USUAL token jumps 15% on Binance Labs, Kraken investment

Key Takeaways

USUAL tokens increased by 15% after Binance Labs invested in the project.
The Usual protocol aims to create decentralized stablecoins backed by real-world assets.

The price of USUAL, the regulatory token that powers the standard protocol, increased by 15%, moving from $1.05 to $1.21 after Binance Labs announced its investment in the project, according to CoinGecko data.

USUAL's market cap has grown to over $570 million in just over a month since its launch. In the last 24 hours, approximately $588 million worth of the token has changed hands.

The protocol said 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 prominent investors in the crypto space.

This investment aims to support Usual's mission to reshape the stable market and develop decentralized finance (DeFi) solutions.

“Stablecoins have long been the gateway to bringing new users into the crypto ecosystem, and Usual's community-first approach sets a new benchmark for inclusion and empowerment ,” Alex Odagiu, Investment Director at Binance Labs said.

“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 Pierre Person, CEO Usual Labs.

The Usual protocol, which appeared in mid-November, was featured as the 61st project on Binance Launchpool, where users can earn USUAL tokens by staking BNB or FDUSD. The total reward pool for this campaign is 300 million USUAL tokens, representing 7.5% of the total supply.

The protocol ended with a goal to create a decentralized stable backed by real-world assets, promoting transparency and community governance through its USUAL token. USUAL holders can participate in decision-making processes related to the operation of the protocol and the distribution of income.

The USUAL token also plays a vital role in driving the adoption and use of USD0, the stablecoin issued by the standard protocol. Backed 1:1 by real world assets (RWAs) such as US Treasury Bills, USD0 serves as a stable, secure asset that can be used for transactions, trading, and collateral within the protocol .

Binance Labs' investment announcement comes after Usual revealed its strategy partnership with Athena and Securitizewhich stands for BlackRock USD Institutional Digital Liquidity Fund (BUIDL). The collaboration with USDtb and BUIDL will allow them to be accepted as collateral for USD0, integrating traditional financial stability with decentralized financial innovation.