# Usual audit Sherlock · Stablecoin issuer · 3rd June 2025 A private security review of Usual (stablecoin issuer), conducted with Sherlock and completed on 3rd June 2025 over 3 days. 0xSimao's findings from it are not published individually. ## What Usual is Usual issues USD0, a stablecoin backed by tokenised treasury bills, wraps it into USD0++, a locked, yield-bearing bond token, and distributes the protocol's revenue and governance through the USUAL token, with a DAO collateral module managing the backing. ## Scope The Sherlock collaborative review covered the usual-dao/core-protocol repository: the token suite, the mint and redeem flows against collateral, the distribution machinery that streams USUAL emissions to product usage, and the roles that gate treasury and parameter changes. ## The report [Download the report (PDF)](https://0xsimao.com/reports/2025-06-03-usual-i.pdf)