USUAL token price soars after Binance Labs investment
- Binance Labs has revealed its investment in the $10 million Series A USUAL funding round.
- Following the revelation, the USUAL token price has soared by over 20%.
- Another key player that participated in the funding round is Kraken.
The USUAL token, the governance currency of the innovative Usual protocol, has experienced a remarkable 20% price surge following the revelation of a strategic investment by Binance Labs.
The tokens value climbed from $1.05 to $1.26, elevating its market cap to over $592 million in just over a month since the protocols launch, according to CoinMarketCap data. Over the past 24 hours, trading volume exceeded $644 million, underscoring the markets growing interest in the project.
Binance Labs invested in the $10M Series A funding round for USUAL
Although Binance Labs did not disclose the exact amount it has invested in USUAL in its announcement, the investment is part of the $10 million Series A funding round, co-led with Kraken Ventures and other prominent investors.
The funding will accelerate Usuals mission to innovate the stablecoin sector and expand the adoption of DeFi solutions.
Pierre Person, CEO of Usual Labs, expressed optimism about the collaboration, stating that the investment aligns with their vision to make the stablecoin market more community-centric and technologically advanced.
Binance Labs Investment Director, Alex Odagiu, praised Usuals unique approach, highlighting its potential to set a new benchmark for inclusivity and empowerment within the crypto space. Stablecoins are a vital gateway into the ecosystem, and Usuals model pushes the boundaries of what they can achieve, he said.
As part of Binance Launchpools 61st project, USUAL tokens are now available to users who stake BNB or FDUSD, with a rewards pool of 300 million tokens. This initiative reflects Usuals dedication to fostering user engagement and solidifying its position as a transformative force in decentralized finance.
Why investors are pouring into USUAL
Usual is redefining the stablecoin market with a community-first approach.
Unlike traditional issuers, the protocol is committed to redistributing value and ownership among its users, allocating 90% of $USUAL tokens to the community. This innovative model emphasizes decentralization and inclusivity, offering users governance power and a share in the protocols revenue.
At its core, the Usual protocol introduces a novel decentralized stablecoin backed by real-world assets (RWAs) such as US Treasury Bills. The stablecoin, USD0, is designed to deliver both security and liquidity, integrating seamlessly into decentralized finance (DeFi) ecosystems. The inclusion of RWAs shields users from banking risks while promoting transparency and stability.
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