The stablecoin startup Usual announced that it has completed a $10 million Series A funding round, led by Binance and Kraken. Usual's stablecoin USD0 has reached a market capitalization of $1.45 billion, climbing to become the seventh largest stablecoin by market cap.
USD0 has a market capitalization of $1.45 billion, climbing to become the seventh largest stablecoin by market cap.
The USD0 launched by Usual Protocol is backed 1:1 by RWA (Real World Assets) and is issued by the protocol, not traditional institutions. USD0 has a market capitalization of $1.45 billion, making it the seventh largest stablecoin by market cap.
(Officially launched on Binance, it has been on an upward trajectory, analyzing the token economics of the USUAL protocol and the logic behind it)
A stablecoin protocol focused on returning profits to the community
Usual advocates for ending the privatization of profits, criticizing stablecoin issuers Tether and Circle for generating over $100 million in revenue in 2023 without sharing it with users, and for replicating the structural issues of traditional banking with centralized participants behind fiat-backed stablecoins, contradicting the principles of decentralized finance.
Usual will aggregate the earnings generated from the collateral of its stablecoin into the protocol's treasury and distribute 90% of the income to the community through governance tokens. According to their official website, the current protocol earnings have reached $58.81 million, with 88,000 users.
To encourage community participation, Usual has also launched a liquidity staking token USD0++ with a principal of USD0, distributing daily earnings in the form of $USUAL tokens, with an annualized return rate currently at 79%. Other options include staking their governance token $USUAL, which has an annualized return rate of 601%, as well as liquidity staking methods with USD0/USD0++ and USD0/USDC, all of which have decent returns.
Major players such as Binance and Kraken are competing to support
According to their statement, the venture capital arms of cryptocurrency exchanges Binance and Kraken led a $10 million Series A funding round for the rapidly growing stablecoin startup Usual. Other participants include Ethena, Ondo, the decentralized crowdfunding platform Echo, the on-chain stablecoin infrastructure company M^0, Coinbase Ventures, and Wintermute, among others.
The USUAL token surged 31% yesterday, with the price reaching $1.41.
This article 'USUAL secures million-dollar funding, stablecoin USD0 rises to become the seventh largest stablecoin by market cap' first appeared on Chain News ABMedia.
