Usual Labs announces the closing of a $7 million fundraising round and a new $75 million TVL milestone to launch USD0, a stablecoin backed by real assets, scheduled for Q2 2024 on Ethereum.
USD0 will incorporate a Liquid Deposit Token (LDT), positioning Usual as an innovator in DeFi stablecoins with value redistribution to users.
Usual Labs plans to develop a layer 3 solution tailored to its architecture and independent to enhance market potential and innovation capacity.
Usual Labs recently announced a successful strategic fundraising round, raising $7 million and reaching a $75 million Total Value Locked (TVL). This initiative paves the way for the launch of their new stablecoin, USD0, scheduled for the second quarter of 2024.
Founded in 2022, the company is led by unique co-founders, including CEO Pierre Person, former MP and member of the National Assembly, Chief Design Officer Adli Takkal Bataille, DeFi investor and entrepreneur, and COO Hugo Sallé de Chou, overseeing operations and growth, serial entrepreneur and co-founder of Pumpkin, a French fintech with one million users.
This article is brought to you in partnership with Usual Labs (learn more).
Usual and its USD0 against stablecoin giants
Usual Labs aims to compete with established players like Tether and Circle by offering an asset-backed stablecoin (RWA). This new product hopes to better align the interests of individual users with the overall stablecoin market.
Usual’s USD0 will be launched on the Ethereum blockchain and stands out with its integration of a Liquid Deposit Token (LDT), which seeks to innovate in the space of native DeFi stablecoins. Usual’s platform combines elements of traditional finance and decentralized finance, aiming to provide a user experience that blends aspects of Revolut and DeFi functionalities.
As a bear market startup, Usual has persevered in challenging economic conditions since 2022. This financing has accelerated our efforts to build a more equitable and community-focused financial future.
We have rallied the DeFi community and continue to include a majority of protocols to offer users a system that finally aligns individual and collective interests in the stablecoin world. We are excited to continue our journey and fulfill our promise of putting control back in the hands of the people.”
Priorities and Future Goals for Usual and its Stablecoin
Usual Labs places a special emphasis on community ownership and governance, with the goal of democratizing financial control. The raised funds will be used to finalize testnet phases, establish strategic partnerships, and conduct comprehensive smart contract audits.
Supported by a diverse set of investors including IOSG Ventures, Kraken Ventures, GSR Ventures, Mantle, StarkWare, and Flowdesk, Usual Labs enjoys broad support within the DeFi community.
The firm also envisions developing a layer 3 solution tailored to its needs, which would be blockchain-agnostic and incorporate account abstraction.
