sUSD0 is the simplest way to earn on your USD0. Deposit USD0, receive sUSD0, earn a steady rate paid in USD0 — no lock-up, no maturity, no complexity. On Usual, the DeFi bank where your money is actually yours, this is the savings account.
How sUSD0 works
You deposit USD0 into sUSD0
You receive sUSD0 at the current exchange rate
The rate accrues in real time as the underlying Treasury Bills generate revenue
When you want to exit, you redeem sUSD0 and receive USD0 back with the accrued yield
sUSD0 is non-rebasing — your sUSD0 balance does not change, but each sUSD0 becomes redeemable for progressively more USD0 over time. Simple and DeFi-compatible.
Key facts
Deposit | USD0 |
Yield paid in | USD0 |
Yield source | US Treasury Bills (through the USD0 reserves) |
Maturity | None — withdraw any time |
Lock-up | None |
Design | Non-rebasing, exchange-rate accrual |
Gas-efficient | Single token, single transaction to deposit and to withdraw |
How the yield is generated
Usual earns revenue from the Treasury Bills backing USD0. A share of that revenue is channelled to sUSD0 holders as USD0 yield. The result is a rate that tracks the real yield on short-term Treasury Bills.
Because the yield comes directly from real assets, sUSD0's rate tends to move with short-term US interest rates. When T-Bill rates rise, sUSD0 earns more. When they fall, sUSD0 earns less.
A worked example
Suppose you deposit 10,000 USD0 into sUSD0 at an annual rate of 4.5%:
Time | sUSD0 exchange rate | Your USD0 if you withdraw |
Day 0 | 1.0000 | 10,000 USD0 |
6 months | 1.0225 | 10,225 USD0 |
12 months | 1.0450 | 10,450 USD0 |
The exchange rate only goes up. You cannot lose principal in USD0 terms (ignoring the USD0 peg risk, which is discussed in Depeg risk).
sUSD0 vs other yield options
sUSD0 | bUSD0 | USD0 Alpha | |
Yield paid in | USD0 | USUAL | USD0 (via exchange rate) |
Rate style | Tied to T-Bill rates | Variable (USUAL market price) | Higher, market-neutral basis carry |
Lock-up | None | Until June 2028 for full value | None (up to 7 days for large redemptions) |
Complexity | Low | Higher | Higher |
Who it's for | Users who want simple, stable USD yield | Users who want USUAL exposure | Users who want higher return without directional crypto risk |
Who sUSD0 is for
Anyone who holds USD0 and wants it to earn automatically
Users who want a rate tied to real T-Bill yield
Users who want flexibility — withdraw any time, no penalty
Users who prefer a single, simple token
Note: sUSD0's yield is not guaranteed. It depends on the actual yield on the underlying Treasury Bills and the revenue allocation decided by governance. The current rate is always displayed in the app.
Technical note (for DeFi users): sUSD0 is an ERC-4626 savings vault. It is non-rebasing with an internal exchangeRate that grows as protocol revenue is distributed. The yield flows from the USD0 collateral layer through the distribution module to sUSD0 holders. Contract address on Ethereum: 0xd861bE82dEe3223CFBEd160791f6550b0704D406. See the docs.
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