Worth playing around w/ USUAL's inflation rate as well -  I've calculated it at ~185% currently at this level of TVL and minting factor. 

In my screenshot below blended APR is from both the T-bill revenue and emissions received as 'hedging'. Net inflation rate is thus ~127% which feels heavy tbh for a protocol that isnt growing / won't grow anymore given that USD0++ is 'depegged'. 

One thing to note is that people will also be buying back USUAL to get their USD0++ @ 1, but that +ve flow is very difficult to model on an XLS.