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© dOrg

Usual

Case Study

Usual

On‑chain real‑world‑asset collateral meets bullet‑proof smart‑contract engineering.

Abstract

dOrg supplied Usual with an on‑demand squad of senior smart‑contract engineers, subgraph specialists, and technical leadership. The team supported the development of USD0, a real‑world‑asset (RWA) backed stablecoin that combines various tokenized U.S. Treasury Bills into a singular backing ratio.

Our mandate: accelerate velocity without compromising security. Together we:

  • Implemented rigorous internal audit cycles ahead of external reviews
  • Refactored & iterated on core protocol contracts
  • Support subgraphs development enabling diverse DeFi token incentivization

The result: A fully secure on-chain backed Stablecoin Protocol with a TVL that grew up to $1.7B, seamless integrations across major DeFi venues, zero critical exploits to date and boasting the largest bug bounty in the world at $16M.

 

Background

Usual approached dOrg in mid‑2023 as they prepared to take USD0 from private‑alpha to public main‑net.

They needed:

  • Senior Solidity talent able to slot into an existing TypeScript/Foundry stack
  • Bandwidth to meet compressed release timeline & audit windows
  • Tech leadership to improve & harden the core protocol architecture

dOrg stood up a Team‑Extension engagement, providing a dedicated Tech Lead & senior smart contract engineers with rotating subject‑matter experts for peak workloads (audit‑fix weeks, release timeline crunch, etc).

 

Focus Areas

Our work for Usual naturally grouped into four complementary areas:

Protocol Engineering

We reviewed & refactored the Usual Protocol core‑contract suite - USD0 mint/burn logic, collateral management, oracle integration, and orderbook module, and introduced several architectural refactors. This effort culminated in a mainnet launch on schedule with a security-first, gas‑optimised protocol architecture ready for the first billion.

Security & Audits

dOrg established an internal audit checklist, implemented fuzz and differential testing, and ran two deep audit sprints before coordinating multiple external audits. Usual followed up with a record‑setting $16 M bug‑bounty program, which to date has produced zero critical findings and significantly boosted community trust.

Team Enablement

Whenever Usual faced hiring gaps or peak delivery pressure, dOrg supplied an interim Tech Lead, senior Solidity engineers, and a dedicated project manager.

We documented every process and handed off ownership cleanly, accelerating the roadmap by several months while lowering long‑term engineering risk.

Data & Subgraphs

To make USD0 transparent from day one, we built and now maintain GraphQL subgraphs that track supply, collateral reserves, incentive emissions, and other protocol metrics. These feeds power real‑time dashboards on Dune and partner dApps, allowing integrators and users to observe protocol health with roughly 30‑second latency.

 

Team

  • Tech Lead (dOrg): architecture decisions, code reviews, audit liaison, direct report to management
  • Senior Solidity Engineers: core contracts, test suite, on‑call for bounty triage
  • Subgraph / Indexing Engineer: core contracts, test suite, on‑call for bounty triage

All contributors had 4+ years of Ethereum main‑net experience and prior audit track records.

 

Business Objectives

Securely launch USD0 on Ethereum mainnet: Achieved with a peak $1.7 B total value locked in the first six months and zero critical vulnerabilities discovered.

Maintain the highest possible security standard: Implemented the largest bug‑bounty in web3 history at $16 M, supplemented by multiple audit rounds; no critical exploits have been reported.

Accelerate shipping velocity without compromising security: By embedding experienced dOrg engineers and instituting rigorous QA pipelines, Usual cut its original audit‑to‑launch timeline by months.

 

Conclusion

By embedding dOrg's seasoned web3 engineers into their team, Usual moved from concept to a billion‑dollar, security-first RWA aggregate stablecoin faster and safer than going it alone. The collaboration set a new bar for on‑chain asset Collateralization, and continues today on an on‑demand basis from the Usual team.

Category

DeFi & Data

Infrastructure

RWAs

Role

Web3 software architecture

Technical Leadership

Backend (subgraphs & data services)

Internal Audits / Security Hardening

Projects

USD0 dApp
USD0 Core Protocol
Protocol Subgraphs & Analytics
Internal Auditing & Audit‑fix Sprints

Do you need something built?

dOrg has a longstanding history of complex web3 development and integration partnerships. We've worked with +85 web3 projects since 2019, generating +$2B of total lifetime value in shipped products as well +$8M on-chain revenue.

Let's team up

Usual Press Coverage

Binance and Kraken lead $10 million investment into rapidly-growing decentralized stablecoin Usual

December 23, 2024

The block

DeFi Protocol Usual's Surge Catapults Hashnote's Tokenized Treasury Over BlackRock's BUILD

December 20, 2024

Coindesk

Usual stablecoin adopts $M for reserves. Reaches $1bn market cap in 4 months

December 19, 2024

Ledger insights

Inside the $16 M Bug Bounty Powering Usual's USD0

August 22, 2024

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