Historical bad-debt events

Usual (USD0 / bUSD0 / USUAL)'s assessment for RD-F-067 — scored not_applicable on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.

Evidence summary #

Not_applicable per PD-024 (lending-only factor). Usual has no lending markets and therefore cannot generate bad debt in the lending sense. Third-party protocols (Morpho) that used bUSD0 as collateral experienced bad debt during January 2025 — that is Morpho's bad-debt exposure, not Usual's. USD0 itself remained fully collateralized throughout. No instances of Usual failing to honor USD0 redemption documented.

Sources #

URL
The Block — USD0++ depeg; third-party Morpho liquidationsThe Block (theblock.co/post/333995) — documents Morpho liquidations during depeg; confirms these are third-party bad debt events, not Usual-native bad debtretrieved 2026-05-17

Methodology #

Count and sum (USD) the number of documented bad-debt events where the protocol socialized losses across depositors.

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol usual factor RD-F-067 score not_applicable collected_at 2026-05-16 20:39:44