RWA Decentralization stablecoin: Usual Money Project Analysis

Stablecoin Market Overview

Stablecoins serve as the infrastructure of the cryptocurrency industry, playing a key role in large-scale payments and industry adoption. By the end of July 2024, the total market capitalization of stablecoins reached 168 billion USD. Among them, the two major centralized stablecoins USDT and USDC account for about 90% of the market share.

The stablecoin business is highly profitable, with two major players generating over $10 billion in revenue in 2023 and a valuation exceeding $200 billion. In the first quarter of 2024, one company's profits reached a record $4.52 billion. This monopolistic massive profit contradicts the principles of cryptocurrency Decentralization, thus giving rise to various decentralized stablecoin projects.

Usual Money Project Introduction

Usual Money is an emerging RWA Decentralization stablecoin project, with core features including:

1. Use U.S. Treasury bonds as collateral
2. Based on Ethereum smart contracts, providing transparency and security.
3. Distribute profits to the community and contributors

This design can be seen as "on-chain centralized stablecoin", combining the 1:1 RWA collateral characteristics of traditional stablecoins with the security and transparency advantages of blockchain.

Project Background

• In April 2024, Usual Labs completed a $7 million financing.
• The founder was a French politician who promoted the country's legislation on cryptocurrency assets.
• Mainnet launched on July 10, TVL reached 146 million USD in early August.
• USD0 main trading concentrated in a certain DEX's USD0/USDC pool
• There is approximately 30 million dollars in collateral on a certain lending platform.
• The token generation event is expected in Q4 2024, with 90% allocated to the community.

Mechanism Analysis

Collateral and Minting

USD0 can be minted in two ways:

1. Directly deposit RWA to receive USD0 1:1
2. Deposit USDC/USDT, collateralized by RWA provided by a third party

Revenue Model

• USD0++ is the locked version of USD0, which can earn rewards.
• Users can choose to receive USUAL token rewards or basic interest protection.
• Whether obtained through primary issuance or the secondary market, holders have the right to receive USUAL coins.

User Participation Methods

1. Access the project's official application
2. Deposit USDC, USDT, or ETH to mint USD0
3. Participate in the Pills activity to earn rewards:
   • Lock USD0 for USD0++
   • Hold USD0++
   • Provide liquidity in the liquidity pool
4. Pay attention to the time multiplier mechanism, long-term holding can earn more rewards.

Usual Money, as a new type of RWA decentralized stablecoin project, is actively expanding its market share through innovative mechanism design and community incentives. However, like all emerging projects, its long-term development still requires market testing and user recognition.