Who controls it
Usual DAO controls an upgradeable and pausable token with blacklist checks. Tokenized government debt backs it, and the issuers and custodians of that debt are further controllers.
- Backing
- Tokenized government debt and other real-world-asset collateral the protocol accepts.
- Holder’s claim
- USD0 is a protocol token backed by eligible tokenized real-world assets, whose own issuers and custodians keep their control over that collateral.
- Redemption or sale
- Direct redemption follows Usual’s protocol rules and eligible collateral routes; other holders may use secondary markets.
Dependencies
- Usual governance and privileged roles
- RWA issuers and custodians
- Oracle and collateral eligibility rules
- Upgradeable token contracts
Losses and incidents
- We found no control, reserve, or redemption incident in the sources we reviewed.
Advisor notes
Controlling party: Usual DAO governance and designated contract roles. Check whether the client can redeem directly with the issuer. Holding the token on chain leaves every reserve, custody, contract, and legal dependency in place.
A named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
- Usual: USD0 fact sheet · primary
- Usual: USD0 smart contract · primary
- DefiLlama: Stablecoins circulation dataset · secondary
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.