Usual, a startup focused on stablecoins, has raised US$10 million in its series A funding round, which was led by the venture arms of Binance and Kraken.

Additional investors include the synthetic dollar platform Ethena, the real-world assets specialist Ondo, and the decentralized crowdfunding platform Echo, founded by Jordan Fish.

Onchain stablecoin infrastructure firm M^0, which has partnered with Usual to expand its reserve assets, also participated in the funding round.

Launched earlier in 2024, Usual offers a stablecoin called USD0, which is backed 1:1 by US Treasury holdings.

USD0 recently surpassed US$1 billion in market capitalization, making it the seventh-largest stablecoin.