Usual USD0
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 42 → 56. Problems weighed by who is responsible: concerns that are not fraud −9.6, incidents the subject suffered −3.2, problems around the subject, caused by others −2.4; legitimacy credit long-running +6. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -9.6 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -2.4 |
| Long-running | +6 |
| Sum | 56 |
Score: 56/100 (kept between 0 and 100)
How scoring works →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.
Connected Entities
10 entities · 60 linked investigations- Ethereum→mentioned with→Coinbase(60%)
- Mantle→mentioned with→Ethereum(80%)
- Zoth Protocol→mentioned with→Ethereum(60%)
- Zoth Protocol→mentioned with→Uniswap(70%)
- Binance→mentioned with→Ethereum(65%)
- Curve Finance→mentioned with→Ethereum(80%)
- Uniswap→mentioned with→Ethereum(80%)
- Pendle→mentioned with→Ethereum(80%)
- Usual USD0→mentioned with→Curve Finance(80%)
- Usual USD0→mentioned with→Zoth Protocol(80%)
- + 8 more
Connected Through
8 shared actors · 596 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □Binanceorganization
- ⌂Uniswapprotocol
- ♦Coinbasetoken
Timeline(13 events)
2022
Usual Labs co-founded by Pierre Person, Adli Takkal Bataille, and Hugo Salle de Chou
17 April 2024
Usual Labs raises $7 million seed round led by IOSG Ventures and Kraken Ventures
CoinDeskDecember 2024
Usual raises $10 million Series A led by Binance Labs and Kraken Ventures
Crowdfund Insider9 January 2025
Usual Protocol announces dual-path exit change, lowering USD0++ unconditional redemption floor to $0.87; market panic begins
The Block10 January 2025
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
CoinDesk13 January 2025
Usual activates revenue switch, distributing protocol earnings to USUALx stakers; introduces 1:1 early unstaking with reward forfeiture
Usual Blog6 March 2025
Zoth Protocol, which holds USD0++ collateral, loses $285,000 in Uniswap V3 liquidity pool exploit
Crypto Times21 March 2025
Zoth Protocol hacked for $8.4 million via compromised deployer private key; attacker withdraws $8.45 million in USD0++ tokens and converts to ETH
Halborn27 May 2025
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 user funds lost
Usual / CoinEditionDecision Log
- slot 455365238 · hash J3u3tdggdkqeMV6h3np66SwpZWTgsqJ1nRBksfdUn3s1
- slot 443508508 · hash FPV6MiVZvgZDe5BxMpZgYkdL1TW5A4qmK3koXXAbWDAC
- slot 422849384 · hash ERwQNQsJ2uFF775i4PTqMxUot71imSfrNSjzKUoLGqD6
This investigation is cryptographically anchored to the Solana blockchain (3 decisions). 25 of 29 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:23 AM
last updated: 10/10/2026, 6:45:31 PM
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