Key conclusions
- The USUAL token grew by 15% after Binance Labs invested in the project.
- The purpose of the common protocol is to create decentralized stablecoins backed by real-world assets.
The price of USUAL, the management token that powers the Common Protocol, surged 15% from $1.05 to $1.21 after Binance Labs revealed its investment in the project, CoinGecko reports data.
USUAL’s market capitalization has grown to over $570 million in just one month since launch. In the last 24 hours, approximately $588 million worth of tokens have changed hands.
The protocol announced on Monday that it has successfully secured a $10 million Series A funding round, co-led by Binance Labs and Kraken Ventures, with participation from other prominent investors in the crypto space.
This investment aims to support Usual’s mission to transform the stablecoin market and improve decentralized finance (DeFi) solutions.
“Stablecoins have long served as a gateway to bring new users into the crypto ecosystem, and Usual’s community-first approach sets a new benchmark for inclusion and empowerment,” Alex Odagio, Chief Investment Officer at Binance Labs stated.
“In the coming months, Binance Labs and Usual Labs will continue to work together to ensure that the stablecoin market remains at the forefront of innovation and becomes even more community-focused,” said Pierre Person, CEO of Usual Labs.
Launched in mid-November, the Common Protocol was featured as the 61st project on the Binance Launchpool, where users can earn COMMON tokens by investing BNB or FDUSD. The total prize pool for this initiative is 300 million USUAL tokens, representing 7.5% of the total supply.
The protocol debuted with the goal of creating a decentralized stablecoin backed by real-world assets and promoting transparency and community governance through the USUAL token. USUAL holders can participate in decision-making processes related to the operation of the protocol and the distribution of revenues.
The USUAL token also plays a key role in driving the adoption and use of USD0, a stablecoin issued by the usual protocol. Backed by 1:1 real-world assets (RWA) such as US Treasury bills, USD0 serves as a stable and secure asset that can be used to transact, trade and hedge within the protocol.
The investment announcement by Binance Labs comes after Usual revealed its strategic partnership with Athena and Securitizewhich tokenizes the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). The collaboration will allow USDtb and BUIDL to be accepted as collateral for USD0, bridging traditional financial stability with decentralized financial innovation.
