Usual has acquired new funding as part of its Series A round, which has reportedly been led by Binance Labs and Kraken Ventures.
Other entities taking part in the investment round for Ususal include Ondo, Coinbase Ventures, IOSG, OKX Ventures, Galaxy Ventures, Guy from Ethena, Symbolic Capital, Amber, GSR, and Psalion.
Usual, which is described as a decentralized stablecoin protocol, secured $10 million in capital, marking a key milestone in its growth plans.
Usual claims that it has distinguished itself in the crowded stablecoin ecosystem with its innovative approach to virtual currency.
Some of the project’s noteworthy milestones include securing more than $1.4 billion in total value locked (TVL), strategically positioning itself among the major stablecoins, and moving ahead of key industry participants, such as PayPal’s USD product.
One of the key aspects that arguably sets Usual apart from other initiatives is its community-focused model, where the majority or 90% of its native token (USUAL) is distributed to the users.
This approach is considered to be quite different from the typical stablecoin structures, thus helping with democratizing ownership and profit-sharing via the platform.
Binance Labs noted via social media that Usual is rolling out a stablecoin that will reportedly be backed by real-world assets in order to ensure its value remains fairly secure as well as relatively stable.
Unlike many of the traditional bank-backed stablecoins, this particular one is said to avoid banking risks while also working seamlessly in decentralized finance (DeFi).
Users are able to take advantage of various rewards, have a say in important decisions, and also share in its overall value.
Alex Odagiu, Investment Director at Binance Labs, said that stablecoins have been helpful for many of the users entering the crypto and web3 ecosystem.
Focusing more heavily on community engagement makes them inclusive as well as empowering. He added that Binance Labs is looking forward to backing Usual as it aims to take stablecoins to new markets.
Pierre Person, CEO and Co-Founder of Usual Labs, said that the investment round cements their position as one of the key projects in stablecoins and DeFi this year.
This should help Usual with expanding from DeFi into CeFi.
Odagiu remarked:
“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.”
Pierre further noted that the collab with Binance is only the start of various initiatives, and that they will work to keep the stablecoin market innovative.
The platform’s launch of USD0, including an improved collateral structure, highlights its focus and commitment to continuous innovation.
This update, along with partnerships with Ethena and Securitize, puts Usual at the center of stablecoin development.
Notably, Usual became one of the fastest-growing stablecoins on Ethereum this year.
Adli Takkal Bataille, CEO and Co-Founder of Usual Labs, said that in the past few months, the project has demonsrated its strength via an innovative model of value redistribution.