Usual USDUSD0

A US-dollar stablecoin from Usual, backed by tokenized US Treasury bills; its yield goes to USUAL stakers.

Rank #100Since 2024

Price on 31 Oct 2026

C$1.40 -0.5% since 31 Jul 2026 · 22.8% below its all-time high

The short version

Usual USD is a stablecoin from the Usual protocol, founded in France in 2022, backed by tokenized US Treasury bills from Hashnote, M0 and Superstate. Plain USD0 pays no yield; protocol revenue goes to USUALx stakers and the DAO. In early 2026 the Labs team began moving its code and IP to Usual DAO, and a Usual beta vault lost US$42,800 to an exploit on 27 May 2025; no user funds were lost. On 31 Oct 2026 one USD0 cost C$1.40. From 31 Jul 2026 to 31 Oct 2026 its price changed -0.5% in Canadian dollars, and it was 22.8% below its all-time high of C$1.81 set on 12 Jul 2024.^[1]

Facts checked 2 Nov 2026 · 13 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$1.43 (12 Oct 2026) · low C$1.35 (29 Jan 2026) · -0.6%^[1]

Month-end prices (table)

Date	C$	US$
31 Oct 2026	C$1.39	US$0.9992
30 Sep 2026	C$1.42	US$0.9986
31 Aug 2026	C$1.39	US$0.9999
31 Jul 2026	C$1.40	US$0.9995
30 Jun 2026	C$1.42	US$0.9981
31 May 2026	C$1.38	US$0.9987
30 Apr 2026	C$1.36	US$0.9981
31 Mar 2026	C$1.39	US$0.9983
28 Feb 2026	C$1.36	US$0.9984
31 Jan 2026	C$1.35	US$0.9980
31 Dec 2025	C$1.37	US$0.9974
30 Nov 2025	C$1.40	US$0.9980

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026: C$1.40^[1]
3-month change: -0.5% in C$ (31 Jul 2026 to 31 Oct 2026)^[1]
From its high: 22.8% below its high of C$1.81 (12 Jul 2024)^[1]
Market rank: #100, market value about C$756.8M^[1]
Kind: Stablecoin · Ethereum (ERC-20, upgradeable proxy); small amounts on Arbitrum, Base and BNB Chain
Started: 2024

Checks: the same 9 questions for every coin

Facts, not a rating

Can an admin key create new coins?YesUSD0 is minted by the protocol against collateral deposits; the contract has a mint function^{[2, 3]}

Can anyone freeze or take coins from holders?YesRole holders can blacklist addresses, pause transfers and burn USD0 from any wallet^[2]

Can the token's contract code be changed?YesUpgradeable proxy contract on Ethereum^[4]

Is the supply capped?NoNo maximum; supply follows collateral deposits and redemptions^[5]

Any scheduled unlocks in the next 12 months?NoNo vesting or locked allocations of USD0^[3]

Does a team or foundation hold over 10% of supply?NoNo team or investor allocation; coins are issued only against collateral^[3]

Do network fees reach coin holders?NoRevenue goes to USUALx stakers and the DAO; USD0 pays no yield^{[3, 6]}

Main network hacked or halted in the past 2 years?YesA Usual beta vault lost about US$42,800 to an exploit on 27 May 2025^{[7, 8]}

Is a regulator or court case targeting the coin itself?NoNo regulator or court case found^[9]

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Run by: Usual, founded 2022 in France (Labs team and Usual DAO); Labs code and IP moving to the DAO in 2026^{[3, 9]}
Admin powers: The USD0 contract has mint, burn, pause and blacklist functions behind an upgradeable proxy^{[2, 10]}
Audits: 20+ audits listed, by Cantina, Sherlock, Spearbit, Halborn, Hexens, Paladin and Blackthorne^[3]

Supply

In circulation: 541.91M USD0^[1]
Maximum supply: None set^[1]
Outstanding: US$541.2M on 2 Nov 2026, down from US$546.0M a month earlier; nearly all on Ethereum^[5]
Collateral: Tokenized US Treasury bills from Hashnote (USYC), M0 and Superstate, plus repo and cash buffers at banks^[3]
Holders: 123,596 Ethereum addresses on 1 Nov 2026; one contract holds 94% of the tokens^[10]

Use and fees

Main use: Cash leg of Usual's products (USD0++ bonds, sUSD0 savings) and collateral in DeFi pools^{[3, 9]}
Protocol revenue: US$10.7M in the past year on DefiLlama, paid to USUALx stakers and the DAO treasury, not USD0 holders^{[6, 3]}
Yield to holders: None on USD0; USUALx stakers receive 22% of daily USUAL emissions plus weekly revenue payouts^[3]

Trading

Daily trading: About C$1.1M a day on average, 31 Jul 2026 to 31 Oct 2026^[1]
Daily turnover: Typically 0.05% of its market value changes hands each day^[1]
20-week average: 0.0% above its 20-week average price^[1]
1-year change: -0.0% in C$^[1]^[11]
Thin trading: Typically under 1% of its market value trades in a day; typical daily trading under C$1.4M^[1]

History

Not a forecast

Coins ranked 51-200 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 4,050 cases, 612 coins

39% were higher a year later^[12]

Typical result: Median -25% after a year; 45% higher after two years
Lost half or more: 38% within a year
Against Bitcoin: 12% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

2 red flags found

Red flag: A Usual vault (usUSDS++ beta) was exploited for about US$42,800 on 27 May 2025; the vault was paused and Usual reported no user or protocol funds lost.^{[7, 8]}
Red flag: Accounts holding roles in Usual's access registry can blacklist any address, pause all USD0 transfers and burn USD0 from any wallet (contract code).^[2]

On 9 Jan 2025 Usual let USD0++ holders exit early at a 0.87 USD0 floor; USD0++ fell below 0.90 on Curve the next day.^[13]
USD0 is an upgradeable proxy contract: whoever controls its proxy admin can replace the token's code and rules.^{[2, 10]}
In early 2026 the Labs team began transferring Usual's infrastructure, code and IP to the Usual DAO.^[9]

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.