Coin overview
USUAL
Ended--
Last price (USDT)
302.03K
24h total (USDT)
6.44M
Total vol (USDT)
2024-11-14 12:00:00 ~ 2024-12-18 10:30:00
Trading time (UTC+0)
2024-12-18 12:00:00 ~ 2024-12-18 16:00:00
Delivery time (UTC+0)
Total supply1.27B
Resources
Introduction
Usual is an on-chain version of Tether, aggregating Real-World Assets (RWAs) and issuing USD0, an institutional-grade stablecoin. Unlike traditional revenue-sharing models, Usual operates on an innovative ownership-sharing model. The protocol is governed by the USUAL token, which redistributes both value and control to its users. USUAL Total supply: 4,000,000,000
Messari: Stablecoin Market Cap Hits Record $258.5 Billion, Trading Volume Drops but Fees Surge
According to Odaily Planet Daily, citing the Messari weekly report, the total market capitalization of stablecoins has reached $258.5 billion, setting a new all-time high with a month-on-month increase of 2.7%. The average daily trading volume of stablecoins rebounded by 13.2% to $143.1 billion, reversing last week's decline, though it still marks a 6.3% decrease compared to the previous month. However, the number of transactions fell by 10% week-on-week to 35.3 million. The divergence between trading volume and transaction count may indicate an increase in average transaction size or heightened institutional activity. The average daily transaction fees for stablecoins rose by 8.9% week-on-week to $23 million, reflecting strong demand for stablecoin applications. Smaller protocols performed impressively, with Sky’s fees surging 362.0% this week to $1.5 million, Ethena rising 367.8% to $613,700, and Usual’s fees skyrocketing 8,142.4% to $64,700. The growth in fees suggests a significant increase in user engagement on both major and emerging stablecoin platforms.
Claims of USUAL Token Surge Lack Verification
Key Takeaways: No verified data supports USUAL token surge claims. Crypto community questions reported valuation shift. Lack of industry commentary on USUAL token’s growth. Claims of USUAL Token Surge Lack Verification In recent hours, reports emerged suggesting a cryptocurrency named “USUAL” experienced a 43% surge, reaching a market cap of $116 million. However, no verified data supports these claims, leaving market participants seeking clarity. The alleged surge of the USUAL token has raised questions, as no primary sources confirm its existence or growth. The absence of on-chain data, verified listings, and project communications suggests limited impact on the cryptomarket . Reports indicate a significant market surge allegedly tied to “USUAL,” yet no credible sources or project details back these claims. The absence underscores a potential misrepresentation of market dynamics. The situation involves rumors of an unsubstantiated market fluctuation, with no official statements from recognized industry leaders or platforms. Without data from exchanges or analytic tools, skepticism remains prevalent. The implications of these unverified claims are notable, as they spotlight the need for transparency and accuracy. The crypto community’s reaction underscores the critical role of reliable information in maintaining market integrity. “There is currently no verified information confirming a cryptocurrency called ‘USUAL’ or a token surge of this nature.” Analyst insights emphasize potential reputational impacts for entities making unverified claims. Historical trends show that false surges can affect market trust and investor decisions. Ensuring data accuracy remains a foundational aspect of cryptocurrency reporting.
Key Market Information Gap on July 14th, a Must-See! | Alpha Morning Report
Featured News 1. Bitcoin Breaks $119,000, Hits New All-Time High 2. PENGU Surges Above $0.03, Market Cap Reaches $17.52 Billion 3. Altcoins Soar, USUAL Surges Over 42% in 24 Hours 4. pump.fun Public Sale Sees Over $300 Million from Top 340 Addresses, Representing 60% 5. Fed's July Rate Unchanged Probability at 93.3% Articles & Threads 1. "The Surge of $PENGU: The Little Penguin Aiming to Be the Face of Finance" NFT has once again returned to people's attention. What's even more surprising is that this price rebound was neither due to a popular narrative nor a collective pump by KOLs. The real starting point was a somewhat excessive "avatar-changing movement." 2. "Crypto Financing in 2025 and VC Outlook: From Challenging Fundraising to a New Liquidity Paradigm" The fundraising environment is challenging due to upstream DPI and LP fund challenges. Looking across the entire VC sector, funds have returned less capital to LPs in the same period compared to the past. Market Data Daily overall market funding heat (as reflected by funding rate) and token unlocks Data Source: Coinglass, TokenUnlocks Funding Rate Token Unlock
Coldware VS Pi Vs Filecoin, Why Coldware Represents the Future as It Approaches $0.008
Coldware ($COLD) is getting closer to $0.008, and it’s gaining attention for one simple reason—it’s building real tools people can use. Pi Network is still struggling after a big token unlock and slow progress since its mainnet launch. Filecoin is working on AI and storage solutions but hasn’t seen much adoption yet. In this article, we’ll look at what’s going on with all three projects, what’s causing the price movements, and why Coldware’s focus on hardware and ease of use could give it a real edge. Can Pi Network Turn Things Around Before Its Community Loses Faith? Pi Network (PI) has dropped nearly 75% from its February high of $2.98 and is now trading at around $0.75. The drop comes after a major token unlock in April that added over 108 million PI to circulation and pushed the total supply to roughly 4.9 billion. That influx put serious selling pressure on the market. Despite the hit, Pi Network still has one of the largest communities in crypto, with over 70 million users. It’s also launched a $100 million fund to support DApp development on its platform. The mainnet officially went live in February, but it’s still not fully decentralized, and much of the promised functionality hasn’t rolled out yet. So far, investor sentiment has been mixed. There’s clear frustration over delays and market performance, but many are still holding on and probably hoping the team delivers. Filecoin Focuses on AI and Compute, But Adoption Remains Slow Filecoin (FIL) is trading at around $2.90 as of today and holding steady while the project continues to build. One of the big focuses lately has been Filecoin’s foray into AI. It’s working with platforms like SingularityNET, Nuklai, and GoKite AI to offer decentralized storage for AI training data, which is supposed to make that data more secure, traceable, and Web3-native. On the tech side, the Filecoin Virtual Machine (FVM) is gaining traction. By the end of Q1 2025, it had processed over 3.2 million transactions and supported more than 5,000 smart contracts. Looking forward, Filecoin is working on two major upgrades: Proof of Data Possession (PDP) and Fast Finality (F3). These are designed to improve how quickly transactions settle and how reliably data can be verified—both important for real-world use cases. Coldware Is Combining Hardware, Blockchain, and Privacy to Make Crypto Usable Coldware ($COLD) is one of the few projects in crypto that’s not just living online—it’s building tools people can actually hold in their hands. The project combines a custom Layer-1 blockchain with real-world hardware, like the Larna 2400 smartphone and the ColdBook laptop, designed to plug straight into the network. No browser extensions, no endless wallet juggling. Users just power it on and they’re in—staking, sending, and using DeFi apps without needing a degree in crypto. This is especially important in regions where phones are the primary gateway to the internet and access to traditional banking is limited. Coldware’s ($COLD) goal is to simplify that entry point and give people a more direct and private way to participate in the Web3 world. A Seamless Way to Use Crypto Without the Usual Hassle The $COLD token is not just used for payments—it powers governance, staking rewards, and even lets users create their own tokens with a built-in tool called Freeze.Mint. Coldware’s OS is privacy-first, too, built to block trackers and protect user data by default. The presale is moving fast. Priced at just $0.00625, over 67% of tokens have already been claimed, with more than $4 million raised. The Takeaway Pi Network is facing delays and a shaky rollout. Filecoin is building solid tech, but still waiting on real adoption. Coldware ($COLD) , on the other hand, is already delivering usable tools—hardware, blockchain, and privacy features that work together from day one. Others are still trying to catch up, but Coldware is simplifying crypto for real-world use. With the presale nearly 70% complete and momentum growing, it’s quickly becoming a project that stands out for all the right reasons. Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Bank of Italy’s Panetta insists CBDC, not MiCA key to stablecoin compliance in Europe
Fabio Panetta, the Governor of the Bank of Italy and a former European Central Bank (ECB) official, has stated that Europe’s crypto stability depends on a central bank digital currency (CBDC) and not just MiCA regulations. Fabio Panetta shared his comments as part of the Bank of Italy’s annual report , distributed on May 30, 2025, reinforcing his view that the European Union’s existing regulatory framework, the Markets in Crypto-Assets Regulation (MiCA), is not enough to address the growing risks of cryptocurrency adoption. When it came into full effect in 2024, MiCA was praised as a significant step toward the structured supervision of crypto markets. In his statement, Panetta suggested that MiCA’s impact has been minimal, especially in the area of compliant stablecoin development. MiCA’s limited influence According to Panetta, the dry response to MiCA regulations shows that rules alone won’t create a trusted digital asset ecosystem in Europe. The real solution would be to develop a central bank-backed digital currency. “What is needed is a response that matches the ongoing technological transformation,” he said. “The digital euro project stems precisely from this need.” Panetta’s report also stated that while MiCA offers protection for some investors, crypto platforms operating outside Europe could still pose significant threats. “EU citizens might be exposed to failures of platforms or issuers based in other jurisdictions that lack adequate controls or the necessary transparency and operational safeguards,” he said. See also Google says quantum computers might break Bitcoin way sooner Without international cooperation and alignment on regulatory standards, the EU’s efforts to reduce financial risks will remain incomplete. Panetta urged European lawmakers to take the lead in pushing for coordinated global crypto rules. U.S.-backed tokens like USDT and USDC currently account for about 97% of the global stablecoin market. Panetta expressed his concern that banks could face reputational risks if they become involved in crypto services without proper safeguards. “Crypto-asset holders might not fully understand their nature and conflate them with traditional banking products,” he warned, “with potentially negative repercussions for confidence in the credit system should losses occur.” Despite Panetta’s warning, Italy’s largest bank, Intesa Sanpaolo, has already started experimenting with digital assets. In January 2025, it reportedly purchased €1M in bitcoin, after the launch of its crypto trading desk in 2023. Spain’s Santander is also exploring a stablecoin product and has expanded its access to digital assets for customers of its online banking services. Panetta also warned against the idea of restricting crypto as a way to slow its spread. “We would be remiss to think that the evolution of crypto-assets can be controlled only through rules and restrictions,” he said. Instead, he believes the public sector must offer a viable alternative, such as the digital euro. See also Usual Protocol pauses contract after USD0 exploit Panetta sells out for a euro CBDC While Panetta argues that the MiCA regulation is not enough, there is some controversy surrounding the stablecoin issuer Tether, which openly refused to register its token, USDT, under MiCA in early May. Tether’s CEO, Paolo Ardoino, labeled MiCA as “very dangerous,” claiming that its rules could negatively affect smaller and mid-sized European banks. “MiCA license is very dangerous when it comes to stablecoins, and I believe that is even more dangerous for the small, medium banking system in Europe,” he said The Bank of Italy governor’s remarks also align with the ECB’s ambition to release a digital euro by the end of the decade. The digital euro, Panetta said, is about protecting the role of central bank money in the rapidly evolving financial industry. “Only a central bank digital currency,” he said, “can ensure monetary anchors remain intact while meeting modern payment demands.” KEY Difference Wire helps crypto brands break through and dominate headlines fast
Stripe considers global stablecoin payments in partnership with banks
The Co-founder and President of Stripe, John Collison, said his company was in early talks with banks about integrating stablecoins into their core service as the use of digital tokens for global payments continued to increase. Stripe recently launched stablecoin accounts in 101 countries, enabling businesses to send, receive, and hold Circle’s USDC and Bridge’s USDB. Collison said banks were very interested in how they should integrate stablecoins into their product offerings as well, adding that this was not something they “brushed away” as a fad. The company recently introduced a range of products related to stablecoins, including a platform (Bridge) that allows fintechs to launch their own stablecoin-linked card programs for customers. Collison’s remarks confirmed the rising interest among traditional financial institutions in exploring stablecoins, one of the fastest-growing crypto use cases. He claimed that his company aimed to fix what traditional financial institutions did not have: slow and costly cross-border payments. Stripe bets on the growing role of stablecoins in international payments Stripe made headlines earlier this year by acquiring stablecoin tech startup Bridge for $1.1 billion. Bridge has since then rolled out its own stablecoin, USDB, while Stripe introduced stablecoin accounts in over 100 countries. Collison said a lot of his company’s future payment volume would be in stablecoins, pointing to costly FX fees and multi-day processing times as pain points that stablecoins could address. See also US ETF inflows hit $437 billion YTD as investors embrace volatility Bank technology providers like Fidelity National Information Services Inc., Fiserv Inc., and Jack Henry & Associates Inc. were also considering how to help their customers use the technology. Visa Inc. launched a platform last year to help banks issue stablecoins globally. “Regulated bank-issued stablecoins offer faster, more efficient, and globally accessible payment options…With proper regulation, banks will become central players in digital assets, driving innovation while ensuring consumer protection.” – Julia Demidova , head of digital currencies product and strategy at FIS Collison hoped that Stripe’s new products would “eat away” at the FX fees that banks and other technology providers charged consumers sending money overseas. He added that traditional money remittance technologies were also very slow. Stablecoin payment volume reaches $94B A survey by Artemis found that stablecoin payment volumes have reached $94.3 billion this year, primarily driven by Business-to-business (B2B) transfers. B2B transactions accounted for an annual run rate of $36 billion, and P2P payments had a run rate of $18 billion. Card-linked stablecoin payments followed with $13.2 billion in annual volume, while B2C payments and prefunding had annual volumes of $3.3 billion and $2.5 billion, respectively. The annual run rate pace for these settlements reached $72.3 billion in February 2025. The report also revealed that B2B stablecoin monthly volumes grew from under $100 million at the start of 2023 to over $3 billion by early 2025. Stablecoin-linked card payments also rose from $250 million in monthly volume at the start of 2023 to over $1 billion by the end of 2024. B2C payments increased from $50 million in monthly volume at the start of 2023 to over $300 million by early 2025. See also Usual Protocol pauses contract after USD0 exploit According to the study, approximately 10 million blockchain addresses made a stablecoin transaction every day, and over 150 million blockchain addresses held a nonzero stablecoin balance. Tether’s USDT was the most used stablecoin by volume, with a market share of around 90%, followed by Circle’s USDC. USDT remained the primary stablecoin for B2B transfers, although USDC maintained a 30% share of monthly volumes. The BIS also estimated that around $400 billion of annual cross-border flows were settled in USDC and USDT. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
SlowMist: The core problem of the hacker attack on the Usual protocol originated from the Usual Vault system
according to SlowMist monitoring, the Usual protocol encountered a complex arbitrage attack. Analysis shows that the attackers exploited the price differences between the internal mechanism of the protocol and the external market. The core issue lies in the Usual Vault system, which allows the exchange of USD0++ and USD0 tokens at a fixed 1:1 ratio, however, these same tokens are traded at different prices on external decentralized exchanges. The attackers cleverly created a custom liquidity pool and manipulated the trading path, causing the Vault to release USD0 tokens without receiving the expected sUSDS collateral. Subsequently, the attackers sold the acquired USD0 tokens at a price higher than the internal exchange rate on the external market, thus gaining arbitrage profits.
SlowMist: The Core Issue of Usual Protocol's Hack Stems from the Usual Vault System
According to SlowMist monitoring, the Usual protocol suffered a complex arbitrage attack. Analysis shows that the attacker exploited the price difference between the protocol's internal mechanism and the external market. The core issue stemmed from the Usual Vault system, which allows USD0++ and USD0 tokens to be exchanged at a fixed 1:1 ratio, yet these same tokens trade at different prices on external decentralized exchanges. The attacker cleverly created a custom liquidity pool and manipulated the trading path, causing the Vault to release USD0 tokens without receiving the expected sUSDS collateral. Subsequently, the attacker sold the acquired USD0 tokens on the external market at a price higher than the internal exchange rate, thereby gaining arbitrage profits.
Bitcoin Hits New All-Time High: How Much Higher Can It Go?
Bitcoin price continued its upward trajectory on Thursday, soaring to a fresh bitcoin all-time high of $111,861 during early European trading hours. The world’s largest cryptocurrency has now surpassed its previous record set just before former President Donald Trump’s January inauguration. Since plunging to around $76,000 in April, amid investor flight from risk due to escalating global trade tensions, BTC has gained approximately 45%, buoyed by easing macroeconomic fears and renewed appetite for digital assets. Bitcoin (BTC) price reached a new ATH of $111,861.22 on May 22. Source: TradingView Why is Bitcoin Price Surging? Momentum picked up this week following a series of positive regulatory and institutional developments in the U.S. Sponsored On Monday, the U.S. Senate voted to advance the GENIUS Act, a bill aimed at establishing a regulatory framework for stablecoins—widely seen as a stepping stone toward clearer rules for the broader crypto industry. In another notable shift, JPMorgan CEO and longtime Bitcoin skeptic Jamie Dimon announced that the bank will allow its clients to purchase the digital asset, marking a significant departure from his previous stance. Corporate interest in BTC is also intensifying. Michael Saylor’s MicroStrategy added another $765 million worth of Bitcoin last week, pushing the company’s total holdings to over $63 billion. Bitcoin Rises as U.S. Markets Fall, Breaking Usual Pattern Bitcoin price is on the rise even as U.S. stock markets closed lower on Wednesday, marking a break in its usual alignment with equities. The world’s largest crypto often mirrors the performance of the tech-heavy Nasdaq, but this time the pattern has flipped. The divergence may reflect growing investor unease over broader macroeconomic risks. Some are turning to Bitcoin as a potential store of value amid uncertainty. One possible factor is the recent move by credit ratings agency Moody’s, which downgraded the U.S. sovereign credit rating last week. What’s Next For Bitcoin? According to market analysts, Bitcoin’s key short-term support levels are currently seen at $107K, followed by $100K and $92K. Many see holding above $107K as important to avoid a deeper drop, especially toward the $100,000 mark, which could trigger more selling. On the upside, $112K is seen as the next resistance level. Joe DiPasquale, CEO of crypto hedge fund BitBull Capital, predicts that if current momentum continues, Bitcoin may soon test $120K. According to him, with strong ETF inflows and a supportive macro environment, Bitcoin price might reach $120K not in months, but within weeks. Why This Matters This rally isn’t just about price action — it signals growing institutional confidence, regulatory clarity, and Bitcoin’s evolving role as a financial safe haven in uncertain times. Discover DailyCoin’s popular crypto news: Bitcoin Roils Markets With Big Crypto Week Incoming XRP Price Hits Wall As SEC Drags Feet On Ripple ETF Approval
Distribution of 8.25 Million USUALx to USUALx Holders
May 3 news, RWA stablecoin issuer Usual stated on X that the distribution of its third round of early redemption fees has been completed, with a total of 8.25 million USUALx distributed to eligible holder addresses. Usual mentioned that the previous UIP-7 proposal was passed, clarifying the redistribution method of the previously collected early redemption fees, and more rounds of distribution will follow in the future.
The Usual community has released the UIP-6 proposal, suggesting to raise the lower limit of USD0++ to 0.92 dollars
The RWA stablecoin issuer, Usual Community, has released the UIP-6 proposal titled "Maximizing Value for USUALx Holders", suggesting to raise the floor price of USD0++ from $0.87 to $0.92 and redistribute 47 million USUAL tokens collected from early redemptions to USUALx holders before the second quarter of 2025. The proposal points out that the USUALx ecosystem is facing unfair arbitrage issues which cause an estimated annual revenue loss of $11.1 million through early redemption mechanisms, reducing the value of USUALx by about 22%.
Usual launches $16 million bug bounty, setting a new benchmark in crypto security
Largest crypto bug bounty to date, surpassing Uniswap’s $15.5 million. Usual has undergone 20 security audits, all finding no major flaws. Other protocols lag behind, with max bounties at $2 million so far. Stablecoin protocol Usual has unveiled a record-setting $16 million bug bounty programme in partnership with blockchain security firm Sherlock. The initiative, now the largest in the crypto sector, targets critical codebase flaws that could lead to the loss or freezing of funds. Hosted on Sherlock’s platform, the bounty will only award findings that highlight confirmed and long-term security risks, with an emphasis on realistic exploit scenarios. The launch marks a significant escalation in the industry’s approach to on-chain safety, overtaking Uniswap’s $15.5 million bounty announced in late 2024. Crypto security hits $16m milestone The $16 million bounty makes Usual the new frontrunner in the blockchain security race, eclipsing all previously recorded bug bounty rewards in the decentralised finance (DeFi) ecosystem. Prior to this, the largest bounty was offered by Uniswap Labs in November 2024, totalling $15.5 million. Usual’s bounty sets a new precedent and comes at a time when Total Value Locked (TVL) on its platform has crossed $880 million, increasing the need for robust defence mechanisms. Unlike standard bug bounties, the Usual-Sherlock initiative focuses on vulnerabilities with the potential to cause irreversible damage. Only bugs that result in definite fund loss or indefinite freezing, lasting a year or more without reliance on external conditions, will qualify for rewards. This selective approach aims to prioritise threats with the highest real-world impact. 20 security audits complete, no flaws found so far The launch of this $16 million programme follows a string of security checks on Usual’s codebase. According to Sherlock, the protocol has already undergone 20 audits, including a recent Sherlock-hosted audit contest that featured a $209,000 prize pool. None of the audits identified any critical issues in the code, increasing industry confidence in the protocol’s architecture. This latest bounty campaign is hosted entirely on Sherlock’s platform, which serves as a hub for vetting blockchain applications through community-led vulnerability hunts. Sherlock’s role ensures that the bounty process is transparent, competitive, and efficiently managed, giving ethical hackers clear guidelines on what qualifies for a payout. Threat detection becomes priority As DeFi platforms grow in complexity and capitalisation, the scale and stringency of bug bounties have become key differentiators. For Usual, this initiative signals a strategic move to reassure users and institutional partners about the integrity of its operations. The push toward larger and more targeted bug bounty programmes underscores a maturing industry grappling with escalating threats. In a space where vulnerabilities can be exploited in seconds, pre-launch security assurances are becoming just as critical as post-launch performance metrics.
Usual and Sherlock launch a $16 million bug bounty program
According to The Block, the decentralized stablecoin protocol Usual has partnered with blockchain security company Sherlock to launch a bug bounty program, offering a reward of $16 million for finding critical vulnerabilities in its codebase. This bounty surpasses those previously set up by Uniswap ($15.5 million), LayerZero Labs ($15 million), and Wormhole ($10 million). The Usual codebase has undergone 20 audits, including the most recent Sherlock audit competition, but no medium or higher-level vulnerabilities have been found. Only those deemed critical are eligible for the highest reward. Usual currently manages over $880 million in total value locked (TVL). Sherlock CEO Jack Sanford stated that this collaboration aims to promote the integrity development of DeFi and enhance trust throughout the entire ecosystem.
These Projects Are Seeing Significantly Higher Whale Moves Than Usual!
🐳 These projects are seeing the highest rises in whale transactions ($100K+ or more) over the past week: 🪙 1) DeXe $DEXE 🪙 2) Nexo $NEXO 🪙 3) OKB $OKB 🪙 4) Maker $MKR 🪙 5) Gala $GALA 🪙 6) Ethena USDe $USDe 🪙 7) Polygon Ecosystem Token $POL 🪙 8) PayPal USD $PYUSD 🪙 9) Kucoin Token $KCS 🪙 10) FastToken $FTN Keep a close eye on projects seeing the highest jumps in whale transfers, as this metric often acts as a great hidden gem to reveal where major crypto capital is moving next. 👀
Usual teams up with Sherlock to launch the biggest bug bounty in crypto history
Stablecoin protocol Usual has partnered with blockchain security firm Sherlock to launch a $16 million bug bounty, surpassing Uniswap’s $15.5 million bounty, which was previously the largest in the industry. Usual has partnered with Sherlock to launch a $16 million bug bounty aimed at identifying critical vulnerabilities in its codebase, as originally reported by The Block. The bounty, hosted on Sherlock’s platform, will only reward findings that pose a definite and significant risk of fund loss or freezing for over a year, without external conditions. Usual’s codebase has already undergone 20 audits, including a recent Sherlock audit contest with a $209,000 prize pool, with no vulnerabilities found. High-value bug bounties are becoming a trend in crypto security. Recently, Sonic Labs teamed up with Immunefi to offer a $2 million bounty, while Compound Finance launched a $1 million program, also with partnership with Immunefi. In November 2024, Uniswap Labs (UNI) launched a $15.5 million bug bounty—previously the largest in the industry. However, Usual’s $16 million bounty now stands as the biggest to date. “With over $880 million in TVL, this record-breaking bounty prize is a powerful statement from Usual showing their dedication to the security of their protocol,” the projects told The Block.
Usual and Sherlock launch crypto's 'largest bug bounty prize in history,' offering $16 million to find a critical vulnerability
Decentralized stablecoin protocol Usual has teamed up with blockchain security company Sherlock to offer $16 million for uncovering a critical vulnerability anywhere in Usual's codebase. Usual and Sherlock described the program as the "largest bug bounty prize in tech history," which seems to ring true, with prior bug bounties from Uniswap ($15.5 million), LayerZero Labs ($15 million) and Wormhole ($10 million) previously making up the top three in the crypto industry. In terms of the broader tech space, Google's $12 million 2022 bug bounty program appears to be the largest on record, albeit on an annual basis. "With over $880 million in TVL, this record-breaking bounty prize is a powerful statement from Usual showing their dedication to the security of their protocol," the projects said in a statement shared with The Block. Bug bounty programs are commonly employed in the tech industry to encourage ethical hackers to identify vulnerabilities in a codebase before malicious actors can exploit them. The Usual codebase has already undergone 20 previous audits, including a recent Sherlock audit contest, which offered a $209,000 prize pool. However, "no valid medium vulnerabilities nor higher were found," the team said. Only critical vulnerabilities are eligible Only vulnerabilities deemed critical will be eligible for the $16 million top payout and all reports must be submitted directly to the Usual bug bounty page on Sherlock. Sherlock's definition for this is a "definite and significant loss of funds without limitations of external conditions" or a "definite and significant freezing of funds for over one year without limitations of external conditions." "Sherlock is privileged to host this historic bug bounty and to continue our collaboration with Usual, a partnership rooted in mutual dedication to advancing DeFi with integrity," Sherlock CEO Jack Sanford said. "Usual's rigorous approach to security complements our mission, reinforcing trust across the ecosystem." In January, Usual's staked USD0 token dropped 8.5% from $1 to $0.915 via decentralized exchanges after the protocol intentionally adjusted the mechanics of USD0++ as part of its dual exit update, sparking community concern. While Usual's USD0 is a U.S. Treasuries-backed stablecoin, currently still pegged to $1, the liquid staked version, USD0++, operates more like a zero-coupon bond that is locked up for four years and earns holders Usual’s native utility and governance token, USUAL, at the end of the term. In December, Binance and Kraken led a $10 million Series A funding round for Usual, with participation from Ethena, Ondo and Echo, among others.
Bpifrance Sets €25M Crypto Fund to Back French Projects
Bpifrance launched a €25M fund to buy French crypto tokens before they go public. France boosts crypto while investigating Binance and attracting Coinbase as VASP. Who would have thought that a state-owned bank in France would be so bold as to jump straight into the crypto world? Bpifrance, which has so far been known to be more familiar with financing traditional businesses, has now launched a €25 million fund to invest directly in crypto tokens created by French projects. This move is not just a whim or following a trend. Bpifrance seems to be really serious about strengthening the local digital asset ecosystem, especially amid the strong flow of investment that often flows abroad. 💥 🇫🇷 French state-owned bank Bpifrance launches €25m fund for new French #crypto tokens. pic.twitter.com/rgDNk9cBD8 — BITCOIN EXPERT INDIA (@Btcexpertindia) March 28, 2025 Bpifrance Jumps Into the Crypto Ring Different from their previous approach, where they only supported blockchain technology behind the scenes, this time Bpifrance is getting straight into the arena. This fund is designed to buy French tokens before they go public, a kind of state way of booking front-row seats at a local crypto concert. And considering that over the past decade they have poured more than €150 million into blockchain-related projects, it is clear that this is not a decision made overnight. Progress on One Side, Scrutiny on the Other On the other hand, this move comes amid quite complicated conditions. In January, French authorities actually deepened their investigation into Binance, the world’s crypto exchange giant. The alleged violations are serious, spanning from money laundering and financing terrorism to their connections to drug trafficking and tax evasion. The investigation covers Binance’s activities in Europe from 2019 to 2024. So, while the state is providing encouragement through Bpifrance, there is also an ongoing clean-up effort. A Friendlier Lane for Digital Pioneers However, France seems to still want to be a magnet for this industry. Coinbase, for example, has just celebrated its expansion into France after being officially recognized as a virtual asset service provider (VASP) by local authorities. CNF previously reported that more crypto-friendly regulations have made France one of Europe’s new favorite destinations. This can be likened to opening a special toll gate for digital projects, so that they no longer have to compete for lanes with startups from other parts of the world. Merging Public Trust with DeFi Agility Furthermore, the push from the private sector is also increasingly felt. Last year, former French parliamentarian Pierre Person decided to switch from politics to the crypto space. He founded Usual Labs and launched Usual Money, an Ethereum-based DeFi protocol. They issued two tokens: USD0++ which functions as a liquid bond, and USD0, a stablecoin backed by government bonds. It can be said that this is like combining trust in the state with the flexibility of the crypto world, two worlds that used to feel very far from each other.
Zoth Protocol Loses $8M in Latest DeFi Exploit
The real-world asset (RWA) tokenization platform, Zoth protocol, has lost over $8 million in a latest DeFi exploit. Following the exploit, the protocol has put its front-end on maintenance mode until the issue is resolved. On its official X handle, Zoth team announced that their system has encountered an exploit and they are actively investigating the incident. “We are working closely with our partners to mitigate the impact and fully resolve the issue. A detailed report with a clear view will be shared once the investigation is complete,” said the Zoth team, adding “Your patience and understanding mean a lot to us. Further updates will follow soon.” Security Notice Our system has experienced a security breach. We’re actively investigating the incident and taking all necessary steps to resolve it as swiftly as possible. We are working closely with our partners to mitigate the impact and fully resolve the issue. A detailed… — ZOTH (@zothdotio) March 21, 2025 Web3 security firm Securr noted that the exploit occurred as Zoth’s deployer wallet was compromised and the attacker upgraded protocol’s proxy contract with the malicious code. The attacker then withdrew $8.4 million worth of USD0++ tokens and swapped it all for DAI stablecoin. USD0++ is the liquid derivative version for USD0 stablecoin, which is launched by the RWA tokenization platform Usual Protocol. It offers rewards while remaining transferable, with $USUAL rewards incentivizing the growth and adoption of USD0. As per Etherscan data, the attacker address has now swapped all stolen assets into 4,223.10 ETH – currently valued at $8.3 million. Follow The Crypto Times on Google News to Stay Updated!
Usual: 50% of all $USUAL tokens in circulation are now staked
the decentralized RWA stablecoin project Usual, based on fiat currency support, disclosed data on X platform, stating that currently 50% of all $USUAL circulating tokens have been pledged.
Altcoin Season Watch: Bitcoin Dominance Holds, But Breakout Signals Flash
Bitcoin’s market cap has doubled, while the altcoin market cap remains below its all-time high. Analysts predict a potential altcoin season following Bitcoin’s cycle peak. A golden cross in the altcoin market cap signals a possible breakout. For the better part of 2024’s third quarter, Bitcoin has watched its market capitalization balloon, hitting new highs. However, the altcoin market cap hasn’t kept pace, remaining below its previous all-time high, leading to concerns about capital rotation. Altcoin Season Index: Not Yet in “Alt Season” Territory Presently, the Altcoin Season Index , which tracks market cycles, currently sits at 26. This is below the threshold of 75 needed to confirm an altcoin-dominated phase. While this indicates that Bitcoin is still dominant, a shift toward altcoin season could occur if Bitcoin begins to stabilize or decline. Is Altcoin Season Imminent? In a tweet, CryptoQuant CEO Ki Young Ju described the altcoin market as a “zero-sum PvP game,” with assets rotating among themselves without fresh capital inflows. In his view, only a handful of projects with real-world use cases will make it big and reach new peaks in this cycle. Related: Is Altcoin Season Coming Feb 2025? A Look at the Bullish Signs Despite this, some analysts believe an altcoin breakout is imminent. Crypto Rover stated that Bitcoin’s bull run is “80% completed,” with the next 20% expected to be the most volatile. Historically, altcoins tend to rally after Bitcoin reaches its cycle top, indicating that a shift may be on the horizon. Golden Cross: A Historically Bullish Sign for Altcoins Crypto analyst Ted pointed out that the altcoin market cap recently experienced its first golden cross since early 2021. A golden cross occurs when the 50-day moving average crosses above the 200-day moving average. Historically, this cross signals a strong uptrend. In 2021, the last golden cross preceded a 500% surge in altcoin market capitalization within months. Meanwhile, Crypto Goos reinforced this sentiment, stating that “altcoin season will make a huge comeback” and predicting that investors could see significant gains soon. Why is the Altcoin Season Deviating from Usual Pattern? However, the debate over altcoin season continues. Even though technical indicators suggest a bullish outlook, Ki Young Ju’s observation about the lack of new capital entering the altcoin market raises concerns. Crypto analyst Miles Deutscher believes that the introduction of Bitcoin ETFs has altered the traditional market cycle. Historically, Bitcoin’s halving cycle led to wealth accumulation, prompting investors to reinvest in altcoins. Related: Altcoin Season MIA? Raoul Pal Reveals Crypto Portfolio, Puts Sui Ahead of Solana However, Deutscher notes that this cycle is weakening because Bitcoin ETF investors primarily hold BTC through traditional financial markets rather than crypto exchanges. Since these ETFs settle in U.S. dollars, there is minimal capital rotation into Ethereum and other altcoins. Glassnode data backs up this claim, highlighting a sharp $234 billion decline in the altcoin market capitalization over the past weeks. This marks one of the most significant drawdowns in recent history, though it remains less severe than the May 2021 miner migration crash or the late 2022 LUNA collapse. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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