New York, United States - May 9, 2024 - LBank Labs is proud to announce its investment in Usual Labs, dedicated to innovating the stablecoin ecosystem with its groundbreaking USD0 stablecoin. Usual Labs has successfully raised $7 million in a funding round led by IOSG Ventures and Kraken Ventures, with LBank Labs among the prestigious group of contributors that includes GSR, Mantle, Starkware, Flowdesk, and several others.
This strategic investment will bolster Usual Labs’ initiative to launch USD0 on the Ethereum mainnet, marking a significant advancement in the fusion of traditional finance assets with the efficiency of decentralized finance (DeFi). The funding will specifically aid in financing the crucial testnet phase and smart contract audits, essential steps toward ensuring a secure and reliable rollout of the stablecoin.
Pierre Person, founder and CEO of Usual Labs, expressed his vision for USD0, aiming to position it as a major disruptor in the stablecoin market. "We are extremely happy and grateful to LBank for their support of Usual from day one. The LBank team immediately understood the interest of having a stablecoin backed by RWA, which not only offers a real improvement in terms of security, but also is fair in its commitment to redistribute governance and value generated by the user. Being surrounded by visionary founders remains the priority of every co-founder. The alignment of the vision with LBank occurred naturally." stated Person.
The USD0 stablecoin is designed to provide yields derived from the appreciation of real-world assets, promising a new level of security and profitability for investors. Usual Labs also celebrates reaching $75 million in total value locked ahead of their anticipated stablecoin launch in the second quarter of 2024.
"We are thrilled to support Usual Labs in their journey to redefine financial boundaries through the USD0 ," said Nathalie Yang, Principal at LBank Labs. " Usual doesn't only ensure financial sovereignty but also allows the fair value distribution among participants."
Founded in 2022 and headquartered in France, Usual Labs continues to stand at the forefront of DeFi innovation. Its governance token, USUAL, allows holders to actively participate in the protocol's decision-making processes.
About LBank Labs
LBank Labs, with its $100M AUM, is renowned for its strategic investments in the blockchain and cryptocurrency space. Its portfolio boasts of innovative projects such as Entangle, Puffer Finance, LunarCrush, Navi Protocol, Exabits, Hivello, and significant investments in VC funds such as Collab Currency, SevenX Ventures, IOSG Ventures, Blockchain Builders Fund, and more.
For further inquiries or media requests, please contact:
Eddy Wang, PR Manager at LBank
Email: eddy.wang@LBank.com
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