In June 2023, during a tough crypto market where Bitcoin struggled to hold $25,000 and most VCs remained on the sidelines, we first encountered Pierre and Adli, the founders of Usual. The timing was particularly interesting — the industry was still recovering from the recent USDC de-peg incident that had exposed vulnerabilities in even the “safest” stablecoins, while paradoxically, Tether was reporting record profits that eventually even surpassed BlackRock’s. This contrast in the stablecoin market — displaying both serious vulnerabilities and enormous potential — set the stage for our first meeting.
When Pierre walked us through their vision, we were initially overwhelmed by the depth and detail of their presentation. Their intense passion and robust thinking were immediately evident, and their ideas deserved proper respect — which meant we had to do our homework thoroughly and carefully.
What followed was an extensive due diligence process spanning many hours of meetings and detailed written exchanges, eventually accumulating 50–70 pages of material. As we delved deeper, we became increasingly impressed by how meticulously each detail fit into their broader vision. Their responses to our questions were never vague, but always well-researched, demonstrating a deep understanding of the challenges ahead.
But what truly set them apart wasn’t just their technical prowess or attention to detail — it was their genuine passion and conviction. It was clear that they lived Usual 24/7; their passion was contagious and made us believe in their vision of disrupting Tether. Our partner Jocy also flew to Paris to meet the whole team in person. We could see these guys weren’t about riding one market cycle; they were focused on fundamentally transforming the stablecoin landscape.
We decided to make one of IOSG’s largest seed investments ever. Yet, even after our commitment to lead the round in August, it took almost three months to close it completely. We spent many hours on fundraising calls with potential co-investors, explaining why we were making such a significant bet. Ironically, even the fund that introduced Usual to us ultimately passed on the round. At one occasion, a local French VC noted how people outside of France failed to appreciate Pierre’s exceptional pedigree — yet they too passed on the round. Looking back at Usual’s fundraising journey, it was disappointing that out of the large number of VCs they approached, only 3–5 funds actually took the time to dig deeper into the project details.
During the three months it took to close the round, we watched Pierre and Adli continue to refine their vision and make progress on development. Their resilience during this period only reinforced our conviction. Fortunately, in the end, we managed to close the round with like-minded funds like Kraken Ventures, who also invested significant time to appreciate the details of Usual’s idea.
Post-investment, the team has executed at a pace that has surprised even us. Their attention to detail in preparation has translated into remarkable execution in practice. The speed at which they have been hitting milestones has exceeded our most optimistic expectations.
Looking back, this journey should serve as encouragement for prospective founders. It doesn’t matter how many “no”s you receive; sometimes you only need one “yes” to start the avalanche. Today, we’re more convinced than ever that our “yes” to Usual will prove to be one of our most important decisions. Sometimes, that’s all it takes — one “yes” at the right moment, to the right team, with the right vision.
The tough journey makes these important milestones even more fulfilling. We’re thrilled to see Usual beginning to receive the recognition they deserve, while staying mindful that this is just the beginning of a much longer journey. There’s significant work ahead of us. Onwards!
Thanks also to all IOSG teammates who supported the decision to invest in Usual in the depth of the bear market or participated in other ways with BD, intros and marketing. Usual growth has brought lots of good vibes in the office and each member is playing the role of Usual ambassador.
The (Un)Usual Story: You Only Need One ‘Yes’ was originally published in IOSG Ventures on Medium, where people are continuing the conversation by highlighting and responding to this story.
