DeFi Firm Usual Labs Raises $7M Round Led by Kraken Ventures and IOSG Ventures
Summary
USD0 is a permissionless stablecoin backed by real-world assets and will pay holders a yield.Usual Labs, the firm behind the decentralized finance (DeFi) protocol Usual, has raised $7 million and received $75 million commitment in total value locked (TVL) for the launch of its stablecoin USD0, the company said in a statement on Wednesday.The French company raised money from more than a hundred firms, including two leading co-investors, IOSG Ventures and Kraken Ventures. Other investors included GSR, Mantle, Starkware, Flowdesk, Avid3, Bing Ventures, Breed, Hypersphere, Kima Ventures, Psalion, Public Works and X Ventures.The $75 million in TVL consists of investments from the companys direct investors and from entities and individuals within the ecosystem.The fundraising will allow Usual Labs to prepare for the pre-launch of its USD0 stablecoin on the Ethereum mainnet in the second quarter, the company said. This includes completion of the testnet phase, building partnerships with industry leaders, and carrying out smart contract audits to guarantee the protocols security and efficiency, Usual said.USD0 is a permissionless stablecoin backed by real-world assets. This competitive landscape necessitated that Usual innovate to provide a distinctly different approach from our competitors, said Pierre Person, CEO and co-founder of Usual, in emailed comments. Usual is dedicated to delivering a stablecoin that upholds a higher standard of safety for its users, with a firm belief that both value and governance should be in the hands of the users, Person added.Stablecoins are being adopted for , with payments firms, fintech companies and consumer platforms among the early users, Bernstein said in a research report last week.