Decentralized stablecoin issuer Usual has announced raising $10 million in a Series A funding round. The round was led by Binance Labs and Kraken Ventures, the venture arms of Binance and Kraken, respectively, according to a December 23 update shared by the blockchain company on X.
Usual Secures $10M Funding Amid Major Partnerships
The funding effort also drew participation from prominent names in the crypto venture capital space. These include Galaxy Digital, OKX Ventures, Wintermute, and Amber Group.
Usual operates as a decentralized protocol specializing in real-world asset (RWA)-backed stablecoins. Its flagship token, USUAL, facilitates ownership and value distribution within the protocol.
The funding announcement comes just days after Usual revealed a key strategic alliance with Ethena Labs and Securitize, a blockchain platform known for tokenizing BlackRock’s BUIDL fund. Unveiled on Dec. 18, this collaboration aims to enhance decentralized finance (DeFi) offerings by integrating liquidity, yield generation, and composability.
Investment Goals & Binance Labs’ Support
Binance Labs highlighted its reasons for backing the project in a recent blog post, pointing to Usual’s innovative approach to reshaping DeFi. “At Binance Labs, we seek out projects that drive meaningful innovation and expand the ecosystem, and we are excited to support Usual’s mission to push the boundaries of what stablecoins can achieve,” said Alex Odagiu, investment director at Binance Labs.
The protocol plans to use the newly acquired funds to redefine stablecoins in the broader context of DeFi and RWA adoption. Usual’s focus is on creating a community-driven model with shared rewards.
— Binance Labs Fund (@BinanceLabs) December 23, 2024
Usual’s CEO, Pierre Person, acknowledged the importance of the relationship with Binance Labs, emphasizing their shared commitment to innovation in the stablecoin market. “In the months ahead, Binance Labs and Usual Labs will continue to collaborate to ensure that the stablecoin market remains at the forefront of innovation and becomes even more community-centric,” he stated.
Binance became the first crypto exchange to list USUAL in November. The funding round marks another milestone for Usual, following Binance Labs’ investment and its earlier support for several emerging projects such as the Solana-based stablecoin protocol Perena, the multi-asset liquidity platform Astherus, and Bitcoin liquid staking project Lombard.
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