Binance Labs and Kraken Ventures led a $10 million Series A funding round for Usual, a global fiat-backed asset stable issuer.
Typically, the RWA-backed stable issuer that uses its USUAL token to spread value and ownership, revealed the fundraising through X on December 23rd.
The protocol said it had secured $10 million in a Series A round led by the venture capital arms of Binance and Kraken Binance Labs and Kraken Ventures. Usual's fundraiser also attracted the participation of other heavyweight VC platforms across the ecosystem, including Galaxy Digital, OKX Ventures, Wintermute and Amber Group.
Normal hit this milestone on the back of another major development.
On December 18, the stablecoin publisher announced that it has a strategic alliance by Athena Labs and Securitize, the tokenization platform for BlackRock's BUIDL fund. The partnership is aimed at the expanding decentralized financial market by giving users the benefit of liquidity, yield and composability.
Normal Labs and Binance Labs collaboration
Binance Labs said in a blog post that it invested in Usual to help reshape the DeFi ecosystem through Usual's community-first approach. The project, which has a shared rewards model, aims to use the capital injection to redefine stablecoins amid wider adoption of DeFi and RWA.
“At Binance Labs, we seek out projects that drive meaningful innovation and expand the ecosystem, and we're excited to support Usual's mission to push the boundaries of what's possible achieve stability,” said Alex Odagiu, investment director at Binance Labs, in a statement.
In recent months Binance Labs has supported several emerging projects, including a stablecoin infrastructure protocol based on Solana permanent, Astherus multi-asset liquidity platform and a decentralized science and investment research platform BIO protocol.
It is also backup Lombard liquid Bitcoin stake project in November 2024.
In particular, the crypto exchange Binance was the first platform to support USUAL in November.
Usual Labs chief executive Pierre Person said that the project will look to expand the cooperation with Binance Labs.
“In the coming months, Binance Labs and Usual Labs will continue to collaborate to ensure that the stable market remains at the forefront of innovation and becomes even more community-focused,” said Person.
