{"investigation":{"slug":"usual-usd0","entity_name":"Usual USD0","trust_score":42,"severity_base":null,"score_modifier":0,"confidence":0.78,"status":"published","content_type":"investigation","summary":"Usual is a Paris-based DeFi stablecoin protocol founded in 2022 by former French politician Pierre Person and co-founders Adli Takkal Bataille and Hugo Salle de Chou. The protocol issues USD0, a stablecoin collateralized by tokenized US Treasury Bills, alongside USD0++, a four-year locked bond derivative that suffered a significant depeg event in January 2025 after the team unilaterally changed redemption rules without adequate community notice. A smart contract arbitrage exploit was also detected and paused in May 2025, and USD0++ tokens were stolen in an unrelated third-party hack of Zoth Protocol in March 2025.","sections":[{"content":"Usual is a decentralized stablecoin issuance platform built on Ethereum, founded in 2022 by Pierre Person, Adli Takkal Bataille, and Hugo Salle de Chou. Pierre Person, born January 22, 1989, is a French crypto executive and former member of the French National Assembly (2017-2022), representing the 6th constituency of Paris. The protocol launched commercially in 2024 as Usual Money, issuing two primary products: USD0, a stablecoin fully backed 1:1 by short-term US Treasury Bills via tokenized RWA providers, and USD0++, a liquid bond derivative that locks USD0 for a four-year period in exchange for yield and USUAL governance token emissions. The USUAL governance token was launched on Binance Launchpool on November 15, 2024, with pre-market trading beginning November 19, 2024. The token's maximum supply is 4 billion, with 7.5% allocated for the Binance Launchpool farming reward. The protocol attracted substantial institutional backing and rapid TVL growth through late 2024.","heading":"Protocol Overview and Background","sources":[{"url":"https://thefintechtimes.com/which-countries-are-leading-the-global-stablecoin-race-and-how/pierre-person-ceo-and-co-founder-of-stablecoin-defi-protocol-usual-labs/","name":"thefintechtimes.com","type":"other","credibility":3},{"url":"https://en.wikipedia.org/wiki/Pierre_Person","name":"en.wikipedia.org","type":"other","credibility":3},{"url":"https://academy.binance.com/en/articles/what-is-the-usual-protocol","name":"academy.binance.com","type":"other","credibility":3},{"url":"https://www.binance.com/en/square/post/11-14-2024-binance-launches-usual-usual-on-launchpool-with-pre-market-trading-to-follow-16224040648377","name":"binance.com","type":"other","credibility":3},{"url":"https://docs.usual.money/usual-products/usd0-stablecoin","name":"docs.usual.money","type":"other","credibility":3}],"severity":"medium"},{"content":"Usual Labs completed two major funding rounds. In April 2024, the company raised $7 million in a strategic seed round co-led by IOSG Ventures and Kraken Ventures, with participation from GSR, Mantle, StarkWare, Flowdesk, Avid3, Bing Ventures, Breed, Hypersphere, Kima Ventures, Psalion, Public Works, and X Ventures. In December 2024, the protocol raised a $10 million Series A round led by Binance Labs and Kraken Ventures, with additional participation from Ondo, Coinbase Ventures, IOSG Ventures, OKX Ventures, Galaxy Ventures, Symbolic Capital, Amber Group, and GSR. The Binance Labs and Binance Launchpool involvement provided significant distribution and credibility in the market. At its peak in January 2025, Usual reported over $1.87 billion in total value locked, positioning it briefly among the top DeFi protocols by TVL.","heading":"Funding and Institutional Backing","sources":[{"url":"https://www.crowdfundinsider.com/2024/12/234605-stablecoin-project-usual-raises-10m-series-a-led-by-binance-labs-kraken-ventures/","name":"crowdfundinsider.com","type":"other","credibility":3},{"url":"https://www.theblock.co/post/288758/iosg-and-kraken-ventures-lead-7-million-funding-round-for-stablecoin-developer-usual-labs","name":"theblock.co","type":"other","credibility":3},{"url":"https://www.prnewswire.com/news-releases/usual-labs-announces-a-strategic-funding-round-of-7m-and-75m-tvl-committed-to-compete-with-stablecoin-giants-302119572.html","name":"prnewswire.com","type":"other","credibility":3},{"url":"https://www.coinspeaker.com/usual-secures-10m-series-a-funding-from-binance-labs-kraken-ventures/","name":"coinspeaker.com","type":"other","credibility":3}],"severity":"medium"},{"content":"The most significant controversy surrounding Usual occurred on January 9-10, 2025, when the protocol unilaterally altered the redemption mechanism for USD0++. Prior to the change, users could redeem USD0++ for USD0 at a 1:1 ratio. On January 9, 2025, the team announced a new 'dual-path exit' feature that introduced a floor price of $0.87 for USD0++ unconditional redemption, with a conditional 1:1 exit option that required forfeiting all accrued yield. The original documentation had not disclosed a floor price. Following the announcement, USD0++ fell from approximately $1.00 to below $0.90 on Curve Finance within 24 hours, with a low of $0.89 recorded. The USUAL governance token dropped 17-18.7% within 24 hours. Protocol TVL fell from $1.87 billion to below $1.6 billion. The sudden change triggered large-scale liquidations on Morpho lending markets, where many users had established leveraged loop positions: depositing USD0++ as collateral, borrowing USDC, minting more USD0 and USD0++, and repeating. Morpho's liquidation threshold was set at 86% LTV — nearly identical to the new 0.87 floor — meaning any depeg immediately pushed leveraged positions into liquidation territory. Hundreds of millions in USD0++ exited DeFi platforms Curve Finance and Pendle under distressed conditions. DeFi analyst Ignas alleged the team 'pushed for the largest USD0/USD0++ pool on Curve knowing all well that USD0++ shouldn't trade at 1:1,' and asked whether the team 'just allow[ed] degens to jump in at 1:1 and then rug the USD0++.' Aave founder Stani Kulechov publicly criticized the update for exposing the risk of hardcoded price feeds. DeFi community member 'olimpio' alleged that Usual 'let users mint/buy usd0++ at $1 (no discount, 1-1 programmed) and then magically implement a new hardcoded 0.87 floor, effectively locking (i.e., evaporating) 13% of the principal for 1,500,000,000 USD.' The Usual team stated that the change had been communicated in October 2024 and apologized for 'insufficient clarity.' On January 13, 2025, the protocol activated a 'revenue switch' redistributing protocol earnings to USUALx stakers, and introduced a 1:1 early unstaking option requiring users to forfeit earned rewards.","heading":"USD0++ Depeg Incident — January 2025","sources":[{"url":"https://www.coindesk.com/markets/2025/01/10/red-hot-de-fi-platform-usual-faces-backlash-as-protocol-update-triggers-sell-off","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.theblock.co/post/333995/usual-money-protocol-update","name":"theblock.co","type":"other","credibility":3},{"url":"https://blockworks.co/news/usual-depeg-spurs-defi-instability","name":"blockworks.co","type":"other","credibility":3},{"url":"https://www.gate.com/learn/articles/usual-explained-the-hidden-issues-behind-usd0-depegging-and-circular-loans-liquidation/6030","name":"gate.com","type":"other","credibility":3},{"url":"https://www.gate.com/learn/articles/analysis-of-the-usd0-depegging-incident-challenges-and-prospects-of-the-usual-protocol/7938","name":"gate.com","type":"other","credibility":3},{"url":"https://www.onesafe.io/blog/stablecoin-usd0-depegging-impact","name":"onesafe.io","type":"other","credibility":3},{"url":"https://thenewscrypto.com/usual-protocol-faces-criticism-after-usd0-depegs/","name":"thenewscrypto.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On May 27-28, 2025, Usual Protocol's USD0++ Investment Vaults suffered an arbitrage exploit identified by on-chain security firm BlockSec via its Phalcon monitoring platform. The attacker exploited a VaultRouter contract logic flaw that allowed USD0++ to be redeemed for USD0 at a 1:1 ratio while the market price of USD0++ traded at a discount (approximately $0.97 versus USD0 at $0.99). The attacker extracted approximately $43,000 in arbitrage profit via Uniswap V3, converting the spread into USDC. BlockSec's Phalcon system detected the abnormal multi-stage flash loan strategy — involving over 15 smart contract calls — and paused the affected contracts before further exploitation could occur. The Usual core protocol and primary USD0 stablecoin were not affected; only the Investment Vault smart contract was paused. The protocol confirmed in an official X post on May 27, 2025 that 'no user funds were affected, no money was lost.' The exploit was categorized as a limited arbitrage event rather than a critical breach, though it demonstrated that the gap between USD0++ market price and USD0 created exploitable conditions in vault logic — a design risk with roots in the January 2025 depeg.","heading":"Smart Contract Exploit — May 2025","sources":[{"url":"https://x.com/usualmoney/status/1927615179291828607","name":"x.com","type":"other","credibility":3},{"url":"https://coinedition.com/blocksec-stops-hack-attempt-usual-protocol-prevents-asset-loss/","name":"coinedition.com","type":"other","credibility":3},{"url":"https://www.cryptopolitan.com/usual-protocol-pauses-contract-usd0-exploit/","name":"cryptopolitan.com","type":"other","credibility":3},{"url":"https://www.binance.com/en/square/post/24847265414826","name":"binance.com","type":"other","credibility":3},{"url":"https://usual.money/blog/sky-vault-arbitrage-recap","name":"usual.money","type":"other","credibility":3}],"severity":"medium"},{"content":"On March 21, 2025, Zoth Protocol — an RWA restaking platform that held USD0++ as a primary asset — was exploited for approximately $8.4 million. The attacker compromised the Zoth deployer wallet's private key and upgraded the proxy contract 'USD0PPSubVaultUpgradeable' with malicious code 30 minutes before the breach was detected. This allowed the attacker to withdraw $8.45 million in USD0++ tokens, which were subsequently swapped for DAI and converted to approximately 4,223 ETH. A separate, smaller Zoth exploit on March 6, 2025 had already drained $285,000 from a Uniswap V3 liquidity pool. USD0++ held within Zoth represented user assets external to the Usual core protocol; Usual itself was not directly compromised. However, the incident illustrated systemic risk: USD0++ was used as productive collateral across multiple third-party DeFi protocols, creating counterparty exposure. The Halborn security research firm published a detailed post-mortem of the Zoth hack. The attacker's root cause was a compromised private key — an operational security failure at Zoth — not a flaw in the Usual protocol itself.","heading":"Third-Party Exposure — Zoth Protocol Hack, March 2025","sources":[{"url":"https://www.cryptotimes.io/2025/03/21/zoth-protocol-loses-8m-in-latest-defi-exploit/","name":"cryptotimes.io","type":"other","credibility":3},{"url":"https://www.halborn.com/blog/post/explained-the-zoth-hack-march-2025","name":"halborn.com","type":"other","credibility":3},{"url":"https://99bitcoins.com/news/another-day-another-crypto-hack-rwa-platform-zoth-is-drained-of-8-85-million/","name":"99bitcoins.com","type":"other","credibility":3},{"url":"https://coinjournal.net/news/real-world-asset-rwa-re-staking-protocol-zoth-loses-8-4m-to-hackers/","name":"coinjournal.net","type":"other","credibility":3}],"severity":"medium"},{"content":"The USUAL governance token launched on Binance Launchpool on November 15, 2024 and listed on November 19, 2024. USUAL reached an all-time high of approximately $1.61-$1.64 on December 20, 2024 — roughly one month after launch. Following the USD0++ depeg incident in January 2025, USUAL entered a sustained decline. As of mid-2025, the token had declined approximately 99% from its all-time high. The token's emission model ties USUAL minting to protocol TVL and revenue, with up to 70% of revenue directed toward token buybacks and 30% distributed weekly to USUALx stakers. Critics have noted that the initial surge was driven in part by leveraged loop farming incentivized with USUAL emissions — a dynamic that created reflexive demand. When the USD0++ redemption floor change made these positions untenable in January 2025, the forced unwind of leveraged positions accelerated both the USD0++ depeg and USUAL token selloffs simultaneously. The collapse from $1.64 to near zero over approximately five months represents one of the sharper governance token declines in recent DeFi history. Protocol TVL declined from a peak of $1.87 billion in January 2025 to approximately $380 million by mid-2025.","heading":"USUAL Token Performance and Tokenomics Risk","sources":[{"url":"https://www.coingecko.com/en/coins/usual","name":"coingecko.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/currencies/usual/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/markets/2025/01/10/red-hot-de-fi-platform-usual-faces-backlash-as-protocol-update-triggers-sell-off","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.gate.com/learn/articles/usual-explained-the-hidden-issues-behind-usd0-depegging-and-circular-loans-liquidation/6030","name":"gate.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Usual claims USD0 is designed to comply with US and EU stablecoin regulations, with collateral exclusively comprising short-term US Treasury Bills held via tokenized RWA providers. Reserve transparency is provided in real-time by fund administrators. No direct regulatory action by the SEC, CFTC, or equivalent EU regulators has been identified against Usual Labs or its principals as of the date of this investigation. However, analysts have noted that USD0++, with its four-year lock-up, yield-generating structure, and governance token incentives, may be characterized as a security in some jurisdictions. The protocol's governance structure has been criticized for insufficient decentralization: the January 2025 redemption mechanism change was implemented without a community governance vote, despite USD0++ holders being the directly affected party. Pierre Person's background as a French legislator with expertise in financial regulation has been cited by the team as a differentiator in navigating regulatory risk, though no formal regulatory clearances have been publicly documented.","heading":"Regulatory and Compliance Posture","sources":[{"url":"https://docs.usual.money/usual-products/usd0-stablecoin","name":"docs.usual.money","type":"other","credibility":3},{"url":"https://www.gate.com/learn/articles/analysis-of-interest-bearing-stablecoin-protocols-security-highlights-and-regulatory-challenges/5157","name":"gate.com","type":"other","credibility":3},{"url":"https://blockster.com/usdo-not-just-another-stablecoin-interview-with-usual-labs-ceo-pierre-person","name":"blockster.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/markets/2025/01/10/red-hot-de-fi-platform-usual-faces-backlash-as-protocol-update-triggers-sell-off","name":"coindesk.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2022","event":"Usual Labs co-founded by Pierre Person, Adli Takkal Bataille, and Hugo Salle de Chou","source":"","date_original":"2022-01-01"},{"date":"2024-04-17","event":"Usual Labs raises $7 million seed round led by IOSG Ventures and Kraken Ventures","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2024/04/17/defi-firm-usual-labs-raises-7m-round-led-by-kraken-ventures-and-iosg"},{"date":"2024-11-15","event":"USUAL governance token launches on Binance Launchpool; farming period begins","source":"Binance","source_url":"https://www.binance.com/en/square/post/11-14-2024-binance-launches-usual-usual-on-launchpool-with-pre-market-trading-to-follow-16224040648377"},{"date":"2024-11-19","event":"USUAL/USDT pre-market trading begins on Binance","source":"CoinGape","source_url":"https://coingape.com/binance-launchpool-to-list-usual-usual-with-pre-market-trading/amp/"},{"date":"2024-12","event":"Usual raises $10 million Series A led by Binance Labs and Kraken Ventures","source":"Crowdfund Insider","source_url":"https://www.crowdfundinsider.com/2024/12/234605-stablecoin-project-usual-raises-10m-series-a-led-by-binance-labs-kraken-ventures/","date_original":"2024-12-01"},{"date":"2024-12-20","event":"USUAL governance token reaches all-time high of approximately $1.61-$1.64","source":"CoinGecko","source_url":"https://www.coingecko.com/en/coins/usual"},{"date":"2025","event":"Usual Protocol TVL peaks at approximately $1.87 billion","source":"DeFiLlama / CoinDesk","source_url":"https://defillama.com/protocol/usual","date_original":"2025-01-01"},{"date":"2025-01-09","event":"Usual Protocol announces dual-path exit change, lowering USD0++ unconditional redemption floor to $0.87; market panic begins","source":"The Block","source_url":"https://www.theblock.co/post/333995/usual-money-protocol-update"},{"date":"2025-01-10","event":"USD0++ falls below $0.90 on Curve Finance; USUAL token drops 17%; TVL falls below $1.6 billion; widespread community backlash including from Aave founder Stani Kulechov","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2025/01/10/red-hot-de-fi-platform-usual-faces-backlash-as-protocol-update-triggers-sell-off"},{"date":"2025-01-13","event":"Usual activates revenue switch, distributing protocol earnings to USUALx stakers; introduces 1:1 early unstaking with reward forfeiture","source":"Usual Blog","source_url":"https://usual.money/blog/revenue-switch-a-new-dawn-for-usualx-holders"},{"date":"2025-03-06","event":"Zoth Protocol, which holds USD0++ collateral, loses $285,000 in Uniswap V3 liquidity pool exploit","source":"Crypto Times","source_url":"https://www.cryptotimes.io/2025/03/21/zoth-protocol-loses-8m-in-latest-defi-exploit/"},{"date":"2025-03-21","event":"Zoth Protocol hacked for $8.4 million via compromised deployer private key; attacker withdraws $8.45 million in USD0++ tokens and converts to ETH","source":"Halborn","source_url":"https://www.halborn.com/blog/post/explained-the-zoth-hack-march-2025"},{"date":"2025-05-27","event":"Usual USD0++ Investment Vault arbitrage exploit detected by BlockSec Phalcon; attacker extracts approximately $43,000 via flash loan arbitrage between USD0++ and USD0; vault contracts paused; no 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