Coinspeaker Usual Secures $10M Series A Funding From Binance Labs, Kraken Ventures
Usual has secured substantial funding in its Series A round, led by Binance Labs and Kraken Ventures. Other top companies, including Ondo, Coinbase Ventures, IOSG, OKX Ventures, Galaxy Ventures, Guy from Ethena, Symbolic Capital, Amber, GSR, and Psalion, also participated in the funding round. The decentralized stablecoin protocol was able to secure $10 million, marking a significant milestone in its growth trajectory.
Usual has distinguished itself in the competitive stablecoin market with its unique approach to digital currency. Notable successes include securing over $1.4 billion in total value locked, positioning itself among the top five stablecoins, and surpassing established players, including PayPal’s USD offering.
Innovation, Community Focus Drive Usual’s Growth
What sets Usual apart is its community-centric model, where 90% of its native token (USUAL) is distributed to users. This approach represents a significant departure from traditional stablecoin structures, effectively democratizing ownership and profit-sharing within the platform.
Binance Labs shared on its X page that Usual is introducing a stablecoin backed by real-world assets to ensure its value stays secure and stable. Unlike traditional bank-backed stablecoins, this one avoids banking risks while working smoothly in decentralized finance (DeFi). Users can benefit from rewards, have a say in decisions, and share in its value.
Partnerships Position Usual for Stablecoin Success
Alex Odagiu, Investment Director at Binance Labs, explained that stablecoins have always been helpful for new users entering the crypto space. Focusing on community engagement makes them more inclusive and empowering. He remarked that Binance Labs is excited to back Usual as it takes stablecoins to a new level.
Pierre Person, CEO and Co-Founder of Usual Labs, stated that the funding round solidifies their position as one of the most notable projects in stablecoins and DeFi for 2024. This success will help Usual expand from DeFi into CeFi.
“We are proud to announce this funding round, which cements Usual as one of the most promising projects of 2024 in both the stablecoin and DeFi ecosystems. This milestone will propel Usual’s expansion from DeFi into CeFi, with the support of backers who are committed to reshaping the stablecoin landscape.” Odagiu commented.
Pierre also added that the recent collaboration with Binance is just the beginning, and they will continue working together to keep the stablecoin market innovative and focused on the community.
The platform’s recent introduction of USD0, featuring an enhanced collateral structure, demonstrates its commitment to continuous innovation while maintaining security. This development, coupled with strategic partnerships with firms like Ethena and Securitize, positions Usual at the forefront of stablecoin evolution. Additionally, this summer, it became the fastest-growing stablecoin on Ethereum, achieving the first-ever rapid growth for a fiat-backed stablecoin.
Adli Takkal Bataille, CEO and Co-Founder of Usual Labs, noted that in the past five months, Usual has shown its strength through an innovative model of value redistribution. It is bringing fiat-backed stablecoins into the DeFi era, and the next phase of its journey will accelerate this transformation, creating new opportunities for users.
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Usual Secures $10M Series A Funding From Binance Labs, Kraken Ventures
