Usual Zero Rate / bUSD0
Fira Protocol | Maturity: June 11, 2028
Enter Price
LTV (%)
Date
Days to Maturity
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APR (%)
Calculated Leverage
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Max APR (30d)
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Min APR (30d)
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Avg APR (30d)
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UZR strategy APR & Leverage
Example Scenarios & Formulas
Formulas
Leverage = price / (price - LTV)
APR = (1/p - 1) × (365/mat) × Lev × 100
bUSD0 UZR APR strategy
Dec 22, 2025 → Jan 26, 2026 | 173 hourly data points
bUSD0 price
Factsheet — bUSD0 Strategies & UZR Market
1/ Objective
Provide investors with exposure to a yield-to-maturity (YTM) return stream via bUSD0, through two complementary approaches:
- • Passive (carry + leverage): maximize YTM by using bUSD0 as collateral to borrow USD0 at ~0% cost.
- • Active (yield trading): exploit secondary-market yield moves ("PT / zero-coupon" logic) by arbitraging bUSD0's price.
2/ Strategies
A. Passive Strategy — YTM leverage at ~0% cost
Process
- Buy bUSD0
- Post bUSD0 as collateral on UZR (Fira)
- Borrow USD0 at very low cost (0% + fees)
- Reallocate the USD0 (e.g., buy more bUSD0 / optimize portfolio) to increase exposure to the pull-to-par until maturity
Thesis
Capture bUSD0's YTM while financing part of the exposure through a near-free loan—provided leverage risk is tightly managed (LTV, buffers, stress scenarios).
B. Active Strategy — Yield trading ("PT / zero-coupon" logic)
Core idea
Treat bUSD0 as a zero-coupon bond whose price embeds an implied rate.
Example: buy bUSD0 when the market prices ~25% yield, then sell when yield tightens toward ~9% APR (price closer to 1).
Thesis
Returns are not only "carry": they can also come from rate repricing (yield compression/expansion) plus secondary liquidity.
3/ Product — bUSD0
bUSD0 (Bond USD0) is the "bonded" version of USD0:
- • 1:1 backing by USD0 locked until a fixed maturity
- • Transferable during the lock period
- • At maturity: 1 bUSD0 → 1 USD0
Current series maturity: June 11, 2028
Coupon distribution
bUSD0 may entitle holders to coupon distributions paid in USUAL tokens (subject to deposit/product conditions).
Zero-coupon behavior in lending
When deposited into lending markets (e.g., Fira/UZR), bUSD0 behaves like a zero-coupon that converges to 1 at maturity.
Pull-to-par
Because the underlying is illiquid until maturity, bUSD0 can trade below 1 on secondary markets and converge toward 1 as 06/11/2028 approaches.
4/ Fira & UZR Market
Fira is a DeFi protocol designed to provide fixed-rate borrowing and lending, making funding costs more predictable.
UZR (Usual Zero Rate) is a Fira module that enables posting bUSD0 as collateral and borrowing USD0 at very low cost (near "zero-rate").
Key parameters
Borrow cost
0% + 10 bps
Max LTV
88%
Oracle
Fixed 1:1
Collateral
bUSD0
→ Fixed oracle increases borrowing capacity vs mark-to-market pricing, but requires a clear understanding of the risks.
5/ Performance drivers
Carry / YTM
bUSD0 held to maturity (pull-to-par)
Leverage
Near-zero-cost USD0 borrowing via UZR
Yield compression
Repricing of implied rate via secondary price moves
6/ Key risks
Smart contract risk
bUSD0, UZR vault, oracles, integrations
Fixed-price oracle risk
1:1 valuation may not reflect secondary price
Liquidity risk
Exiting before maturity depends on secondary market depth
7/ Onchain references (Ethereum mainnet)
Tokens
Fira / UZR