Both bUSD0 and sUSD0 let you earn on your USD0. They work very differently. This article lays out the trade-offs so you can pick the right one — or decide to hold both.
Quick comparison
bUSD0 | sUSD0 | |
What it is | A bond position in USD0 | A savings account for USD0 |
Yield paid in | USUAL (daily coupon) | USD0 |
Maturity | 11 June 2028 | None — no end date |
Exit | Any time, with possible discount | Any time, no discount |
Rate profile | Variable (depends on USUAL market price) | Steady (tied to Treasury Bill rates) |
Complexity | Higher — two tokens, floor price | Lower — deposit and withdraw |
Best for | Users comfortable with multi-year commitment and USUAL exposure | Users who want simple, stable yield |
When to choose bUSD0
You plan to hold until or near maturity (June 2028)
You want exposure to USUAL price upside alongside fixed-income
You are comfortable managing two tokens (bUSD0 + rt-bUSD0)
You can handle the possibility of a small discount if you need to exit early
When to choose sUSD0
You want a predictable rate, quoted and paid in dollars
You want to exit any time without friction
You prefer a single-token, simple interface
You do not want exposure to USUAL's market price
Can you hold both?
Yes. Many users split their balance:
A portion in sUSD0 for liquidity and a steady dollar rate
A portion in bUSD0 for higher expected return and USUAL exposure
This is often the right answer when you are not sure which strategy fits you best.
A worked comparison
Suppose you have 10,000 USD0 and want to earn on it for 12 months.
Path A — sUSD0
Deposit 10,000 USD0 into sUSD0
Assume a 4.5% annual rate in USD0 terms
After 12 months: ~10,450 USD0
Exit any time, receive your balance in USD0
Path B — bUSD0
Deposit 10,000 USD0 into bUSD0
Receive 10,000 bUSD0 + 10,000 rt-bUSD0
Earn a daily USUAL coupon (example: 2.6 USUAL/day, ~950 USUAL/year)
If USUAL is worth $0.08: ~$76/year (~0.76% in dollar terms)
If USUAL appreciates 3×: ~$228/year (~2.28% in dollar terms)
You also still hold 10,000 bUSD0, which can be held to maturity for 1:1 in USD0
The returns on bUSD0 are much more variable. bUSD0 can outperform sUSD0 during USUAL bull markets and underperform during bear markets.
A simple decision rule
Your priority | Choose |
Simplicity and predictability | sUSD0 |
Maximum upside and USUAL exposure | bUSD0 |
Flexibility to exit at any time without friction | sUSD0 |
Capture both — reduce risk via diversification | Split 50/50 |
Note: The example above is illustrative. Real yields depend on market conditions, the total bUSD0 supply, and the current USUAL price. Always check the live rate in the app before depositing.
Technical note (for DeFi users): sUSD0 is an ERC-4626 vault that passes through a share of protocol revenue as USD0. bUSD0 is a Liquid Bond Token with fixed notional and USUAL coupons from the bTOKEN emission bucket. The two products have different risk profiles, liquidity profiles, and tax treatments in most jurisdictions. See the docs for full technical specifications.
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