USUAL token increased 15% on Binance Labs, Kraken investment.
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USUAL token rose by 15% after Binance Labs invested in the project. The common protocol aims to create a decentralized stablecoin backed by real-world assets.
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The price of USUAL, the management token that manages the common protocol, rose by 15%, going from $1.05 to $1.21 after Binance Labs announced its investment in the project, according to CoinGecko data.
USUAAL's market cap has soared over $570 million in just one month. In the past 24 hours, approximately $588 million worth of tokens have changed hands.
The protocol said on Monday that it raised $10 million in Series A funding, jointly 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 normal coin market and improve decentralized finance (DeFi) solutions.
“Stablecoins have long served as a gateway for introducing new users to the crypto ecosystem, and the standard's community-first approach sets a new standard for inclusion and empowerment,” said Alex Odagiw, director of investments at Beans Labs.
“In the coming months, Binance Labs and Usual Labs will continue to work together to keep the stablecoin market at the forefront of innovation and make it more community-centric,” Usual Labs CEO Pierre Persson said.
Launched in mid-November, the Usual Protocol is listed as the 61st project on the Binance Launchpool, where users can earn USUAL tokens by depositing BNB or FDUSD. The total reward pool for this initiative is 300 million USUAL tokens, which represents 7.5% of the total supply.
The protocol aims to create a decentralized stablecoin backed by real-world assets by introducing transparency and community governance through the USUAL token. USUAAL owners can participate in decision-making processes related to the protocol's operation and revenue sharing.
The USUAL token plays a vital role in guiding the adoption and use of USD0, a stable coin issued by the USUAL protocol. 1:1 with real-world assets (RWAs) such as US Treasury Bills, USD0 is used as a stable, safe asset for trading, trading and collateral in the protocol.
Binance Labs' investment announcement comes after Usual announced a strategic partnership with Etena and Securities, which will feature BlackRock's USD Institutional Digital Liquidity Fund (BUIDL). The collaboration allows USDtb and BUIDL to combine traditional financial stability with decentralized financial innovation to accept USD0 as collateral.
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