Usual Protocol (USUAL)
USD0 stablecoin protocol with real-world asset backing, but collapsed 96% from ATH amid depeg fears and hyperinflationary tokenomics
Ranked 147th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
USUAL scores 99 of 250 across the 25-variable framework, which places it 147th of 251 rated tokens and inside the lower half of the set. The framework verdict is PASS.
The score rests on P/S Multiple 6/10, 23rd of 251, Exchange Depth 6/10, 37th of 251, Real Staking Yield 5/10, 37th of 251 and Buyback and Burn 4/10, 40th of 251.
Against the same universe, USUAL sits in the bottom third on Supply Inflation 2/10, 228th of 251, Vesting Schedule 2/10, 223rd of 251, Circulating / FDV Ratio 4/10, 203rd of 251 and Insider Selling 3/10, 201st of 251. These are the variables that would have to move for the verdict to change.
Only 61.9% of USUAL's maximum supply is in circulation, so 1.61x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 38.1% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
USUAL trades 99.47% below its all-time high of $1.61. Recovering that level is a 188.7x move, not a 99.47% one, which is the arithmetic most drawdown charts hide.
$350.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 3 | 117th of 251 | |
| P/S Multiple | 6 | 23rd of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 2 | 228th of 251 | |
| Vesting Schedule | 2 | 223rd of 251 | |
| Circulating / FDV Ratio | 4 | 203rd of 251 | |
| Buyback and Burn | 4 | 40th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 3 | 111th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 4 | 114th of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 4 | 147th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
USD0++ liquid staking recovery and new RWA yield products bringing TVL back above $500M
Principal risk
USD0++ depeg incident in Jan 2025 destroyed trust; USUAL token hyperinflation via revenue redistribution model; TVL down 80%+ from peak
Market and supply
| Price | $0.008537 |
| Market cap | $15.9Mrank 925 |
| All-time high | $1.6120 Dec 2024 |
| Circulating supply | 1,858,355,554 |
| Eventual supply (max supply) | 3,000,000,000 |
| Dilution to full supply | 1.61x |
| Total value locked | $350.0M |
| Listed on | Binance, OKX, Curve |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to USUAL measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [CoinGecko] USUAL down 96% from $1.61 ATH after USD0++ depeg event in January 2025 shattered confidence
- [DefiLlama] Usual Protocol TVL fell from $1.8B peak to ~$350M following USD0++ depeg and mass redemption event
- [Usual Docs] USUAL token model redistributes protocol revenue but circulating supply inflation from emissions remains very high
Common questions
- What is the Early Thunder score for Usual Protocol (USUAL)?
- USUAL scores 99 out of 250 on the 25-variable framework, ranking 147th of 251 rated tokens (lower half). The framework verdict is PASS.
- What are USUAL's strongest fundamentals?
- USUAL ranks highest on P/S Multiple 6/10, 23rd of 251, Exchange Depth 6/10, 37th of 251, Real Staking Yield 5/10, 37th of 251 and Buyback and Burn 4/10, 40th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the USUAL thesis?
- USUAL scores in the bottom third of the universe on Supply Inflation 2/10, 228th of 251, Vesting Schedule 2/10, 223rd of 251, Circulating / FDV Ratio 4/10, 203rd of 251 and Insider Selling 3/10, 201st of 251. The single risk carried on the scorecard is: USD0++ depeg incident in Jan 2025 destroyed trust; USUAL token hyperinflation via revenue redistribution model; TVL down 80%+ from peak
- How much USUAL supply is still to enter circulation?
- 61.9% of eventual USUAL supply is circulating today, leaving 1.61x the current float still to arrive. At a flat price per token that is 38.1% of fully diluted value ahead of current holders.
- How far is USUAL from its all-time high?
- USUAL trades 99.47% below its all-time high of $1.61. Returning to that high requires a 188.7x move from the level used in this scoring pass.
- Which tokens have a similar profile to USUAL?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to USUAL are ZK (95), BLAST (87), MOVE (67) and STRK (93). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for USUAL?
- USD0++ liquid staking recovery and new RWA yield products bringing TVL back above $500M
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.