Usual Labs Announces a Strategic Funding Round of $7M and $75M TVL Committed to Compete With Stablecoin Giants

The strategic financing round aims to stimulate the development of Usual Labs' innovative protocol. Usual Labs releases a new native DeFi USD-stablecoin, backed by Real-World Assets, with the belief that value and governance should belong to users.

PARIS, April 17, 2024 /PRNewswire/ -- Usual Labs, the company in charge of developing Usual, an innovative protocol bridging the gap between traditional and decentralized finance through the USD0 stablecoin, is proud to announce that it has raised $7M and committed $75M in Total Value Locked (TVL) to ensure its launch in Q2 2024. Usual Labs has garnered the support of more than a hundred investors, including two leading co-investors, IOSG Ventures and Kraken Ventures, as well as a diverse group of notable investors, including GSR, Mantle, StarkWare, Flowdesk, Avid3, Bing Ventures, Breed, Hypersphere, Kima Ventures, Psalion, Public Works, and X Ventures.

With its innovative Liquid Deposit Token (LDT), Usual is aiming to establish itself as the leading DeFi-native stablecoin. Acknowledging the demand for a stablecoin that is secure and owned by the community, Usual Labs has brought together a majority of founders from the DeFi ecosystem. This strong backing from industry leaders positions Usual for a successful future in the rapidly evolving world of hybrid finance, a groundbreaking approach that combines the best elements of traditional and decentralized finance to crete a more equitable, transparent, and community-driven financial ecosystem.

Founded in 2022, the company is led by uniquely positioned co-founders including Chief Executive Officer Pierre Person, a former Congressman and member of the National Assembly, Design Executive Officer Adli Takkal Bataille, polymath crypto OG, investor, writer, and DeFi entrepreneur, and Chief Operating Officer Hugo Sallé de Chou as overseeing operations and growth, serial entrepreneur and Co-Founder of Pumpkin, a fintech that amassed a million users in France.

Pierre Person, CEO and Co-Founder of Usual Labs commented on the news, "The support and trust we have received from our hundred visionary investors, including IOSG Ventures and Kraken Ventures, validates our mission to continue to revolutionize the financial landscape.

As a bear-market startup, Usual has persevered through challenging economic conditions since 2022. This funding has accelerated our efforts to build a more equitable and community-driven financial future. We have gathered the DeFi community and we continue to include a majority of the protocols in order to offer users a system that finally corresponds to the alignment of individual and collective interests in the world of stablecoins. We are excited to continue our journey and deliver on our promise of putting control back in the hands of the people."

The fundraising will allow Usual Labs to prepare for the pre-launch of the USD0 stablecoin on the Ethereum mainnet in Q2 2024. This includes completing the testnet phase, forming partnerships with other industry leaders, and performing smart contract audits to guarantee the protocol's security and efficiency.

Investors Quotes:

IOSG Ventures
Jocy Lin, Founding Partner at IOSG Ventures remarked, "We are excited to invest in Usual's mission to revolutionize finance through equitable, community-driven solutions. Their innovative approach aligns with our philosophy of backing impactful startups. We have great confidence in Usual's exceptional team and their potential to disrupt the industry. This investment reflects our belief in their vision for transforming the financial landscape."

Kraken Ventures
Stuti Pandey, Partner at Kraken Ventures remarked, "Our decision to invest in Usual lies in the recognition of stablecoins as the biggest frontier in crypto, offering a potential market cap as expansive as money itself: $80T+. Usual's infrastructure bridges trusted and quality assets from traditional finance with the efficiency of decentralized finance, while sharing profits with users instead of paying it to middlemen. We're excited to back a platform that not only enhances financial inclusivity but also pioneers what we call the Mullet Strategy—professional and institutional-friendly upfront, with robust DeFi engagement at the back. The team's unmatched expertise in regulation, operations, and DeFi, spearheaded by Pierre Person, positions Usual uniquely to capitalize on their vision."

Media Contact:
M Group Strategic Communications (on behalf of Usual Labs)
[email protected] 

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SOURCE USUAL

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