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
1 entities- + 3 more
Timeline(13 events)
2022-01-01
Usual Labs co-founded by Pierre Person, Adli Takkal Bataille, and Hugo Salle de Chou
2024-12-01
Usual raises $10 million Series A led by Binance Labs and Kraken Ventures
Crowdfund Insider2025-01-09
Usual Protocol announces dual-path exit change, lowering USD0++ unconditional redemption floor to $0.87; market panic begins
The Block2025-01-10
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
CoinDesk2025-01-13
Usual activates revenue switch, distributing protocol earnings to USUALx stakers; introduces 1:1 early unstaking with reward forfeiture
Usual Blog2025-03-06
Zoth Protocol, which holds USD0++ collateral, loses $285,000 in Uniswap V3 liquidity pool exploit
Crypto Times2025-03-21
Zoth Protocol hacked for $8.4 million via compromised deployer private key; attacker withdraws $8.45 million in USD0++ tokens and converts to ETH
Halborn2025-05-27
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
- hash: ERwQNQsJ2uFF775i4PTqMxUot71imSfrNSjzKUoLGqD6
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:23 AM
last updated: 5/29/2026, 2:41:04 AM
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