Key takeaways
- The USUAL token surged 15% after Binance Labs invested in the project.
- The Usual Protocol aims to create decentralized stablecoins backed by real-world assets.
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The price of USUAL, the governance token that powers the Usual protocol, soared 15% from $1.05 to $1.21 after Binance Labs disclosed its investment in the project, according to CoinGecko data .
USUAL’s market capitalization has jumped to over $570 million in just over a month since its launch. Over the past 24 hours, approximately $588 million worth of tokens have changed hands.
The protocol announced on Monday that it had successfully secured a $10 million Series A funding round co-led by Binance Labs and Kraken Ventures, with participation from other leading crypto investors.
This investment aims to support Usual’s mission to reshape the stablecoin market and improve decentralized finance (DeFi) solutions.
“Stablecoins have long served as a gateway for onboarding new users into the crypto ecosystem, and Usual’s community-based approach sets a new benchmark for inclusiveness and empowerment,” said Alex Odagiu, Director investments at Binance Labs.
“In the coming months, 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,” said Pierre Person, CEO of Usual Labs .
Usual Protocol, which debuted in mid-November, was introduced as the 61st project on Binance Launchpool, where users can earn USUAL tokens by staking BNB or FDUSD. The total reward pool for this initiative is 300 million USUAL tokens, representing 7.5% of the total supply.
The protocol began with the aim of creating a decentralized stablecoin backed by real-world assets, promoting transparency and community governance through its USUAL token. USUAL holders can participate in decision-making processes related to protocol operations and revenue distribution.
The USUAL token also plays a crucial role in the adoption and use of USD0, the stablecoin issued by the Usual protocol. Backed 1:1 by real-world assets (RWA) such as US Treasuries, USD0 provides a stable and secure asset that can be used for transactions, swaps, and collateral within the protocol.
Binance Labs’ investment announcement comes after Usual revealed its strategic partnership with Ethena and Securitize, which symbolizes the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). The collaboration will enable USDtb and BUIDL to be accepted as collateral for 0 USD, integrating traditional financial stability with decentralized financial innovation.
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