Usual Official
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UIP-12 Proposal is Live: Transition from USD0++ bUSD0 and Introduction of rt-bUSD0
gm gm—we've just published a new UIP that proposes an upgrade to the USD0++ model. The goal is to make the system clearer, create more liquidity, allow new TVL even when USD0++ is discounted on the secondary market, and align incentives for both liquid and long-duration users.
Below is a summary of the proposed changes so the community can review and participate.
Name Change: USD0++ → bUSD0
USD0++ already functioned as the staked/bonded version of USD0. The UIP formalises this by renaming it to bUSD0 to make the roles of each asset clearer in the system:
USD0 = stablecoinbUSD0 = locked USD0 that farms USUALrt-bUSD0 = new redemption token (explained below)
The name change is purely clarity-driven. The underlying purpose remains the same.
New Model: Separating the Lock from the Exit Right
Under the old USD0++ model, exiting relied mainly on the price floor. When USD0++ traded at a discount, users would buy discounted tokens on the secondary market instead of minting, which slowed new inflows.
The new model separates responsibilities into two tokens:
When locking 1 USD0, the user receives:
1 bUSD0, which stays locked and earns USUAL1 rt-bUSD0, which represents the right to redeem early at 1:1
The two tokens behave as follows:
bUSD0 remains the locked asset that farms USUAL. At maturity, it automatically converts back to USD0 even without rt-bUSD0.rt-bUSD0 carries no yield and no governance. It simply gives the right to exit early at par.To exit early, users burn 1 bUSD0 + 1 rt-bUSD0 → 1 USD0.rt-bUSD0 is freely tradable, letting users choose between maintaining liquidity or taking on more bUSD0 exposure by selling their exit rights.
This structure replaces the price-floor-only exit model with a direct, par-based redemption path.
Why This Matters
The new model addresses the weak points of the previous system while keeping all the long-duration benefits:
Early exits now occur at 1:1, reducing the incentive for the asset to sit at a persistent discount.A separate market emerges for exit rights.
People who want flexibility can buy rt-bUSD0.
People who want higher bUSD0 exposure can sell their rt-bUSD0 and capture the illiquidity premium.
Long-term TVL and USUAL farming remain intact, but the exit mechanism becomes cleaner and more economically sound.
tl;dr:
The upgrade renames USD0++ to bUSD0 and introduces rt-bUSD0, separating the lock from the exit right so that early redemption can happen at par instead of relying on the price floor.
The UIP is now open for review.
Please take a moment to read the full proposal, share feedback, and ask questions before it moves to a vote.
Looking forward to your input.
https://snapshot.box/#/s:usualmoney.eth/proposal/0x3d145586562f493fcecd0d7c399f0d90e1e1adfcb133bd4eace4ecd5e6fc4ce1
Below is a summary of the proposed changes so the community can review and participate.
Name Change: USD0++ → bUSD0
USD0++ already functioned as the staked/bonded version of USD0. The UIP formalises this by renaming it to bUSD0 to make the roles of each asset clearer in the system:
USD0 = stablecoinbUSD0 = locked USD0 that farms USUALrt-bUSD0 = new redemption token (explained below)
The name change is purely clarity-driven. The underlying purpose remains the same.
New Model: Separating the Lock from the Exit Right
Under the old USD0++ model, exiting relied mainly on the price floor. When USD0++ traded at a discount, users would buy discounted tokens on the secondary market instead of minting, which slowed new inflows.
The new model separates responsibilities into two tokens:
When locking 1 USD0, the user receives:
1 bUSD0, which stays locked and earns USUAL1 rt-bUSD0, which represents the right to redeem early at 1:1
The two tokens behave as follows:
bUSD0 remains the locked asset that farms USUAL. At maturity, it automatically converts back to USD0 even without rt-bUSD0.rt-bUSD0 carries no yield and no governance. It simply gives the right to exit early at par.To exit early, users burn 1 bUSD0 + 1 rt-bUSD0 → 1 USD0.rt-bUSD0 is freely tradable, letting users choose between maintaining liquidity or taking on more bUSD0 exposure by selling their exit rights.
This structure replaces the price-floor-only exit model with a direct, par-based redemption path.
Why This Matters
The new model addresses the weak points of the previous system while keeping all the long-duration benefits:
Early exits now occur at 1:1, reducing the incentive for the asset to sit at a persistent discount.A separate market emerges for exit rights.
People who want flexibility can buy rt-bUSD0.
People who want higher bUSD0 exposure can sell their rt-bUSD0 and capture the illiquidity premium.
Long-term TVL and USUAL farming remain intact, but the exit mechanism becomes cleaner and more economically sound.
tl;dr:
The upgrade renames USD0++ to bUSD0 and introduces rt-bUSD0, separating the lock from the exit right so that early redemption can happen at par instead of relying on the price floor.
The UIP is now open for review.
Please take a moment to read the full proposal, share feedback, and ask questions before it moves to a vote.
Looking forward to your input.
https://snapshot.box/#/s:usualmoney.eth/proposal/0x3d145586562f493fcecd0d7c399f0d90e1e1adfcb133bd4eace4ecd5e6fc4ce1
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