Usual is a decentralized stablecoin protocol built on Ethereum that aims to redistribute value and ownership back to users through its governance token USUAL. The project's core offering centers around USD0, a stablecoin backed by real-world assets (RWAs), positioning itself at the intersection of DeFi and traditional finance. The protocol's approach of backing its stablecoin with tokenized treasuries and other RWAs rather than purely algorithmic mechanisms adds a layer of transparency and collateral security. The redistribution model, where protocol revenue and governance power flow to token holders, is an appealing value proposition in the stablecoin space dominated by centralized issuers like Tether and Circle. However, the project faces significant challenges: the stablecoin market is fiercely competitive, regulatory scrutiny around stablecoins is intensifying globally, and RWA-backed models introduce counterparty and custodial risks. As a relatively newer entrant, Usual still needs to prove sustained adoption and liquidity depth. The concept is sound, but execution and scaling remain key risks investors should monitor closely.