Usual/Resolv - USD0++ Pool
The Usual USD0++ Pool (ustUSR++) is a cross-protocol vault that allows holders of Usual's USD0++ token to earn yield through Resolv's delta-neutral stUSR strategy. The vault is built on Lagoon Finance infrastructure and connects two protocols: Usual (deposit asset) and Resolv (yield engine).
How the USD0++ Pool works:
- You deposit USD0++ (Usual's staked stablecoin, backed by US Treasury bills) into the ustUSR++ vault.
- The vault converts USD0++ at a 1:1 ratio into USD0, then swaps into USR (Resolv's stablecoin) and stakes it for stUSR.
- stUSR earns yield from Resolv's delta-neutral collateral pool (funding rates + ETH staking rewards).
- Yield compounds automatically in the vault. On withdrawal, stUSR is converted back to USD0++ in a single atomic transaction.
- Depositors continue earning USUAL token rewards and accumulate Resolv points eligible for potential airdrops.
USD0++ is from the Usual Protocol — it is a staked/bonded version of USD0, functioning like a 4-year zero-coupon bond with a floor price of $0.87 rising to $1 over time. It is not a stablecoin and can trade at a discount to $1 on secondary markets.
Basic Information
Fundamentals
TVL
APR
Statistics
| Weekly | Monthly | Quarterly | Yearly | |
|---|---|---|---|---|
| Period Start | N/A | N/A | N/A | N/A |
| Period End (inclusive) | N/A | N/A | N/A | N/A |
| APR | N/A | N/A | N/A | N/A |
| CAGR (APY) | N/A | N/A | N/A | N/A |
| TVL High | N/A | N/A | N/A | N/A |
| TVL Low | N/A | N/A | N/A | N/A |
Liquidity
Not calculated yet
Liquidity analysis will be available soon
Strategy
- Acquire USD0++
- Stake USD0 on Usual Protocol to receive USD0++, or buy USD0++ on secondary markets (may trade at a discount to $1)
- USD0++ is a liquid bond backed by US Treasury bills with a 4-year term and $0.87 floor price
- Deposit into the ustUSR++ vault
- Navigate to the vault at app.usual.money/vault/stusr
- Deposit USD0++ — the vault atomically converts it to USD0, then to USR, then stakes for stUSR
- If USD0++ trades below $1, you still receive $1 worth of stUSR exposure per USD0++ deposited
- Earn stacked yield
- Primary yield from stUSR (Resolv's basis trading: funding rates + ETH staking rewards)
- USUAL token rewards continue accruing as if holding USD0++ directly
- Resolv points accumulate for potential RESOLV airdrop eligibility
- Withdraw
- Withdrawals are processed in USD0++ via a single-step atomic transaction
- You receive more value than originally deposited due to accrued stUSR yield
Yield Source
The USD0++ Pool generates yield from three stacked sources, combining Usual's reward system with Resolv's delta-neutral strategy:
Primary yield (from Resolv's stUSR):
- Perpetual futures funding rate income: In long-biased markets, longs pay shorts — Resolv captures this as the short side of ETH/BTC hedging trades on Binance, Deribit, Bybit, and Hyperliquid
- ETH staking rewards (~3-4%): ETH collateral is staked via Lido/EtherFi, earning native Ethereum staking yield
- Basis spread: Spread between spot and futures prices provides additional income
Additional yield for USD0++ depositors:
- USUAL token rewards: USD0++ depositors continue earning USUAL governance token distributions (claimable in the Usual dApp)
- Resolv points: Eligible for potential RESOLV token airdrops, redistributed proportionally to vault participants
Yield distribution structure:
- stUSR holders (senior tranche) receive the stable portion of Resolv collateral pool yield
- RLP holders (junior tranche) absorb risk first in exchange for higher leveraged yield
- Resolv charges 10% on daily positive yield (no fee on zero or negative yield days)
- The vault also charges a base fee and performance fee on stUSR returns
Current stUSR APY is approximately ~8.1% (30-day trailing). Combined with USUAL rewards and Resolv points, effective returns may be higher.
Strategy Limits
Deterministic Constraints
- Vault Capacity: Initial cap of $5M, increasing progressively based on demand
- Deposit Asset: Only USD0++ accepted — must acquire USD0++ first
- Protocol Fees: 10% on daily positive stUSR yield, plus vault base fee and performance fee
- USD0++ Floor Price: $0.87, not $1.00 — secondary market price may trade at a discount
Probabilistic Constraints
- Funding Rate Dependency: Primary stUSR yield is tied to perpetual futures funding rates, which can turn negative
- USD0++ Price Risk: USD0++ may trade significantly below $1 (depegged to $0.89 in Jan 2025)
- Multi-Protocol Dependency: Relies on Usual, Resolv, and Lagoon Finance — failure in any layer affects the vault
- RLP Insurance Limit: Extreme losses could exhaust the junior tranche buffer protecting stUSR holders
Underlying Assets/Allocations
Risk Analysis
Potential Risks
Based on the Resolv documentation and Usual documentation, the following risks are associated with the USD0++ Pool:
- USD0++ Depeg Risk — USD0++ is not a stablecoin; it has a floor price of $0.87 and can trade at significant discounts (dropped to $0.89 in Jan 2025)
- Funding Rate Risk — Negative funding rates can reduce or eliminate stUSR yield; prolonged negative periods could strain the RLP insurance layer
- Multi-Protocol Smart Contract Risk — The vault touches Usual, Resolv, and Lagoon Finance smart contracts; a vulnerability in any layer could lead to loss of funds
- Counterparty Risk — Resolv depends on centralized exchanges for perpetual futures hedging; exchange insolvency could impact the delta-neutral position
- RLP Exhaustion Risk — If losses exceed the Resolv Liquidity Pool buffer, stUSR holders (and by extension this vault) could be affected
- Custodial Risk — Dependence on Fireblocks and Ceffu for off-exchange custody of Resolv collateral
- Usual Governance Risk — Usual can unilaterally change USD0++ redemption terms (as demonstrated in Jan 2025 floor price change)
- Liquidation Risk — Extreme market volatility could strain Resolv's delta-neutral position and trigger margin calls
- Regulatory Risk — Both protocols are relatively new and operate in an evolving regulatory landscape
Risk Analysis (3rd Parties)
Summary
The Resolv USD0++ Pool (ustUSR++) is a cross-protocol vault combining Usual's USD0++ bond token with Resolv's stUSR yield engine. It offers stacked yield from basis trading, ETH staking, USUAL rewards, and Resolv points. Resolv has been audited by four firms (MixBytes, Pashov, Sherlock, Pessimistic) and maintains a $500K Immunefi bug bounty and RLP insurance layer. However, the strategy carries elevated dependency risk from three protocol layers, USD0++ is not a stablecoin (depegged to $0.89 in Jan 2025 with a $0.87 floor), both protocols are young, and no major third-party risk ratings exist. The strategy is best suited for users comfortable with multi-protocol composability risk in exchange for stacked yield.
This vault combines two protocols (Usual + Resolv) with compounding risk layers. Each protocol's risks are additive.
USD0++ Depeg Event (Jan 2025): USD0++ dropped to $0.89 when Usual changed the redemption mechanism, replacing the $1 fixed redemption with a $0.87 floor price rising over 4 years. This triggered panic selling and liquidations on Curve and Pendle. USD0++ is not a stablecoin — it is a zero-coupon bond.
Multi-Protocol Dependency: This vault depends on three separate protocols (Usual, Resolv, Lagoon Finance). A failure in any layer — smart contract exploit, governance change, or liquidity crisis — can cascade through the entire stack.
See Resolv security documentation: Resolv Security & Audits
Resolv Audits: Resolv's contracts have been audited by MixBytes, Pashov, Sherlock (competitive audit), and Pessimistic. Active bug bounty on Immunefi with up to $500K for critical findings. Hypernative real-time threat monitoring activated since June 2025.
Off-Exchange Custody: Resolv uses Fireblocks and Ceffu for off-exchange margin custody, minimizing direct exchange counterparty risk. Collateral stays outside exchanges via off-exchange settlement.
RLP Insurance Layer: The Resolv Liquidity Pool (RLP) acts as a junior tranche absorbing market and counterparty losses before they reach stUSR holders. Capital Adequacy Ratio (CAR) historically ranged from ~120% to 170%. RLP redemptions pause automatically if CAR drops below 110%.
See the Exponential.fi risk assessment: Resolv USR Staking on Ethereum — rated B
CEX Counterparty Risk: Resolv relies on centralized exchanges (Binance, Deribit, Bybit, Hyperliquid) for perpetual futures hedging. Although off-exchange custody mitigates direct custodial risk, exchange failures or liquidity crises could impact hedging operations.
No Major Third-Party Risk Ratings: Neither Resolv's USR nor Usual's USD0/USD0++ currently have ratings from S&P, Credora, Bluechip, or DeFiSafety. The only external assessment is from Exponential.fi (rated B for stUSR, C for RLP).