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Usual Money: Introducing a new decentralized stablecoin solution with RWA
New Attempts at Decentralized Stablecoins for RWA: In-depth Analysis of Usual Money
The Current Status and Challenges of Stablecoins
Stablecoins, as the cornerstone of the cryptocurrency industry, play a key role in large-scale payments and industry adoption. As of the end of July this year, the total market capitalization of stablecoins reached $168 billion. However, the market landscape is highly concentrated, with two centralized stablecoins accounting for about 90% of the market share.
This centralization has brought enormous profits. In 2023, the two major stablecoin giants generated over $10 billion in revenue, with a valuation exceeding $200 billion. In the first quarter of this year, one of them even recorded a profit of $4.52 billion. Such massive profit monopolization is clearly at odds with the spirit of decentralization in cryptocurrency.
In response to this challenge, various decentralized stablecoin projects are emerging. Based on the collateralization method, they can be divided into three categories: over-collateralized, equal collateralized, and under-collateralized. Although there are some successful cases, the collateral of these projects is generally volatile crypto assets, requiring complex mechanisms to cope with price fluctuations.
Usual Money: Innovative Attempt of RWA stablecoin
Usual Money has proposed a new solution: introducing real-world assets (RWA) as collateral. The project selects U.S. Treasury bonds as collateral, while providing transparency and security based on Ethereum smart contracts, and returning profits to the community and contributors.
This design can be regarded as a "on-chain version of Tether", combining the 1:1 RWA characteristics of centralized stablecoin protocols with the security and transparency advantages of blockchain. It is worth noting that RWA is experiencing rapid growth in the blockchain field, with an increase of over 800% in 2023.
Project Development History
Core Mechanism Analysis
Collateral and Minting
USD0 provides two minting methods:
This design aims to address the issue of insufficient liquidity in RWAs, allowing retail investors to easily participate in RWA investments.
Revenue Model
Users can earn returns by locking USD0, choosing either USUAL token returns or basic interest guarantees. The latter guarantees a return equivalent to at least the yield from the USD0 collateral.
User Participation Guide
Through these methods, users can obtain the airdrop qualification for USUAL tokens.
Conclusion
Usual Money is a new attempt at a RWA decentralized stablecoin, combining the stability of traditional financial assets with the transparency of blockchain technology. It offers an innovative approach to addressing the current centralization issues in the stablecoin market, making it worthy of industry attention. However, the long-term success of the project still requires market validation and widespread adoption by users.