The intersection of real-world assets (RWA) and decentralized finance (DeFi) is redefining how users generate yield on digital assets. Recently, a dynamic discussion unfolded on X Space featuring Pierre Person, CEO and Co-Founder of Usual, Yoko, Growth Lead at Usual, and TN, CEO and Co-Founder of Pendle. They explored how their collaboration is reshaping stablecoin economics and unlocking sustainable, community-driven returns.
This article dives deep into the mechanics, vision, and strategic synergy behind Usual and Pendle, offering insights into how their combined innovation could redefine yield generation in 2025 and beyond.
Introducing the Visionaries Behind Usual and Pendle
Pierre Person: From Policy to Protocol Innovation
Pierre Person, once a French parliament member and advisor to President Macron, transitioned from shaping national monetary policy to pioneering decentralized financial infrastructure. In 2022, he co-founded Usual, a stablecoin protocol backed by short-term U.S. Treasury bonds—real-world assets (RWA) that generate yield.
Today, Usual boasts nearly $360 million in total value locked (TVL), with a token generation event (TGE) on the horizon and a vibrant community. The core idea? Return value to users by leveraging transparent, yield-generating collateral and distributing protocol revenue directly to participants.
Yoko: Bridging Politics and DeFi Growth
Yoko, Usual’s Growth Lead, brings experience from political campaigns to DeFi strategy. She’s been instrumental in expanding Usual’s TVL and designing accessible DeFi product integrations. Her focus is on lowering entry barriers while maximizing composability—ensuring users can easily plug into high-yield opportunities.
TN: Mastering Yield Tokenization with Pendle
TN, co-founder and CEO of Pendle, has spent four years building one of DeFi’s most innovative yield-trading protocols. Pendle enables users to tokenize future yield streams into tradeable assets: Yield Tokens (YT) for speculative upside and Principal Tokens (PT) for fixed returns.
This dual-token model attracts both aggressive yield chasers and conservative investors—making Pendle an ideal partner for protocols like Usual that prioritize flexibility and user choice.
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The Strategic Partnership: Why Usual Chose Pendle
A Natural Fit in DeFi Philosophy
The collaboration began in August when Usual launched its first liquidity pool on Pendle. The synergy stems from shared values: transparency, user empowerment, and sustainable yield generation.
As Pierre explained, Pendle’s architecture allows users to engage with Usual’s ecosystem in two distinct ways:
- YT Buyers: Seek leveraged exposure to future USUAL token emissions. These are typically early adopters who believe in the project’s long-term potential.
- PT Holders: Prefer predictable returns without participating in the token pre-sale, opting instead for capital preservation.
This bifurcated approach broadens Usual’s appeal across risk profiles—fueling TVL growth while strengthening community engagement.
Community Amplification Through Collaboration
Yoko highlighted the importance of smooth rollover from the original pool (which expired October 31) to the new USD0++ pool. Close coordination with Pendle’s team, ambassadors, and social media channels helped educate users about Usual’s vision, tokenomics, and pre-sale mechanics.
TN added that team quality was a decisive factor. “I met Pierre at TOKEN2049 in Dubai,” he said. “What stood out was their execution speed, professionalism, and sensitivity to market trends.”
Introducing USD0++: The Next Evolution in RWA Yield
What Makes USD0++ Different?
The newly launched USD0++ pool on Pendle marks a significant upgrade over its predecessor:
- Higher Base Points: YT and LP points doubled from 3 to 6 per unit.
- Improved Clearing Rate: Increased to 97%, reducing liquidation risk for leveraged positions.
- New Funding Mechanism: A time-lock feature ensures capital safety after initial injections (e.g., $400K from risk curators).
- Extended Duration: Matures in March 2025, offering longer-term yield stability.
Yoko emphasized that PT strategies are particularly popular among conservative investors. “We’re building Lego-like composability for PTs—enabling reuse across other DeFi primitives.”
Why “++”? Decoding the Naming Strategy
The “++” suffix isn’t just branding—it signals a fundamental upgrade. While USD0 is a 1:1 RWA-backed stablecoin with no inherent yield, USD0++ represents a staked version locked for four years. At TGE, users can redeem USD0++ back to USD0 at par value—ensuring principal protection and eliminating bank-run risks.
Crucially, this mechanism allows Usual to guarantee sufficient reserves for 1:1 redemptions, reinforcing trust in the system.
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Rethinking Stablecoin Economics: Why Usual Stands Out
Closing the Value Loop for Users
Traditional stablecoins like USDT and USDC generate massive profits from reserve yields—but return little to users. Usual flips this model: 100% of RWA-generated income flows into the protocol treasury.
From there:
- Yield accrues to USD0++ holders.
- USUAL tokens are minted only when new cashflow enters the system—tying supply directly to real economic activity.
- 90% of pre-sale tokens are allocated to the community, ensuring fair distribution.
“This isn’t just about yield,” Pierre stressed. “It’s about ownership. Holding USUAL means participating in governance and sharing in protocol growth—like being an early investor.”
Sustainable Tokenomics in a Volatile Market
Yoko addressed concerns about falling U.S. Treasury yields. “Our model adapts,” she said. If interest rates decline, the rate of USUAL token minting slows—preserving per-token value and protecting holders from dilution.
Unlike inflationary models disconnected from revenue, Usual’s cashflow-backed issuance creates a deflationary pressure over time—similar in spirit (though not structure) to Bitcoin’s halving cycles.
FAQs: Addressing Key User Questions
Q: How does USUAL token supply work? Is it inflationary?
A: No—it’s revenue-activated. Tokens are only minted when new cashflow enters the protocol, preventing arbitrary inflation. Supply adjusts dynamically based on TVL growth.
Q: Can I lose money with USD0++?
A: USD0++ is redeemable 1:1 for USD0 at TGE, ensuring principal protection. However, leveraged positions using PTs or YTs carry liquidation risks if clearing thresholds are breached.
Q: How does Usual differ from DAI or other RWA-backed stablecoins?
A: While DAI uses over-collateralized crypto assets, Usual uses transparent RWA collateral (U.S. Treasuries). More importantly, Usual redistributes nearly all yield to users via tokens and staking—unlike centralized issuers.
Q: Will lowering minting rates during rate cuts reduce user incentives?
A: The system balances incentives by maintaining proportional rewards. Even with fewer tokens minted, early contributors still receive higher allocations relative to later entrants.
Q: What role does Pendle play beyond liquidity?
A: Pendle acts as a yield discovery engine—helping users speculate on or hedge future USUAL emissions. It also amplifies visibility through analytics and community outreach.
Navigating Competition in the Stablecoin Arena
With Web2 giants like PayPal entering the fray, differentiation is crucial. Pierre argues that most stablecoins fail as payment instruments despite being great yield vehicles. Usual aims to bridge that gap by becoming a foundational layer for decentralized banking.
“Stablecoins should be more than collateral,” he said. “We’re building an ecosystem—starting with liquidity, but expanding into lending, payments, and cross-border services.”
Yoko added that RWA integration is key to scaling DeFi. “Without traditional finance inflows, DeFi remains a niche. By tokenizing Treasuries, we bring institutional-grade assets on-chain.”
Future plans include launching DAI0, a new product line aimed at interoperability with existing DeFi ecosystems.
Final Thoughts: A Sustainable Future for DeFi Yields?
The fusion of Usual’s RWA-backed stablecoin model and Pendle’s yield tokenization engine represents a powerful evolution in decentralized finance. By aligning incentives, protecting principal, and returning value directly to users, they’re setting a new standard for sustainable yield generation.
As TN noted: “Strong fundamentals drive token value—not hype.” With robust cashflows, adaptive tokenomics, and deep community alignment, Usual isn’t chasing short-term gains—it’s building long-term resilience.
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Whether you're a yield optimizer, governance participant, or long-term believer in open finance, the Usual x Pendle ecosystem offers a compelling blueprint for what comes next.
Core Keywords: Usual, Pendle, RWA, stablecoin, yield tokenization, USD0++, DeFi, tokenomics