Usual Protocol

Usual Protocol receives a C- risk grade (54/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — already depegged once due to unilateral team action, and the team retains full control over critical parameters A stablecoin protocol where USD0 is backed by US Treasury bills, and USD0++ is a bond version that locks your stablecoins for extra yield. It manages $400M in deposits. Its C grade reflects the January 2025 crisis when the team unilaterally changed redemption rules, crashing the bond token to $0.89 and triggering mass liquidations.

The key risks identified for Usual Protocol are: (1) The team changed redemption rules without a vote in January 2025, crashing USD0++ to $0.89 -- they can do this again at any time (2) Despite claiming to be decentralized, a small team controls all critical settings through private wallets with no community oversight (3) All the Treasury bill collateral is held by one company (Hashnote) -- if that company fails, your stablecoins become worthless with no on-chain backup

Usual Protocol scores 54/100 across eight risk dimensions: Mechanism Novelty: 8/15, Interaction Severity: 11/20, Oracle Surface: 3/10, Documentation Gaps: 5/10, Track Record: 9/15, Scale Exposure: 5/10, Regulatory Risk: 6/10, Vitality Risk: 7/10. The highest risk area is Vitality Risk at 7/10.

Among 28 rated Stablecoin protocols on Hindenrank, Usual Protocol ranks #27 by safety (lowest risk score = safest). Its 54/100 risk score and C- grade place it among the riskier Stablecoin protocols.

Usual Protocol scores 9/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.