Stablecoin depeg >2% on shared-LP venue
Usual (USD0 / bUSD0 / USUAL)'s assessment for RD-F-104 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
bUSD0 (formerly USD0++) trades at $0.9636 (CoinGecko 2026-05-17) — a 3.64% discount to par, above the 2% T-09 threshold, sustained for months since the January 2025 depeg event. USD0 itself trades at $0.9981 (well within the 2% threshold). The suppression question: the bUSD0 floor mechanism (introduced 2025-01-09, DAO-acknowledged per Usual blog 2025-01-23) provides a suppression argument — the discount reflects a structural design feature (locked bond maturing June 11, 2028), not a sudden depeg. Under strict T-09 dependency-map reading, bUSD0 depeg does not directly impair USD0 collateral backing (USD0 is backed by USYC/USTBL, not by bUSD0). Yellow reflects: threshold breach is real, but suppression argument is present; the signal should be flagged 'elevated but suppressed' pending T-09 methodology clarification on whether a DAO-acknowledged floor price constitutes adequate suppression.
Sources #
- URLUsual blog — Road to Parity (2025-01-23)Usual blog — 'A new dawn for USD0++ Road to parity' (2025-01-23); DAO-acknowledged floor price mechanism post-hoc announcementretrieved 2026-05-17
- CoinGecko — Bond USD0 (bUSD0) priceCoinGecko bUSD0 price — $0.9636 as of 2026-05-17; all-time low $0.8933 on 2025-01-19retrieved 2026-05-17
Methodology #
Detect whether a stablecoin in this protocol's dependency graph depegs >2% on a venue with shared liquidity.
See the full factor methodology and distribution across all protocols →