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USUAL token jumps 15% as Binance Labs invests in the project
The price of USUAL, the governance token that powers the Usual protocol, has skyrocketed by a staggering 15%, reaching $1.21 from its previous value of $1.05. This significant surge follows Binance Labs’ announcement of investing in the project.
According to CoinGecko data, the market capitalization of USUAL has grown exponentially, exceeding $570 million within just over a month since its launch. The token’s trading volume has also seen an astonishing increase, with approximately $588 million worth of transactions taking place within the past 24 hours alone.
The funding round, which totaled $10 million in Series A financing, was co-led by Binance Labs and Kraken Ventures. Additional prominent investors from the crypto space have joined forces to support Usual’s mission to transform the stablecoin market and improve decentralized finance (DeFi) solutions.
Binance Labs’ Investment Director, Alex Odagiu, emphasized that Usual’s community-first approach sets a new standard for inclusivity and empowerment. The collaboration between Binance Labs and Usual will ensure the stablecoin market remains at the forefront of innovation and evolves into an even more community-centric space.
The Usual protocol was introduced in mid-November and quickly gained attention through its feature on Binance Launchpool, where users can earn USUAL tokens by staking BNB or FDUSD. The rewards pool for this initiative totals 300 million USUAL tokens, accounting for a substantial 7.5% of the total supply.
The protocol’s primary objective is to create a decentralized stablecoin backed by real-world assets (RWAs), such as US Treasury Bills. This innovative approach promotes transparency and community governance through its USUAL token, enabling holders to participate in critical decision-making processes regarding the protocol’s operations and revenue distribution. The USUAL token also plays a vital role in driving the adoption and use of USD0, a stablecoin that serves as a secure asset for transactions, trading, and collateral within the protocol.
It is essential to note that Usual has recently formed strategic partnerships with Ethena and Securitize, which will tokenize the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). This collaboration will enable USDtb and BUIDL to be used as collateral for USD0, effectively integrating traditional finance stability with decentralized innovation.
Source: cryptobriefing.com
