Usual

DeFi has $64B in lending markets. Not one has a maturity date. In traditional fixed income, a $145 trillion market, everything starts with time. A 2-year bond. A 6-month note. A 30-year mortgage. Duration is not a feature. It is the foundation. Onchain credit skipped this step. Rates float. Positions never expire. Borrowers cannot lock costs. Lenders cannot predict returns. Treasuries cannot plan. Today, Fira goes live on Ethereum. Fixed-rate markets with explicit maturities. Variable-rate markets. Multiple collateral types. Curated vaults for passive depositors. One protocol, both sides of the rate market. The rate is fixed at entry and settled at maturity. No variable accrual. No utilization dependency. Know your cost. Know your return. From day one. Six independent security audits by four firms. $500K bug bounty. All contracts open-source and verified. The yield curve is coming onchain. Not as an experiment, as infrastructure. https://lnkd.in/dvyc7-mZ #FixedIncome #DeFi

Usual x Monerium AMA We're sitting down with Monerium to talk about what it takes to bring traditional banking infrastructure into Usual — how IBAN accounts connect to EUR0, what that changes for users moving euros in and out, and where this goes next.

Usual x Monerium — live session, March 17th at 4PM CET. Your bank account, connected directly to EUR0. That's the conversation. We're sitting down with Monerium and Gísli Kristjánsson to talk about what it takes to bring traditional banking infrastructure into Usual — how IBAN accounts connect to EUR0, what that changes for users moving euros in and out, and where this goes next. Monerium is a licensed European e-money institution with regulated IBAN infrastructure across the EEA. They're the partner that makes this connection possible — not through a workaround, but through the banking system itself. One of the steps that turns EUR0 from a product into an everyday account. https://lnkd.in/drGRJwR9

[Événement] l’Avenir de l’Euro : Stablecoins & Euro Numérique 📅   Sopra Steria, en partenariat avec l’Institut des Crypto-Actifs, organise un après-midi d’échanges autour de « l’Avenir de l’Euro : Stablecoins & Euro Numérique ».   Notre avocate associée Anne Maréchal, ex-directrice juridique de l’Autorité des marchés financiers (AMF) – France, participera à cette journée dédiée aux innovations qui transforment les usages, aux technologies et business models du paiement, aux côtés d’experts du secteur financier, juridique et technologique.  🎤 La conférence réunira également : · Jacques Favier – Auteur & Historien · Guillaume Yribarren – Directeur de l'activité Conseil, galitt by Sopra Steria · Jerome Ajdenbaum – Directeur, Iteon · Victor Charpiat – Responsable Juridique & Conformité, Spiko · Nicolas BARBAROUX – Economiste, Banque de France · Adli TAKKAL BATAILLE – Directeur exécutif & Co-fondateur, Usual · Romain Thépaut – Président DeVinci Blockchain, ESILV - Ecole Supérieure d'Ingénieurs Léonard de Vinci · Thibault Verbiest – Président, Paytend & Avocat, Dalaw Avocats 📅 Date : 10 mars 2026 🕜 Horaire : à partir de 14h00 📍 Lieu : Paris 16e ⚠️ Places limitées – inscription obligatoire 👉 https://luma.com/9cc1bfzb #LegalStepToChange #Stablecoins #EuroNumérique #Paiements #SouverainetéNumérique #ServicesFinanciers

Fira has introduced Multiply, a feature that removes the execution overhead from leveraged positions in the UZR lending market. Previously, scaling a position required a sequence of manual steps: depositing bUSD0 as collateral, borrowing USD0 at the 88% loan-to-value ceiling, exchanging USD0 for bUSD0 on secondary markets, and redepositing. Each step was a separate transaction with slippage accumulated at each point. Multiply consolidates this into a single execution. Users deposit collateral, select a leverage level, and the protocol handles the recursive borrowing. The maximum leverage available at an 88% LTV ceiling is approximately 12.3x. Three parameters remain visible throughout: borrow amount, resulting loan-to-value ratio, and health factor. These update in real time before the position is confirmed. A Simulator is available at simulator.fira.money to model position outcomes across leverage levels, collateral prices, and time to maturity before entering a position. Multiply is live on Fira. https://lnkd.in/d6ive7kH

Usual x Monerium x Spiko — Euros now move in and out of Usual. Today, euros move directly between your bank account and the EUR0 stablecoin. Until now, moving euros into a stablecoin meant going through an exchange, converting EUR to USDC, bridging, swapping. This integration removes that step entirely. One IBAN. One SEPA transfer. Deposit euros, receive EUR0. Send EUR0, receive euros. No exchange in between. EUR0 is fully backed by euro-area sovereign bonds via EUTBL, the tokenized money market fund operated by Spiko, a UCITS fund regulated by the AMF, with CACEIS as depositary and PwC as auditor. European sovereign debt, European fund structure, European regulatory framework. The banking connection is built alongside Monerium, a licensed Electronic Money Institution authorized since 2019 and fully compliant with MiCA. The timing matters. The euro is strengthening against the dollar, and European capital needs infrastructure built on its own terms. EUR0 gives it exactly that, a stablecoin connected to the banking system, operating entirely within the European regulatory perimeter. More sovereignty over your money starts with more ways to access it. More to come. Full overview: https://lnkd.in/db-VXQVj

1/ The UZR Migrator is live. USL positions can now move to Fira. This is the first step in bringing Usual’s credit lane home. 🔗: app.fira.money/migrate 2/ Migration is one-way: Euler → Fira. Once moved, positions cannot return to Euler directly. This keeps the transition clean and avoids fragmented liquidity. 3/ Rollout is progressive. Liquidity is being added in tranches: • Jan 15: first tranche • Through Jan 18: more tranches added every day • From Jan 19: scales with demand This keeps the system stable while demand forms. 4/ If a tranche fills quickly, that is expected. More liquidity will follow. Each new tranche will be announced publicly. Before Monday, January 19, liquidity ramp-up will happen gradually. 5/ USUAL rewards on USL continue during the transition. Even if you cannot migrate immediately, you keep earning: • USUAL rewards continue for a few days to avoid a cliff • Final distribution follows the usual schedule No one is penalized for a slow rollout. 6/ Migration is available now. Borrow and repay on Fira UI goes live Jan 22. Until then: • You can migrate • You cannot yet borrow or repay through the Fira frontend • Advanced users can interact directly with contracts 7/ Following Usual’s $16M Bug Bounty, we’re adding a dedicated $7.5M bounty for Usual Zero Rate on Fira. Details (incl. scope + rules) will be published later this week. 8/ What changes with UZR: • Zero-rate borrowing • 10 bips fee flow to the DAO • Credit lane becomes protocol-owned This is not a new market. It is a structural shift. 9/ USD0 moves from passive balance to working capital. Credit becomes native. Governance gains control of its most important rail. 10/ The migrator is live. Liquidity is scaling. The credit lane is coming home.

1/ DeFi is maturing. The real question is no longer “is it decentralized?”, but “where do rights and value actually sit?” 2/ Many protocol tensions come from the perimeter: IP ownership, offchain execution, brands/interfaces, budgets, and who can act when governance votes. 3/ When onchain sovereignty (the DAO) and offchain execution capacity drift apart, governance becomes theoretical. Ambiguity turns into friction, then risk. 4/ UIP-15 is a clarity and maturity vote designed to reduce that ambiguity and align the system with a coherent end state. 5/ First, it settles real 2024–2025 obligations under existing agreements and documented operational costs advanced to keep the protocol running. 6/ The logic is simple: refusing to settle doesn’t erase reality, it increases legal uncertainty, reputational strain, and operational risk. 7/ Second, UIP-15 reasserts unity of ownership: value and authority must be concentrated in one sovereign entity, the DAO. 8/ The Foundation is the legal executor, enabling the DAO to act in the real world without turning execution capacity into independent political power. 9/ UIP-15 also locks the direction and timeline for protocol IP to transition to DAO ownership, so transitional arrangements naturally sunset. 10/ Going forward, development stops being implicit: explicit mandate, defined scope, validated budget, and reporting. Pay for delivery, not for existence. Read the full proposal here: https://lnkd.in/gPcfJYV6

A kind reminder to join us in an hour for our AMA with @Pierr_Person regarding the latest UIP-11 💕 See you soon! https://lnkd.in/dvx6puv2