USD0++ position & today's floor price
Floor price = start + (end − start) × min(years elapsed ÷ unlock period, 1) — a straight-line model of the documented $0.87 → $1.00 schedule.
Floor-price exit vs conditional 1:1 exit
The conditional 1:1 exit pays full par but only after you forfeit your accrued USUAL yield. Enter the USD value of that yield to compare both exits directly.
Two exits, one discount
USD0++'s floor-price exit is a redemption-fee mechanic like Liquity's decaying base-rate fee, but structured as a fixed multi-year discount curve instead of a base-rate that decays with usage. Compare it against the funding-driven yield of Ethena's sUSDe, stress-test a worse scenario with the stablecoin depeg loss calculator, or check how USD0's RWA collateral stacks up against a plain T-bill wrapper with the RWA tokenized treasury yield calculator.
Why USD0++ needs two exit prices instead of one
Most locked or staked tokens pick one exit mechanic: either you wait for maturity and get par, or you can leave early and eat a haircut set by a single formula. Usual's USD0++ does something more unusual (no pun intended) — it offers two structurally different early-exit prices at the same time, and which one is better depends entirely on your specific position. The floor-price exit is unconditional: redeem any amount, any time, for USD0 at whatever the current floor price is, no other strings attached. That floor is not arbitrary — Usual describes it as an approximation of the T-bill and Fed-rate revenue the DAO would have earned holding your collateral until USD0++'s notional maturity, so redeeming early means giving that projected revenue back to the protocol rather than pocketing it yourself. Since the floor started at $0.87 and is scheduled to climb toward $1.00 over roughly four years, the discount you eat shrinks automatically the longer the mechanism has been live, regardless of your own personal holding period.
The conditional 1:1 exit works completely differently: instead of accepting a discounted price, you get full $1.00 par, but only if you're willing to forfeit the USUAL governance-token rewards that have accrued to your position. That forfeited value is not fixed by a formula — it depends on how much USUAL you've accrued, how long you've been staked, and what USUAL happens to be worth in USD at the moment you redeem, which means the "cost" of the conditional exit can swing independently of the floor-price schedule entirely. Early in the four-year window, when the floor discount is largest, the conditional exit tends to win unless your accrued rewards are unusually large, because giving up a modest amount of USUAL is cheaper than eating a 10-13 cent floor discount. As the floor price climbs closer to $1.00 in later years, that math flips: the floor discount becomes small enough that it's simpler (and often cheaper) to just take the unconditional floor-price exit and keep whatever USUAL you've accrued.
The mechanism was not without controversy — when Usual first introduced this floor-price/1:1 split in January 2025 with limited advance notice, USD0++ briefly traded below the announced floor on secondary markets as participants questioned whether the floor would actually be honored, before the protocol clarified the guarantee and the price recovered. That episode is a reminder that this calculator, like the mechanism itself, only prices what's documented — it can't price the risk that governance changes the schedule again, nor the gap that can open between either official exit price and whatever USD0++ is actually trading for on a DEX at any given moment.