Binance Labs and Kraken Ventures have led a $10 million Series A funding round for Usual, a stablecoin issuer of real-world assets backed by decentralized fiat currencies.

As usual, the issuer of the RWA-backed stablecoin, which uses its USUAL token to distribute value and ownership, unveiled its fundraising via X on December 23.

The protocol said it has raised $10 million in a seed round led by Binance and Kraken's venture capital arms, Binance Labs and Kraken Ventures. Usual's fundraising campaign also attracted participation from heavyweight venture capital platforms across the ecosystem, including Galaxy Digital, OKX Ventures, Wintermute, and Amber Group.

This milestone is usually achieved on the back of another major development.

On December 18, the stablecoin issuer announced that it had committed fraud Strategic alliance With Ethena Labs and Securitize, the tokenization platform for BlackRock's BUIDL fund. The partnership targets the expanding DeFi market by providing the benefits of liquidity, yield, and composability to users.

The usual collaboration between Labs and Binance Labs

Binance Labs said in a Blog post 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 infusion to redefine stablecoins amid wider adoption of DeFi and RWA.

“At Binance Labs, we seek projects that drive meaningful innovation and expand the ecosystem, and we are excited to support Usual’s mission to push the boundaries of what stablecoins can achieve,” Alex Odagiu, chief investment officer at Binance Labs, said in a statement. .

In recent months, Binance Labs has backed several startup projects, including the Solana-based stablecoin infrastructure protocol Perennial, Astherus multi-asset liquidity platform It is a platform for decentralized scientific research and investment Bio protocol.

It is too Supported Bitcoin liquid storage project Lombard in November 2024.

It is worth noting that the cryptocurrency exchange Binance was the first platform to do this Added support for USUAL In November.

Pierre Pearson, CEO of Usual Labs, said the project will look to expand its collaboration with Binance Labs.

“In the coming months, Binance Labs and Usual Labs will continue to collaborate to ensure the stablecoin market remains at the forefront of innovation and becomes more community-focused,” Persson added.