---
title: "Usual USD (USD0) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usd0-usual/"
description: "Build-time stablecoin profile for Usual USD (USD0). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Usual USD (USD0)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** CeFi-Dependent

**Status:** active

## Overview

an RWA-backed dollar layered several wrappers deep across USYC, M, USTBL, USDtb, and USDC, leaning on a strong permissionless redemption backstop. USD0 is a stablecoin backed largely by other tokenized instruments: Hashnote USYC, M by M0, Spiko's USTBL, Ethena's USDtb, and Circle's USDC form a stacked dependency chain of {{term:rwa}}RWA{{/term}} {{term:treasury}}Treasury{{/term}}-backed wrappers where every layer adds counterparty risk. That compounding is exactly what the C safety grade now reflects, with peg integrity rated A+ but liquidity, dependency, and decentralization all dragging the composite down. DEWS still tends to sit toward the cautious end of the stress scale, a reminder that the market hasn't forgotten the December 2024 USD0++ episode that proved innovative tokenomics can undo even a diversified treasury-backed reserve. The permissionless {{term:redemption}}redemption{{/term}} backstop via DaoCollateral is the structural saving grace, but dozens of brief depeg blips over the rolling window reveal a secondary market that periodically loses confidence in the wrapper stack. France-domiciled, RWA-backed, and architecturally ambitious, USD0 remains a bet that the sum of several low-risk parts doesn't compound into something meaningfully less safe than any individual component.

## Collateral

Tokenized short-term U.S. Treasury bills and reverse repos, primarily via Hashnote USYC; also M by M0, USTBL by Spiko, and indirect USDC gateway liquidity

## Peg Mechanism

1:1 minting by depositing approved RWA tokens (e.g. USYC) directly, or depositing USDC via a gateway; redeemable 1:1 for underlying RWA assets via the DaoCollateral contract at any time; arbitrageurs enforce the peg

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| France | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x73a15fed60bf67631dc6cd7bc5b6e8da8190acf5` | 18 |
| arbitrum | `0x35f1c5cb7fb977e669fd244c567da99d8a3a6850` | 18 |
| base | `0x758a3e0b1f842c9306b783f8a4078c6c8c03a270` | 18 |
| bsc | `0x758a3e0b1f842c9306b783f8a4078c6c8c03a270` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/usd0-usual.