As a seasoned crypto investor with a knack for spotting promising projects, this latest development involving Usual and its strategic partners has certainly caught my attention. The backing of Binance Labs and Kraken Ventures, along with other heavyweight VC platforms, speaks volumes about the potential of this decentralized fiat-backed stablecoin issuer.
In a $10 million investment round for Series A, Binance Labs and Kraken Ventures headed the financing of Usual, a company that generates decentralized stablecoins backed by fiat currencies to represent real-world assets.
Typically, the issuer of a stablecoin supported by the RWA, which employs its native UTILITY TOKEN for distributing worth and ownership, disclosed their fundraising event through X on December 23rd.
According to the guidelines, the Series A funding round totaled $10 million, with Binance Labs and Kraken Ventures taking the lead. Additionally, a variety of other prominent venture capital firms participated in Usual’s fundraising campaign, such as Galaxy Digital, OKX Ventures, Wintermute, and Amber Group.
Usual hit this milestone on the back of another major development.
On December 18th, the stablecoin issuer revealed a strategic collaboration with Ethena Labs and Securitize, a tokenization platform for BlackRock’s BUIDL fund. This partnership aims at the growing decentralized finance market, offering users the advantages of combined liquidity, returns, and compatibility.
Usual Labs and Binance Labs collaboration
In a recent blog post, Binance Labs announced an investment in Usual, a project that intends to transform the Decentralized Finance (DeFi) landscape using its community-focused strategy. With a unique shared rewards model, Usual plans to utilize this financial support to reinvent stablecoins as DeFi and Regulated Stablecoin Assets (RWA) adoption expands.
At Binance Labs, we look for projects that foster significant advancement and broaden the scope of the ecosystem, and we’re thrilled to be backing Usual’s ambition to explore new frontiers in the realm of stablecoins. This is according to Alex Odagiu, an investment director at Binance Labs.
Recently, Binance Labs has provided support for numerous up-and-coming initiatives. These include Perena, a stablecoin infrastructure system built on Solana, the multi-asset liquidity platform Astherus, and the BIO Protocol, a platform dedicated to decentralized scientific research and investment.
It also backed Bitcoin liquid staking project Lombard in November 2024.
Notably, crypto exchange Binance was the first platform to add support for USUAL in November.
Pierre Person, CEO of Usual Labs, mentioned that the project aims to deepen its partnership with Binance Labs.
Moving forward, Binance Labs and Usual Labs plan to work together closely to keep the stablecoin market at the cutting edge of technology and further emphasize its focus on the community. This was stated by an individual.
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2024-12-23 20:00