Introduction
In a recent X Space session hosted by BlockBeats, key figures from Usual and Pendle came together to discuss the intersection of RWA (Real-World Assets) and stablecoin protocols. This article provides a comprehensive breakdown of their insights, collaboration dynamics, and future prospects.
Meet the Speakers
Pierre Person - CEO & Co-founder of Usual
- Former French MP and political advisor to President Macron
- Founded Usual in 2022 with current TVL nearing $360M
- Vision: Creating stablecoin protocols with decentralized data ownership
Yoko - Growth Lead at Usual
- Focuses on TVL growth and DeFi product combinations
- Describes Usual as "an RWA-backed stablecoin protocol prioritizing accessibility"
TN - Co-founder of Pendle
- 4-year veteran in yield tokenization
- Highlights Pendle's dual approach: YT (Yield Tokens) for leveraged returns and PT (Principal Tokens) for conservative investors
The Collaboration: How It Began
👉 Discover how Pendle creates leveraged yield opportunities
- Timeline: Partnership initiated August 2023
Key Synergies:
- Pendle's mechanism naturally complements Usual's growth strategy
- YT buyers represent early adopters bullish on Usual's TGE
- PT holders provide stable liquidity without participating in presales
Pierre notes: "Our Pendle integration increased Usual's TVL by 150% within months - a textbook case of DeFi composability."
Inside the USD0++ Pool
Enhanced Features (vs. Original Pool)
| Feature | Original Pool | USD0++ Pool |
|---|---|---|
| Expiry | Oct 31 | March 2024 |
| Base Points | 3 | 6 |
| Liquidation Rate | 95% | 97% |
Yoko explains: "We've doubled rewards while implementing time-locked safety measures. The 40M initial capital was absorbed within hours."
Why "USD0++"?
- Represents staked version of USD0 with 4-year lockup
- 1:1 redemption guarantee post-TGE prevents bank-run scenarios
- "The '+' signifies compounded value," Pierre clarifies
RWA Strategy: Why It Works
Core Advantages
- Revenue Transparency: 100% of RWA yields flow to treasury
- Democratized Profits: Unlike traditional stablecoins (USDT/USDC)
- Anti-Dilution: Token issuance tied to actual cash flows
Pierre states: "We project $15-16M annual revenue at current TVL. Every cent benefits token holders."
Addressing Market Concerns
- Interest Rate Cuts: Dynamic token supply adjustment maintains value
- Payment Utility: Secondary to DeFi applications initially (per Yoko)
Tokenomics: A Closer Look
USUAL Token Mechanics
- Deflationary Design: Similar to Bitcoin's scarcity principle
- Community-Centric: 90% allocation to users
- Cashflow-Backed: New tokens minted only with incoming revenue
TN observes: "What matters isn't the model itself, but whether fundamentals support price growth. Usual delivers."
Market Expansion Strategy
Three-Pronged Approach
- Value Redistribution: Shifting profits from institutions to users
- DeFi Bridge: Connecting traditional finance liquidity with crypto
- Ecosystem Building: Future plans include DAI0 and payment solutions
👉 Explore RWA-backed stablecoin innovations
FAQs
Q: Is USUAL's model really like Bitcoin?
A: While both use scarcity principles, USUAL adjusts supply based on TVL growth - making it more dynamic (Yoko)
Q: How does Pendle evaluate partners?
A: Team competency and operational excellence are paramount (TN)
Q: What if interest rates fall?
A: The protocol automatically reduces new minting to preserve value (Pierre)
Conclusion
The Usual-Pendle collaboration represents a sophisticated approach to stablecoin yield generation. By combining RWA backing with innovative tokenization, they're creating:
- Sustainable yield mechanisms
- Anti-dilution protections
- DeFi-native growth strategies
As Yoko aptly summarizes: "This isn't about short-term gains - we're building infrastructure for the next decade of stablecoin utility."