Usual USD (USD0) stablecoin analytics
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USD0
Usual's USD0 is a stablecoin backed by stablecoins backed by stablecoins: 65% Hashnote USYC, 15% M by M0, 10% Ethena's USDtb, 5% BlackRock BUIDL, 3% Ondo's OUSG, and 2% Circle's USDC — six distinct upstream dependencies, each carrying its own counterparty chain down to the actual Treasury bills. The C- in dependency risk is the inevitable consequence of this architecture: every wrapper adds a layer, and USD0 has more layers than most buildings. The December 2024 USD0++ depeg remains the cautionary asterisk — a reminder that innovative tokenomics around the USUAL governance token can destabilize what the reserve composition was designed to protect. The 86-rated redemption backstop via permissionless DaoCollateral swaps is the structural safeguard, but with 38 depeg events and DEWS in the Watch band, USD0 demands more trust in its dependency stack than most holders probably realize.
Detailed stablecoin analytics coming soon...
