Strengthening USD0’s resilience today, preparing tomorrow’s FX liquidity rails
As Usual moves into a more mature phase, one principle remains non-negotiable: a stablecoin system must be resilient by design. For USD0, that resilience comes from two things above all: the quality of its collateral and the protocol’s ability to avoid concentration risk as adoption grows.
UIP-14 proposes a simple, deliberate change: making USTBL (Spiko US T-Bills Money Market Fund) an eligible collateral asset for USD0. The goal is not to expand the collateral set for optics, but to reinforce USD0’s foundations with an additional, high-quality source of collateral aligned with Usual’s standards of transparency and risk discipline.
Why USTBL fits USD0’s collateral philosophy
USD0 was built in opposition to opaque models where users are asked to trust collateral they can’t properly verify. Usual’s approach is the inverse: collateral must be legible, priced transparently, and governed conservatively.
USTBL provides exposure to short-term U.S. Treasuries through a regulated fund structure. In practice, this introduces a collateral type that is typically associated with defensiveness and predictable behavior, especially compared with more reflexive or liquidity-fragile assets. Just as importantly, its valuation framework is compatible with the protocol’s expectations: pricing is anchored to a Chainlink NAV feed, normalized to match Usual’s risk and accounting standards.
The strategic point: resilience now, FX infrastructure next
The immediate benefit of UIP-14 is straightforward: diversification. As the system scales, resilience is not only about picking good collateral, it is also about avoiding excessive dependence on a single source, pathway, or market structure.
But UIP-14 also fits into a larger strategic direction. Usual’s roadmap increasingly points toward a multi-currency stablecoin ecosystem where USD0 and EUR0 can coexist with deeper, more reliable liquidity. Building that future requires credible rails for primary-market FX liquidity, not only secondary-market trading. Strengthening the USD-side collateral base with an instrument like USTBL is a concrete first step toward that endgame: a more efficient, governed DeFi infrastructure capable of supporting robust $EUR0 ↔ $USD0 liquidity over time.
Conclusion
UIP-14 is a governance decision that compounds with every previous one. By adding USTBL as eligible collateral, the community strengthens USD0’s ability to scale while staying faithful to the principles that define Usual: transparent valuation, conservative risk management, and long-term resilience.
Read more about this in our proposal here:
https://snapshot.box/#/s:usualmoney.eth/proposal/0x65f80603d96f3eea5e0dab47d86fda035cbce06a38caa3c7f3a937b78e350fc0
@CZ @Usual Official @AB Kuai Dong
