Stablecoins: Usual raises $10 million in Series A

Wednesday, December 4, 2024

The European project succeeded in attracting more than $1.4 billion in just a few months, on the strength of a highly innovative decentralised stablecoin model.

While many decentralised finance (DeFi) projects have a large contingent of French engineers in their ranks, few "bluechips" have established themselves in the industry like Morpho in recent months. Nevertheless, Usual seems to be following the same trajectory.

The decentralised stablecoin issuer has raised $10 million in Series A, a deal led by Binance Labs, Kraken Ventures and several other prestigious industry players. In April, Usual had already raised $7 million with Kraken Ventures.

Usual has managed since its launch last July to attract more than $1.4 billion in cash, invested directly in tokenised US Treasuries. This pool generates a return for investors, currently paid in USUAL governance tokens, with the possibility in the near future of being remunerated in stablecoins for those who prefer this exposure.

>> Read our fundamental analysis of the Usual project

To sum up, Usual offers a decentralised alternative to traditional stablecoin issuers such as Tether or Circle, with the distinctive feature that stablecoin holders share the profits from investments. The project thus falls into the category of "yield bearing" stablecoins.

>> Read our 2024 report on the stablecoin market

Beyond its revenue redistribution model, one of Usual's major assets lies in its tokenomics. Only 10% of Usual tokens are allocated to the development team and private investors, compared with up to 40% for many other projects, which limits selling pressure on the token price.

Usual also stands out for its founder, former French MP Pierre Person, who helped develop the local crypto ecosystem between 2017 and 2022.

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This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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