Usual Raises $10 Million in Series A Funding Led by Binance Labs
Usual has secured $10 million in its Series A funding round, led by Binance Labs and Kraken Ventures, with participation from companies such as Ondo, Coinbase Ventures, IOSG, OKX Ventures, Galaxy Ventures, Symbolic Capital, Amber, GSR, and Psalion. This funding marks a significant milestone in Usual's growth.
Usual stands out in the stablecoin market, having secured over $1.4 billion in total value locked, positioning it among the top five stablecoins, surpassing established competitors like PayPal's USD offering.
Innovation and Community Focus
Usual adopts a community-centric model, distributing 90% of its native token (USUAL) to users, which democratizes ownership and profit-sharing. Binance Labs announced that Usual is launching a stablecoin backed by real-world assets, mitigating banking risks while integrating smoothly into decentralized finance (DeFi). Users will receive rewards, participate in decision-making, and share in the platform's value.
Strategic Partnerships for Success
Alex Odagiu, Investment Director at Binance Labs, highlighted that stablecoins are beneficial for new users in crypto. The focus on community engagement enhances inclusivity and empowerment. He expressed enthusiasm for supporting Usual as it advances stablecoin innovation.
Pierre Person, CEO and Co-Founder of Usual Labs, stated that this funding positions Usual as a notable project in stablecoins and DeFi for 2024 and will facilitate its expansion from DeFi to CeFi. He emphasized the importance of collaboration with Binance for ongoing innovation in the stablecoin market.
“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 committed to reshaping the stablecoin landscape,” Odagiu commented.
Pierre also added that the partnership with Binance is just the beginning, aiming for continued innovation in the stablecoin market focused on community needs.
The introduction of USD0, featuring an enhanced collateral structure, underscores Usual's commitment to innovation and security. Strategic partnerships with firms like Ethena and Securitize further position Usual at the forefront of stablecoin evolution. Recently, it became the fastest-growing stablecoin on Ethereum, achieving rapid growth for a fiat-backed stablecoin.
Adli Takkal Bataille, CEO and Co-Founder of Usual Labs, noted that Usual has demonstrated strength through an innovative model of value redistribution over the past five months, bringing fiat-backed stablecoins into the DeFi era. The next phase aims to accelerate this transformation, creating new opportunities for users.