Usual Announcements 🔮

Usual v2 is live.

It looks like a new app. It’s more than that. V2 is the foundation of a FinTech you own.

The logic is simple. Usual built the stablecoin first because it’s the hardest part to get right: real money, backed one-to-one by Treasury Bills. Everything else gets built on top of it, and it belongs to the people who use it.

100% of the protocol’s revenue goes to USUAL holders. The DAO owns all of its assets. And you can watch the treasury, the revenue, and the assets behind $USUAL in real time.

Here’s what we build on that foundation:

- Money in and out, no CEX and no fees: top up from your bank in a few clicks, then send euros — and soon dollars — back to any account.
- More currencies on-chain: CNY, JPY, GBP, CAD, CHF, so you can hold and spend in the currency you live in.
- clearFX: switch between currencies in one tap, at the tightest spread, priced on the real value of the bonds rather than a trading pool.
- Put idle cash to work with no lockup, then invest it: stable yield, $USUAL upside, and soon tokenized stocks.
- Spend straight from your balance with the Usual Card.
- Borrow against what you hold at a fixed rate, without selling.
- An AI assistant and an MCP connection, so the agents you trust can transact inside Usual while your capital keeps earning.
- A simpler staking flow, easier to manage and exit, pending DAO approval.

V2 is the floor. Everything else gets built on top of it.

Money you actually own.

https://usual.money/blog/we-built-the-fintech-you-own-usual-v2-is-live

Gasless swaps are live on Usual.

Delta, powered by Velora's intent-based execution layer, is now integrated into the dApp. Here's what it means for you:

How it works: You submit what you want to do. Third-party agents compete to fill your order — routing, gas, batching, and settlement happen in the background.

What you get:

• Gasless execution — no need to hold the right gas token on the right chain. Toggle gasless mode on/off from the swap interface.
• Better rates — agents bid across more liquidity sources than on-chain aggregators can reach.
• MEV resistance — your intent never hits a public mempool.

Order management is also live. Pending Delta orders are now visible in the Usual Hub. You can cancel before execution and track completed swaps in the Activity tab.

Less friction. Full control.

Try it → http://app.usual.money

Read more → https://x.com/usualmoney/status/2038984349215752405?s=20

Fira is live.

Fixed-rate lending and borrowing, deployed on Ethereum. Market-discovered rates. Explicit maturities. Zero-coupon bonds onchain.

What launches today:

- Fixed-rate markets with defined maturities (Q2 2026)
- Floating-rate markets (wstETH/USDC, cbBTC/USDC)
- Pendle PT collateral (PT-USDe, PT-sUSDe, PT-USDG)
- Curated vaults for passive depositors
- Internal rehypothecation of reserves

Borrowers lock a cost. Lenders lock a return. The market sets the price. No variable interest accrual. The rate is fixed at entry and settled at maturity.

Six independent audits by four firms. $500K bug bounty via Sherlock. All contracts open-source and verified.

App: http://app.fira.money

Docs: http://docs.fira.money

Whitepaper: http://docs.fira.money/resources/whitepaper

The fixed credit layer starts now.

Fira's documentation and whitepaper are live.

How fixed-rate lending works onchain. Why maturities matter. The full technical picture.

http://docs.fira.money

Follow on X: https://x.com/Fira_Lend

Join on TG: @fira_announcements

Save the date: March 17th, 3PM UTC/4PM CET

We're going live with Monerium to talk about what it actually takes to connect your bank account to EUR0. IBAN integration. Euro on-ramps. The infrastructure that makes it real.

If you've been following the EUR0 x Monerium integration — this is the session that goes behind it. How the banking connection works, what IBAN accounts change for users, and what comes next.

Set your reminders 🔔: https://www.youtube.com/live/bWGzf6VCcrk?si=ZQLMmpjx3p7cRjWT

Multiply is live on Fira.

The UZR leverage loop now runs in one action. Deposit bUSD0, set your leverage level, the protocol handles the recursion. Max leverage varies based on current bUSD0 price, currently up to 12.3x at 88% LTV.

Model your position before entering: simulator.fira.money

https://usual.money/blog/multiply-is-live.-scaling-uzr-positions-just-got-simpler

EUR0 now connects to your bank account.

Transfer euros via SEPA to your dedicated Usual IBAN. Your EUR0 balance updates automatically.

Want to exit? Send EUR0 back. Euros go straight to your bank account. Same path, opposite direction.

No exchange. No broker. Two-way flow.

The infrastructure runs on Monerium, Europe’s first licensed e-money institution on blockchain. Licensed under MiCA, with full redemption rights under European law.

This is just the beginning.

Full walkthrough: https://docs.usual.money/usual-products/deposits-and-withdrawals

RT 🤝: https://x.com/usualmoney/status/2028844489679290607

USUALx unlock window is now open 🔓

As outlined in UIP-11, an unlock window was included to give existing USUALx lockers the option to reassess their positions following changes to the reward and inflation model. That window is now open.

From January 27 at 00:00 GMT to February 3 at 00:00 GMT, users can submit manual requests to unlock their USUALx positions. You can unlock one position or multiple positions, and submit multiple requests during the window if needed. Submitting an unlock request is irreversible.

Unlock requests are collected during the window and executed after it closes. All positions with a submitted request will be unlocked on February 3. Positions without a request remain locked and continue until their original maturity.

USD0 rewards continue to accrue in full through February 1 (end of day). Submitting an unlock request does not affect rewards during the window. From February 2 onward, USD0 rewards stop accruing for positions that will be unlocked. Any USD0 already accrued remains claimable via the dApp.

Following the unlock window, USD0 rewards allocated to USUALx will follow the UIP-11 framework and correspond to 33% of realized DAO revenue per distribution period. The resulting APR will depend on how much USUALx remains locked after the window closes.

You'll find the opportunity to unlock via a popup in the Usual dApp

Borrow & Repay is now live for UZR on Fira.

Fira has been live for a week and is already past $300M TVL. From the start, the rollout has been intentional. Features are coming online step by step, once each layer is proven in real conditions.

After opening the UZR market, you can now do the two most basic credit actions directly on Fira: borrow and repay.

UZR borrowing is fixed-rate, with a defined maturity and a visible price before you commit. You know what you’ll owe when you open the position. Repayment is just as clean: repay what you borrowed and the position closes, without side effects or hidden complexity.

This phased approach is about keeping the surface area of risk tight while the system grows.

You can check it out here: https://app.fira.money/migrate?tab=borrow

The UZR Migrator is now live. USL positions can move to Fira. This is the first step in bringing Usual’s credit lane home.

🔗: app.fira.money/migrate

Migration is one-way only: Euler → Fira. Once moved, positions cannot return to Euler. This keeps the transition clean and avoids fragmented liquidity.

The rollout is progressive. Liquidity is being added in tranches: Jan 15 opens with the first tranche, more tranches are added through Jan 18, and from Jan 19 liquidity scales with demand. If a tranche fills quickly, that is expected. More liquidity will follow and each new tranche will be announced publicly.

Following Usual’s $16M Bug Bounty, we’re adding a dedicated $7.5M bounty for Usual Zero Rate on Fira. Details (incl. scope + rules) will be published later this week.

USUAL rewards on USL continue during the transition. Even if you cannot migrate immediately, you keep earning. Rewards continue for a few days to avoid a cliff, with the final distribution following the usual schedule. No one is penalized for a slow rollout.

Migration is available now. Borrow and Repay on the Fira UI go live Jan 22. Until then you can migrate, but you cannot yet borrow or repay through the Fira frontend. Advanced users can interact directly with contracts.

With UZR, borrowing is zero-rate, fees flow to the DAO, and the credit lane becomes protocol-owned. This is not just a new market. It is a structural shift. USD0 moves from a passive balance to working capital, credit becomes native, and governance takes control of its most important rail. The migrator is live, liquidity is scaling, and the credit lane is coming home.

Introducing Usual Zero Rate.

Usual didn’t start by building a lending market. It started by making dollars usable onchain.

Usual Zero Rate brings the credit lane home- moving borrowing onto Usual-owned rails so incentives are clean, value loops back to the DAO, and credit becomes real infrastructure.

This post explains the rationale, the philosophy, and why owning the credit engine matters as Usual builds toward durable, bank-grade finance.

Read the full piece ↓

https://usual.money/blog/usual-zero-rate-bringing-usual%E2%80%99s-credit-lane-home

Governance note: UIP-18 proposes the launch of the Usual Zero Rate market under Usual DAO ownership ↓

https://snapshot.box/#/s:usualmoney.eth/proposal/0x16dd10633ab146c51e8a6eae58be4b475560707fd694e82169286896170a3f11

Introducing Fira.

DeFi put credit onchain.
It never finished the job.

Fira introduces fixed-rate, maturity-based credit onchain- turning spot lending into markets built around time, predictability, and real financing.

This post explains the rationale, the architecture, and how Fira fits into Usual’s long-term credit stack as we build toward bank-grade infrastructure.

Read the full piece ↓

https://usual.money/blog/fira-fixed-rate-credit-built-onchain

Governance note: UIP-17 proposes bringing the Fira infrastructure developed by the Labs under Usual DAO ownership ↓

https://snapshot.box/#/s:usualmoney.eth/proposal/0x75ac2e8fdeaa8c54c661a43e95bbabfe029859a3b08a89c66b0e02bb4c8e5a5b

🏛️ UIP-16:Usual Zero Rate Module (UZR): Adding U0R as USD0 Collateral

Governance at Usual moves in deliberate steps. UIP-16 follows this approach.

The proposal introduces Usual Zero Rate Token (U0R) as eligible collateral for USD0 on Ethereum mainnet. This is a strictly technical, preparatory change — not a new product and not the broader infrastructure transition.

Following UIP-11 (USUAL inflation reduction), governance set the USL rate to 0% and stopped USUAL emissions for bUSD0 used as USL collateral. UIP-16 adds U0R as new USD0 collateral via a dedicated module: UZR (Usual Zero Rate Module), explicitly designed with a 0% rate.

UZR will coexist with the current USL on Euler: nothing is replaced or imposed. Users can stay or migrate.

UIP-16 enables essential real-world tests (security, integrations, on-chain behavior, accounting, flows) before a separate proposal details the full target architecture. It does not change USD0’s risk framework or monetary policy — it simply reduces risk by validating assumptions on-chain.

A detailed technical description of the future infrastructure will be submitted to governance soon.

🔗 Full proposal & voting link: https://snapshot.box/#/s:usualmoney.eth/proposal/0x2a5956511f74a948f523295af642378d0f57e1904c87b17e62c1c2ae2b827761

Happy New Year from Usual 🎉

🏛️ UIP-15: Settlement of 2024–2025 Obligations & Transition Toward Full DAO Stewardship

A new proposal is here: formally settle obligations created during Usual’s pre-DAO phase and lock in a clear end state for governance, ownership, and development. UIP-15 brings existing 2024–2025 commitments into explicit DAO approval, while establishing the DAO as the single center of authority and value going forward.

UIP-15 approves payment of contractual licence royalties and reimbursement of documented third-party operational costs advanced to keep the protocol running. At the same time, it commits to a defined path to transfer protocol IP to DAO ownership (via the Foundation) and sets a new standard for development: explicit DAO mandate, scoped delivery, validated budget, and reporting.

The goal is to close transitional arrangements cleanly, reduce ambiguity between governance and execution, and align ownership, authority, and development under a durable DAO-led structure.

🔗 Full proposal & voting link here: https://snapshot.box/#/s:usualmoney.eth/proposal/0x73dd2059a794acb720695668a3dd9421f9fa7d0870da3e8a019c66015b512d7d

🏛️ UIP-14: Add usTBL as USD0 Collateral

A new proposal is now live: add USTBL (Spiko US T-Bills Money Market Fund) as an eligible collateral asset for USD0 on Ethereum. UIP-14 introduces regulated, short-term U.S. Treasury exposure to strengthen USD0’s collateral base, reduce concentration risk, and improve resilience as adoption grows.

This proposal reflects Usual’s approach to transparent valuation and conservative risk management, while laying the groundwork for future FX liquidity rails between USD0 and EUR0.

The goal is not expansion for its own sake, but reinforcing USD0’s foundations so the system can scale with durability.

Blog Post Here -> https://usual.money/blog/uip-14-ustbl-as-usd0-collateral

Proposal Here -> https://snapshot.box/#/s:usualmoney.eth/proposal/0x65f80603d96f3eea5e0dab47d86fda035cbce06a38caa3c7f3a937b78e350fc0

Usual Protocol Briefing with Pierre has just started

We’ll review what shipped in 2025, what we learned, and how that informs our plan for 2026.

If you’ve been following the weekly updates, this connects the dots.

Join Here: https://x.com/i/spaces/1kvKpMaowZmGE

🏛️ UIP-13 is live

UIP-13 proposes a clearer structure for USUAL by converging governance and value under a single reference. It simplifies the token framework, removes long-term ambiguity, and does so without minting new supply.

Blog Post Here -> https://usual.money/blog/uip-13-a-clearer-structure-for-usual

Proposal Here -> https://snapshot.box/#/s:usualmoney.eth/proposal/0x14defdb68b0e20bbb11edc79a05aacde74ac7cb9d11215703cd547d757697955

UIP-12 has officially passed.

USD0++ is now bUSD0, with rt-bUSD0 added for early-exit rights.

The full breakdown of what’s now live in the dApp is here: https://usual.money/blog/introducing-busd0-and-rt-busd0

📢 USD0/++ Liquidity Transition - The Final Phase

The liquidity transition introduced under UIP-11 is now complete. Over the past weeks, the protocol has moved away from the legacy multi-venue setup and aligned around a single, more efficient liquidity path.

Here’s what changes today.

🔹 Curve Pools Remain, but All Incentives Are Removed

Incentives on the USD0/USDC Curve pool were removed as part of the initial phase.

A migration option was provided for users who wanted to adjust their position.

Pending rewards stopped accruing on 20 November at 02:00 UTC, and claimable rewards were updated three days later, following the standard validation window.

Starting today, the same applies to the USD0/USD0++ Curve pool.

Liquidity may remain on Curve, but all USUAL incentives have been removed.

Users are encouraged to move their liquidity to Uniswap.

🔹 Fluid Moves Into a Reduced Phase

Fluid continued to operate during the transition to ensure continuity.

In line with UIP-11’s disinflation goals, Fluid now enters a reduced mode with a 50% cut in USUAL rewards.

Depending on USD0 liquidity and spread, Fluid incentives will be reduced in two stages throughout December.

🔹 Uniswap v3 Becomes the Primary Incentivized Venue

The USD0/USDC and USD0/USD0++ pools on Uniswap v3 are now live and receiving incentives.

Uniswap v3 is now the primary incentivized liquidity venue for USD0.

The pool is integrated directly into the dApp, allowing users to deposit simply and without complexity into the incentivized range with a smooth UX.

New APYs are visible at go-live, and users will begin receiving these rewards one day after the epoch concludes, following the standard reward-processing cycle.

🔹 A Unified Liquidity Path Going Forward

With Uniswap v3 active, the liquidity transition outlined under UIP-11 is complete.

The system now operates with a single, efficient incentivized venue and a clearer structure for liquidity providers.

Thanks to concentrated liquidity, USUAL products now offer tighter spreads and greater efficiency - directly reflecting community requests.

https://usual.money/blog/finalizing-the-usd0-liquidity-transition