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USUAL Token Surges 25% After Binance and Kraken’s $10M Investment
As the cryptocurrency market continues to experience a rollercoaster ride of ups and downs, one token has managed to defy expectations by surging an astonishing 25%. The USUAL token, which is a fiat-backed stablecoin issuer with a focus on real-world assets, saw its value rise from $1.05 to $1.21 in just 24 hours.
This sudden surge is attributed to the massive influx of capital flowing into the project courtesy of two major players – Binance and Kraken, who have collectively invested a staggering $10 million into Usual. This significant investment has provided a huge boost to the token’s value and has left many investors and analysts alike wondering if this could be the start of a new trend.
The partnership between Usual, Ethena Labs, and Securitize, which was also announced recently, will reportedly offer users liquidity, 80% higher yields, and seamless integration. This is likely to have played a significant role in the token’s explosive growth, as it aims to enhance the growing DeFi market by providing users with more options.
Binance’s investment director, Alex Odagiu, has praised Usual’s ability to boost stablecoins and expand the crypto ecosystem. In his statement, he expressed optimism about the project’s potential to grow beyond its current scope.
For those unfamiliar with the concept of stablecoins, it is important to note that these digital assets are pegged to a specific asset, such as the US dollar, gold, or even other cryptocurrencies. This unique feature allows them to maintain their value relative to the asset they’re tied to.
Source: coinpedia.org
