USUAL received tens of millions of dollars in financing, and its stablecoin USD0 became the seventh largest stablecoin in market value.

Stable coin startup Usual announced that it has completed a $10 million Series A funding round, led by Binance and Kraken. Usual's stable coin USD0 has a market capitalization of $1.45 billion, making it the 7th largest stable coin.

USD0 market capitalization reaches $1.45 billion, becoming the 7th largest stable coin

Usual Protocol's USD0 is backed 1:1 by RWA (real-world assets) and is issued by the protocol, rather than a traditional institution. USD0 has a market capitalization of $1.45 billion, making it the 7th largest stable coin.

(After officially launching on Binance, it has been on an upward trajectory. Analyzing the token economics of the USUAL protocol and the logic behind it)

Stable coin protocol that focuses on returning profits to the community

Usual criticizes the fact that stable coin issuers Tether and Circle created over $100 billion in revenue in 2023 without sharing it with users, and that the centralized participants behind fiat-backed stable coins have replicated the problematic structure of traditional banking, which is contradictory to the principles of decentralized finance.

Usual aggregates the earnings generated by the collateral supporting its stable coin into the protocol's treasury, and distributes 90% of the revenue to the community through governance tokens. According to its website, the protocol's current earnings have reached $58.81 million, with 88,000 users.

To encourage community participation, Usual has also launched the USD0++ liquidity staking token, which distributes earnings daily in the form of $USUAL tokens, currently offering an annualized yield of 79%. Other options include staking the governance token $USUAL, which offers a 601% annualized yield, as well as providing liquidity for the USD0/USD0++ and USD0/USDC pairs, which also have attractive yields.

Binance, Kraken and other big shots provide strong support

According to the statement, the venture capital arms of cryptocurrency exchanges Binance and Kraken led the $10 million Series A funding round for the fast-growing stable coin startup Usual. Other participants include Ethena, Ondo, decentralized crowdfunding platform Echo, on-chain stable coin infrastructure company M^0, Coinbase Ventures, and Wintermute.

The USUAL token surged 31% yesterday, with the price reaching $1.41.