The RWA-backed stablecoin has quickly made its way into the top 25 as it begins its “Pills” campaign.
Usual, the real world asset (RWA) stablecoin protocol, announced the launch of its public mainnet led by its native stablecoin, USD0.
The USD0 stablecoin launched on June 3, but became publicly available as of July 10. Since its public launch three days ago, USD0’s market capitalization has grown over 20% to $90.4 million, from $74.5 million, according to DeFiLlama. This growth spurt has propelled USD0 into the top 25 largest stablecoins by market capitalization, sitting just below Aave’s GHO.
USD0 is branded as the first Liquidity Deposit Token (LDT) from Usual Protocol. The stablecoin is backed 1:1 by RWAs, such as US Treasury Bills via overnight repurchase agreements.
The rapid growth can be partially attributed to Usual’s new Pills incentives campaign. Over the course of the next 4 months users can earn Pills, which are akin to points, that will translate to the protocol’s native token, USUAL. The token generation event (TGE) will see 7.5% of the total supply distributed amongst early users based on the amount of Pills they accrue.
Pills are earned by providing liquidity or increasing TVL of the protocol via Usual’s USD0 stablecoin.
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