通常：去中心化稳定币的新时代

Usual为稳定币提供了一种新思路：重新分配价值和权力，让用户真正成为系统的主人。

From November 11 to 19, Usual’s governance token $USUAL achieved an astonishing increase from $0.2 to $1.3, an increase of more than 500% in just nine days.

11月11日至19日，Usual的治理代币$USUAL实现了从0.2美元到1.3美元的惊人涨幅，短短9天内涨幅超过500%。

Tether and Circle earned more than $10 billion in 2023, with a valuation of over $200 billion, but this wealth has nothing to do with users - their model is to privatize the profits of user deposits while transferring risks to society. Such a mechanism is exactly the same as the problems of traditional banking, and completely deviates from the original intention of decentralized finance.

Tether 和 Circle 在 2023 年赚取了超过 100 亿美元，估值超过 2000 亿美元，但这笔财富与用户无关——他们的模式是将用户存款的利润私有化，同时将风险转移给社会。这样的机制与传统银行的问题如出一辙，完全背离了去中心化金融的初衷。

Usual provides a new idea for stablecoins: redistributing value and power so that users can truly become the masters of the system. Through governance tokens, Usual returns all the benefits and decision-making power generated by the protocol to the community, allowing every participant to share the dividends of ecological growth.

Usual为稳定币提供了一种新思路：重新分配价值和权力，让用户真正成为系统的主人。通过治理代币，Usual将协议产生的所有收益和决策权返还给社区，让每一位参与者分享生态增长的红利。

In a market dominated by centralized giants, Usual attempts to break the status quo and create a fairer and more transparent financial system for users through DeFi.

在中心化巨头主导的市场中，Usual试图打破现状，通过DeFi为用户创建一个更公平、更透明的金融体系。

What is Usual?

什么是平常？

USUALLY is a fiat stablecoin issuer. Unlike Tether and Circle, it is a decentralized issuer rather than a highly centralized one . The recently popular $USUAL is a token they issued for redistributing ownership and governance .

通常是法定稳定币发行人。与 Tether 和 Circle 不同，它是一个去中心化的发行者，而不是高度中心化的发行者。最近流行的$USUAL是他们为了重新分配所有权和治理而发行的代币。

USUALLY first appeared in people's vision at the beginning of this year. In April, it completed a US$7 million financing led by IOSG Ventures; in June, it released its own protocol Usual Protocol; in July, Usual was launched on the mainnet; on November 19, the $USUAL token was officially launched, and on December 23, Usual completed another US$10 million Series A financing.

通常在今年年初首次出现在人们的视野中。 4月，完成IOSG Ventures领投的700万美元融资； 6月，发布了自己的协议Usual Protocol； 7月，Usual主网上线； 11月19日，$USUAL代币正式上线，12月23日，Usual又完成1000万美元A轮融资。

Why choose decentralization?

为什么选择去中心化？

Now, the stablecoin market has exceeded $100 billion, but its value is mainly concentrated in the hands of centralized giants such as Tether and Circle, and ordinary users can hardly benefit from it. This centralized model not only deprives users of their right to profit, but also limits the development of stablecoins to the control of a few institutions.

现在，稳定币市场已突破千亿美元，但其价值主要集中在Tether、Circle等中心化巨头手中，普通用户很难从中受益。这种中心化的模式不仅剥夺了用户的盈利权，也将稳定币的发展限制在少数机构的控制之下。

Usual has proposed a new solution to this market pain point: empowering users through decentralization and making them core participants in protocol infrastructure, funding, and governance, thereby breaking the monopoly of traditional stablecoins.

针对这一市场痛点，Usual提出了新的解决方案：通过去中心化为用户赋能，使他们成为协议基础设施、融资和治理的核心参与者，从而打破传统稳定币的垄断。

Usual's governance token $USUAL achieves 100% redistribution of value and control, ensuring that community users have the dominant position. By distributing governance tokens, the protocol returns revenue to users and third parties who contribute value, which not only optimizes the financial incentive mechanism, but also gives ecosystem participants more power and voice. Compared with the traditional model, Usual's decentralized design rewards early contributors and coordinates the interests of all stakeholders, making the protocol more dynamic and inclusive.

Usual的治理代币$USUAL实现了价值和控制权100%的重新分配，确保社区用户拥有主导地位。协议通过分配治理代币，将收益返还给贡献价值的用户和第三方，这不仅优化了财务激励机制，也赋予了生态系统参与者更多的权力和话语权。与传统模式相比，Usual的去中心化设计对早期贡献者进行奖励，协调所有利益相关者的利益，使协议更具活力和包容性。

Currently, stablecoin issuers in the market can be roughly divided into three categories:

目前，市场上的稳定币发行机构大致可以分为三类：

USUAL's three core products

USUAL的三大核心产品

Usual's core products include: USD0, USD0++ and USUAL governance tokens. These three together constitute the core ecosystem of Usual.

Usual的核心产品包括：USD0、USD0++和USUAL治理代币。这三者共同构成了Usual的核心生态系统。

USD0

0美元

USD0 is the first Liquidity Deposit Token (LDT) launched by Usual Protocol. It is backed 1:1 by real-world assets (RWA) such as U.S. Treasury bills, ensuring its extremely high stability and security. USD0 is not only a stablecoin pegged to the US dollar, but also a permissionless, composable asset that can be seamlessly integrated into the DeFi ecosystem. Through USD0, Usual enables users to make payments, transactions, and mortgage operations more securely while ensuring security that is not associated with traditional bank deposits.

USD0是Usual Protocol推出的第一个流动性存款代币（LDT）。它由美国国库券等现实世界资产（RWA）1:1支持，保证了其极高的稳定性和安全性。 USD0不仅是与美元挂钩的稳定币，而且是一种无需许可、可组合的资产，可以无缝集成到 DeFi 生态系统中。通过USD0，Usual使用户能够更安全地进行支付、交易和抵押操作，同时确保传统银行存款所不具备的安全性。

USD0++

0美元++

USD0++ is a staking version of USD0 and can also be considered a Liquidity Deposit Token (LST). Users can stake USD0++ as a 4-year bond in exchange for $USUAL tokens as a yield reward. USD0++ maintains the stability of USD0 while enabling users to obtain the benefits of the protocol through a decentralized revenue distribution mechanism. In addition, USD0++ also has high liquidity and composability, and can be widely used in DeFi protocols, providing holders with higher income potential.

USD0++ 是 USD0 的质押版本，也可以被视为流动性存款代币（LST）。用户可以质押 USD0++ 作为 4 年期债券，以换取 $USUAL 代币作为收益奖励。 USD0++保持了USD0的稳定性，同时使用户能够通过去中心化的收益分配机制获得协议的收益。此外，USD0++还具有较高的流动性和可组合性，可以广泛应用于DeFi协议中，为持有者提供更高的收入潜力。

USUAL Governance Token

通常的治理代币

The USUAL governance token is the core of the entire Usual Protocol, which gives holders decision-making and governance rights in the protocol. Through a decentralized governance mechanism, the USUAL token allows users to not only participate in the management of the protocol, but also gain actual benefits from the growth and benefits of the protocol. 90% of USUAL tokens will be allocated to the community, and only 10% will be left for the protocol team and investors, which ensures the dominance of the community and encourages more users to participate in the construction and development of the protocol.

USUAL治理代币是整个Usual协议的核心，赋予持有者在协议中的决策权和治理权。通过去中心化的治理机制，USUAL代币让用户不仅可以参与协议的管理，还可以从协议的成长和收益中获得实际的收益。 90%的USUAL代币将分配给社区，仅剩下10%留给协议团队和投资者，保证了社区的主导地位，鼓励更多用户参与协议的建设和发展。

Through these three core products, Usual not only provides stability and returns, but also ensures user control and value distribution in the protocol through a decentralized mechanism.

通过这三个核心产品，Usual不仅提供了稳定性和回报，还通过去中心化的机制保证了用户对协议的控制和价值分配。

USUAL Token Economics

通常的代币经济学