Led by CEO and co-founder Pierre Person, Usual Labs is revolutionizing finance by bridging the gap between traditional and crypto finance. With significant $7 million in funding and $75 million in Total Value Locked (TVL), the company’s innovative protocol is gaining momentum, reflecting the industry’s growing confidence in its vision.
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At the heart of Usual Labs’ mission is the creation of the USD0 stablecoin, supported by Real-World Assets, which offers users a transparent and fair alternative to existing stablecoins. With a diverse group of investors, including heavyweights like IOSG Ventures and Kraken Ventures, Usual Labs is poised to become a driving force in the DeFi space.
The team’s unwavering commitment to transparency, security, and community ownership sets Usual Labs apart, positioning it as a catalyst for change in the burgeoning world of hybrid finance.
As Usual Labs prepares for the pre-launch of the 0 USD stablecoin on the Ethereum mainnet in Q2 2024, the company remains focused on delivering a protocol that empowers users and reshapes the financial landscape for the better. Dive into the details of the project with our exclusive interview with CEO and co-founder Pierre Person, Usual Labs, as he shares insights into the vision, goals and impact of this groundbreaking initiative.
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What inspired the founding team of Usual Labs to bridge the gap between traditional and decentralized finance through the creation of the USDO stablecoin?
The genesis of Usual Labs lies in our belief that true financial democratization depends on the seamless connection between traditional finance (TradFi) and decentralized finance (DeFi). Traditional fiat stablecoins allowed conventional financial operators to venture into the world of cryptocurrencies for the first time.
However, they often replicate the opacity and profit-focused models of traditional banks. At Usual Labs, we’re changing that.
“Our goal is to introduce a new standard of transparency and fairness with the USDO, ensuring profits are shared and not privatized, promoting trust and broader adoption.”
Pierre Person, CEO and co-founder of Usual Labs
How does Usual Labs plan to use the $7 million raised in its recent strategic funding round to further develop its innovative protocol?
The $7 million raised will primarily fund the completion of our protocol, which is scheduled to launch at the end of June. The lion’s share of this capital is intended to strengthen system security, ensuring that our users’ investments are protected to the highest standards.
Could you elaborate on the significance of the $75 million committed to Total Value Locked (TVL) for Usual Labs and its impact on the future of the project?
Securing $75 million in TVL in a timely manner is critical – it demonstrates market confidence and adoption of the USDO. This commitment from key industry players highlights Usual’s potential as an anchor in the cryptocurrency market, underscoring our innovative approach to stablecoin transparency and security.
With a diverse group of investors, including IOSG Ventures and Kraken Ventures, what unique perspectives or expertise do these backers bring to the Usual project?
Our investor roster, which includes over 150 stakeholders including leading DeFi founders, brings a broad range of expertise, liquidity and strategic partnerships. Every investor believes in the need for a more secure and user-aligned stablecoin than the one that currently exists. Their support is instrumental in integrating and scaling Usual, ensuring it not only meets but exceeds current market standards.
What sets Usual’s Liquid Deposit Token (LDT) apart from other stablecoins in the DeFi space, and how does it contribute to Usual’s goal of becoming the leading native DeFi stablecoin?
Usual’s LDT is a pioneering financial instrument that embodies the convergence of user trust and protocol utility. Each LDT is fully backed by the deposited asset, ensuring users can always recover their underlying assets on a 1:1 basis – this ensures capital protection.
“When locked into a Liquid Bond, the LDT earns USUAL governance tokens, directly passing on generated value to users, unlike centralized entities that often keep these earnings.”
Pierre Person, CEO and co-founder of Usual Labs
This approach not only safeguards user assets, but is also aligned with our mission to democratize financial prosperity in the DeFi ecosystem.
How does Usual Labs prioritize security and community ownership in the development and governance of its stablecoin protocol?
At Usual Labs, transparency and security are paramount. We are committed to maintaining a 100% transparent protocol, with 90% of USUAL tokens distributed to users, ensuring the community directly benefits from and governs the protocol. This community-centered approach is critical to breaking the network effects and monopolies that exist today, demonstrating that change is necessary and possible.
Could you talk about Usual Labs’ journey as a “startup in a bear market” and how the team navigated challenging economic conditions to achieve its current success?
Usual was conceived at the onset of the monetary policy changes of 2022 and before the collapse of the major Web3 entities. The bear market challenged us profoundly, forcing us to innovate and validate that our model was not only desirable but essential to the future of Web3. Our resilience in these difficult times has laid a solid foundation for our success.
What milestones are on the horizon for Usual Labs as it prepares to pre-launch the 0 USD stablecoin on the Ethereum mainnet in Q2 2024?
Starting at the end of May, we are launching a private phase for early depositors to test and begin liquidity onboarding. By the end of June the protocol will be accessible to all users, allowing them to actively participate in the pre-launch phase of Usual. This step is critical to stress testing in real-world conditions and ensure robust community involvement from the start.
How does Usual Labs plan to collaborate with other industry leaders and protocols to ensure the success and adoption of its stablecoin protocol?
We recently closed a seed extension round, primarily with DeFi founders whose names we will announce soon. This strategic move underlines our commitment to serving the broader DeFi ecosystem and ensuring Usual becomes a cornerstone of it. Starting in the summer of 2024, we plan to integrate with most existing DeFi protocols, improving both our utility and our presence in the industry.
Can you share insights into Usual Labs’ vision to transform the financial landscape and empower users to control their financial future?
Usual Labs isn’t just creating another stablecoin; our vision extends to fundamentally reshaping how value is shared in the financial system. Our model will also apply to other synthetic assets, with future directions and innovations driven by our community. This systemic approach ensures that Usual is not just a product but a platform for lasting financial empowerment and innovation.
