for USUAL by converging governance and value under a single reference. It simplifies the token framework, removes long-term ambiguity, and does so without minting new supply.
Blog Post Here -> https://usual.money/blog/uip-13-a-clearer-structure-for-usual
Proposal Here -> https://snapshot.box/#/s:usualmoney.eth/proposal/0x14defdb68b0e20bbb11edc79a05aacde74ac7cb9d11215703cd547d757697955
UIP-13 proposes a clearer structure for USUAL by converging governance and value under a single reference. It simplifies the token framework, removes long-term ambiguity, and does so without minting new supply.
Blog Post Here -> https://usual.money/blog/uip-13-a-clearer-structure-for-usual
Proposal Here -> https://snapshot.box/#/s:usualmoney.eth/proposal/0x14defdb68b0e20bbb11edc79a05aacde74ac7cb9d11215703cd547d757697955
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Usual Protocol Briefing with Pierre has just started
We’ll review what shipped in 2025, what we learned, and how that informs our plan for 2026.
If you’ve been following the weekly updates, this connects the dots.
Join Here: https://x.com/i/spaces/1kvKpMaowZmGE
We’ll review what shipped in 2025, what we learned, and how that informs our plan for 2026.
If you’ve been following the weekly updates, this connects the dots.
Join Here: https://x.com/i/spaces/1kvKpMaowZmGE
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🏛️ UIP-14: Add usTBL as USD0 Collateral
A new proposal is now live: add USTBL (Spiko US T-Bills Money Market Fund) as an eligible collateral asset for USD0 on Ethereum. UIP-14 introduces regulated, short-term U.S. Treasury exposure to strengthen USD0’s collateral base, reduce concentration risk, and improve resilience as adoption grows.
This proposal reflects Usual’s approach to transparent valuation and conservative risk management, while laying the groundwork for future FX liquidity rails between USD0 and EUR0.
The goal is not expansion for its own sake, but reinforcing USD0’s foundations so the system can scale with durability.
Blog Post Here -> https://usual.money/blog/uip-14-ustbl-as-usd0-collateral
Proposal Here -> https://snapshot.box/#/s:usualmoney.eth/proposal/0x65f80603d96f3eea5e0dab47d86fda035cbce06a38caa3c7f3a937b78e350fc0
A new proposal is now live: add USTBL (Spiko US T-Bills Money Market Fund) as an eligible collateral asset for USD0 on Ethereum. UIP-14 introduces regulated, short-term U.S. Treasury exposure to strengthen USD0’s collateral base, reduce concentration risk, and improve resilience as adoption grows.
This proposal reflects Usual’s approach to transparent valuation and conservative risk management, while laying the groundwork for future FX liquidity rails between USD0 and EUR0.
The goal is not expansion for its own sake, but reinforcing USD0’s foundations so the system can scale with durability.
Blog Post Here -> https://usual.money/blog/uip-14-ustbl-as-usd0-collateral
Proposal Here -> https://snapshot.box/#/s:usualmoney.eth/proposal/0x65f80603d96f3eea5e0dab47d86fda035cbce06a38caa3c7f3a937b78e350fc0
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🏛️ UIP-15: Settlement of 2024–2025 Obligations & Transition Toward Full DAO Stewardship
A new proposal is here: formally settle obligations created during Usual’s pre-DAO phase and lock in a clear end state for governance, ownership, and development. UIP-15 brings existing 2024–2025 commitments into explicit DAO approval, while establishing the DAO as the single center of authority and value going forward.
UIP-15 approves payment of contractual licence royalties and reimbursement of documented third-party operational costs advanced to keep the protocol running. At the same time, it commits to a defined path to transfer protocol IP to DAO ownership (via the Foundation) and sets a new standard for development: explicit DAO mandate, scoped delivery, validated budget, and reporting.
The goal is to close transitional arrangements cleanly, reduce ambiguity between governance and execution, and align ownership, authority, and development under a durable DAO-led structure.
🔗 Full proposal & voting link here: https://snapshot.box/#/s:usualmoney.eth/proposal/0x73dd2059a794acb720695668a3dd9421f9fa7d0870da3e8a019c66015b512d7d
A new proposal is here: formally settle obligations created during Usual’s pre-DAO phase and lock in a clear end state for governance, ownership, and development. UIP-15 brings existing 2024–2025 commitments into explicit DAO approval, while establishing the DAO as the single center of authority and value going forward.
UIP-15 approves payment of contractual licence royalties and reimbursement of documented third-party operational costs advanced to keep the protocol running. At the same time, it commits to a defined path to transfer protocol IP to DAO ownership (via the Foundation) and sets a new standard for development: explicit DAO mandate, scoped delivery, validated budget, and reporting.
The goal is to close transitional arrangements cleanly, reduce ambiguity between governance and execution, and align ownership, authority, and development under a durable DAO-led structure.
🔗 Full proposal & voting link here: https://snapshot.box/#/s:usualmoney.eth/proposal/0x73dd2059a794acb720695668a3dd9421f9fa7d0870da3e8a019c66015b512d7d
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🏛️ UIP-16:Usual Zero Rate Module (UZR): Adding U0R as USD0 Collateral
Governance at Usual moves in deliberate steps. UIP-16 follows this approach.
The proposal introduces Usual Zero Rate Token (U0R) as eligible collateral for USD0 on Ethereum mainnet. This is a strictly technical, preparatory change — not a new product and not the broader infrastructure transition.
Following UIP-11 (USUAL inflation reduction), governance set the USL rate to 0% and stopped USUAL emissions for bUSD0 used as USL collateral. UIP-16 adds U0R as new USD0 collateral via a dedicated module: UZR (Usual Zero Rate Module), explicitly designed with a 0% rate.
UZR will coexist with the current USL on Euler: nothing is replaced or imposed. Users can stay or migrate.
UIP-16 enables essential real-world tests (security, integrations, on-chain behavior, accounting, flows) before a separate proposal details the full target architecture. It does not change USD0’s risk framework or monetary policy — it simply reduces risk by validating assumptions on-chain.
A detailed technical description of the future infrastructure will be submitted to governance soon.
🔗 Full proposal & voting link: https://snapshot.box/#/s:usualmoney.eth/proposal/0x2a5956511f74a948f523295af642378d0f57e1904c87b17e62c1c2ae2b827761
Governance at Usual moves in deliberate steps. UIP-16 follows this approach.
The proposal introduces Usual Zero Rate Token (U0R) as eligible collateral for USD0 on Ethereum mainnet. This is a strictly technical, preparatory change — not a new product and not the broader infrastructure transition.
Following UIP-11 (USUAL inflation reduction), governance set the USL rate to 0% and stopped USUAL emissions for bUSD0 used as USL collateral. UIP-16 adds U0R as new USD0 collateral via a dedicated module: UZR (Usual Zero Rate Module), explicitly designed with a 0% rate.
UZR will coexist with the current USL on Euler: nothing is replaced or imposed. Users can stay or migrate.
UIP-16 enables essential real-world tests (security, integrations, on-chain behavior, accounting, flows) before a separate proposal details the full target architecture. It does not change USD0’s risk framework or monetary policy — it simply reduces risk by validating assumptions on-chain.
A detailed technical description of the future infrastructure will be submitted to governance soon.
🔗 Full proposal & voting link: https://snapshot.box/#/s:usualmoney.eth/proposal/0x2a5956511f74a948f523295af642378d0f57e1904c87b17e62c1c2ae2b827761
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Introducing Fira.
DeFi put credit onchain.
It never finished the job.
Fira introduces fixed-rate, maturity-based credit onchain- turning spot lending into markets built around time, predictability, and real financing.
This post explains the rationale, the architecture, and how Fira fits into Usual’s long-term credit stack as we build toward bank-grade infrastructure.
Read the full piece ↓
https://usual.money/blog/fira-fixed-rate-credit-built-onchain
Governance note: UIP-17 proposes bringing the Fira infrastructure developed by the Labs under Usual DAO ownership ↓
https://snapshot.box/#/s:usualmoney.eth/proposal/0x75ac2e8fdeaa8c54c661a43e95bbabfe029859a3b08a89c66b0e02bb4c8e5a5b
DeFi put credit onchain.
It never finished the job.
Fira introduces fixed-rate, maturity-based credit onchain- turning spot lending into markets built around time, predictability, and real financing.
This post explains the rationale, the architecture, and how Fira fits into Usual’s long-term credit stack as we build toward bank-grade infrastructure.
Read the full piece ↓
https://usual.money/blog/fira-fixed-rate-credit-built-onchain
Governance note: UIP-17 proposes bringing the Fira infrastructure developed by the Labs under Usual DAO ownership ↓
https://snapshot.box/#/s:usualmoney.eth/proposal/0x75ac2e8fdeaa8c54c661a43e95bbabfe029859a3b08a89c66b0e02bb4c8e5a5b
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Introducing Usual Zero Rate.
Usual didn’t start by building a lending market. It started by making dollars usable onchain.
Usual Zero Rate brings the credit lane home- moving borrowing onto Usual-owned rails so incentives are clean, value loops back to the DAO, and credit becomes real infrastructure.
This post explains the rationale, the philosophy, and why owning the credit engine matters as Usual builds toward durable, bank-grade finance.
Read the full piece ↓
https://usual.money/blog/usual-zero-rate-bringing-usual%E2%80%99s-credit-lane-home
Governance note: UIP-18 proposes the launch of the Usual Zero Rate market under Usual DAO ownership ↓
https://snapshot.box/#/s:usualmoney.eth/proposal/0x16dd10633ab146c51e8a6eae58be4b475560707fd694e82169286896170a3f11
Usual didn’t start by building a lending market. It started by making dollars usable onchain.
Usual Zero Rate brings the credit lane home- moving borrowing onto Usual-owned rails so incentives are clean, value loops back to the DAO, and credit becomes real infrastructure.
This post explains the rationale, the philosophy, and why owning the credit engine matters as Usual builds toward durable, bank-grade finance.
Read the full piece ↓
https://usual.money/blog/usual-zero-rate-bringing-usual%E2%80%99s-credit-lane-home
Governance note: UIP-18 proposes the launch of the Usual Zero Rate market under Usual DAO ownership ↓
https://snapshot.box/#/s:usualmoney.eth/proposal/0x16dd10633ab146c51e8a6eae58be4b475560707fd694e82169286896170a3f11
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The UZR Migrator is now live. USL positions can move to Fira. This is the first step in bringing Usual’s credit lane home.
🔗: app.fira.money/migrate
Migration is one-way only: Euler → Fira. Once moved, positions cannot return to Euler. This keeps the transition clean and avoids fragmented liquidity.
The rollout is progressive. Liquidity is being added in tranches: Jan 15 opens with the first tranche, more tranches are added through Jan 18, and from Jan 19 liquidity scales with demand. If a tranche fills quickly, that is expected. More liquidity will follow and each new tranche will be announced publicly.
Following Usual’s $16M Bug Bounty, we’re adding a dedicated $7.5M bounty for Usual Zero Rate on Fira. Details (incl. scope + rules) will be published later this week.
USUAL rewards on USL continue during the transition. Even if you cannot migrate immediately, you keep earning. Rewards continue for a few days to avoid a cliff, with the final distribution following the usual schedule. No one is penalized for a slow rollout.
Migration is available now. Borrow and Repay on the Fira UI go live Jan 22. Until then you can migrate, but you cannot yet borrow or repay through the Fira frontend. Advanced users can interact directly with contracts.
With UZR, borrowing is zero-rate, fees flow to the DAO, and the credit lane becomes protocol-owned. This is not just a new market. It is a structural shift. USD0 moves from a passive balance to working capital, credit becomes native, and governance takes control of its most important rail. The migrator is live, liquidity is scaling, and the credit lane is coming home.
🔗: app.fira.money/migrate
Migration is one-way only: Euler → Fira. Once moved, positions cannot return to Euler. This keeps the transition clean and avoids fragmented liquidity.
The rollout is progressive. Liquidity is being added in tranches: Jan 15 opens with the first tranche, more tranches are added through Jan 18, and from Jan 19 liquidity scales with demand. If a tranche fills quickly, that is expected. More liquidity will follow and each new tranche will be announced publicly.
Following Usual’s $16M Bug Bounty, we’re adding a dedicated $7.5M bounty for Usual Zero Rate on Fira. Details (incl. scope + rules) will be published later this week.
USUAL rewards on USL continue during the transition. Even if you cannot migrate immediately, you keep earning. Rewards continue for a few days to avoid a cliff, with the final distribution following the usual schedule. No one is penalized for a slow rollout.
Migration is available now. Borrow and Repay on the Fira UI go live Jan 22. Until then you can migrate, but you cannot yet borrow or repay through the Fira frontend. Advanced users can interact directly with contracts.
With UZR, borrowing is zero-rate, fees flow to the DAO, and the credit lane becomes protocol-owned. This is not just a new market. It is a structural shift. USD0 moves from a passive balance to working capital, credit becomes native, and governance takes control of its most important rail. The migrator is live, liquidity is scaling, and the credit lane is coming home.
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Borrow & Repay is now live for UZR on Fira.
Fira has been live for a week and is already past $300M TVL. From the start, the rollout has been intentional. Features are coming online step by step, once each layer is proven in real conditions.
After opening the UZR market, you can now do the two most basic credit actions directly on Fira: borrow and repay.
UZR borrowing is fixed-rate, with a defined maturity and a visible price before you commit. You know what you’ll owe when you open the position. Repayment is just as clean: repay what you borrowed and the position closes, without side effects or hidden complexity.
This phased approach is about keeping the surface area of risk tight while the system grows.
You can check it out here: https://app.fira.money/migrate?tab=borrow
Fira has been live for a week and is already past $300M TVL. From the start, the rollout has been intentional. Features are coming online step by step, once each layer is proven in real conditions.
After opening the UZR market, you can now do the two most basic credit actions directly on Fira: borrow and repay.
UZR borrowing is fixed-rate, with a defined maturity and a visible price before you commit. You know what you’ll owe when you open the position. Repayment is just as clean: repay what you borrowed and the position closes, without side effects or hidden complexity.
This phased approach is about keeping the surface area of risk tight while the system grows.
You can check it out here: https://app.fira.money/migrate?tab=borrow
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USUALx unlock window is now open 🔓
As outlined in UIP-11, an unlock window was included to give existing USUALx lockers the option to reassess their positions following changes to the reward and inflation model. That window is now open.
From January 27 at 00:00 GMT to February 3 at 00:00 GMT, users can submit manual requests to unlock their USUALx positions. You can unlock one position or multiple positions, and submit multiple requests during the window if needed. Submitting an unlock request is irreversible.
Unlock requests are collected during the window and executed after it closes. All positions with a submitted request will be unlocked on February 3. Positions without a request remain locked and continue until their original maturity.
USD0 rewards continue to accrue in full through February 1 (end of day). Submitting an unlock request does not affect rewards during the window. From February 2 onward, USD0 rewards stop accruing for positions that will be unlocked. Any USD0 already accrued remains claimable via the dApp.
Following the unlock window, USD0 rewards allocated to USUALx will follow the UIP-11 framework and correspond to 33% of realized DAO revenue per distribution period. The resulting APR will depend on how much USUALx remains locked after the window closes.
You'll find the opportunity to unlock via a popup in the Usual dApp
As outlined in UIP-11, an unlock window was included to give existing USUALx lockers the option to reassess their positions following changes to the reward and inflation model. That window is now open.
From January 27 at 00:00 GMT to February 3 at 00:00 GMT, users can submit manual requests to unlock their USUALx positions. You can unlock one position or multiple positions, and submit multiple requests during the window if needed. Submitting an unlock request is irreversible.
Unlock requests are collected during the window and executed after it closes. All positions with a submitted request will be unlocked on February 3. Positions without a request remain locked and continue until their original maturity.
USD0 rewards continue to accrue in full through February 1 (end of day). Submitting an unlock request does not affect rewards during the window. From February 2 onward, USD0 rewards stop accruing for positions that will be unlocked. Any USD0 already accrued remains claimable via the dApp.
Following the unlock window, USD0 rewards allocated to USUALx will follow the UIP-11 framework and correspond to 33% of realized DAO revenue per distribution period. The resulting APR will depend on how much USUALx remains locked after the window closes.
You'll find the opportunity to unlock via a popup in the Usual dApp
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