TechFlow reports that stablecoin developer Usual Labs has raised $7 million in funding, led by IOSG and Kraken Ventures, with participation from GSR, Mantle, Starkware, Flowdesk, Avid3, Bing Ventures, Breed, Hypersphere, Kima Ventures, Psalion, Public Works, and X Ventures.
The $7 million represents the total amount raised by Usual Labs to date. A company spokesperson said the board of directors will remain unchanged following this round, as Usual Labs remains fully independent and aims to achieve decentralization.
USD0 is a stablecoin backed by real-world assets. Usual Labs plans to use the funds to support the launch of USD0 on Ethereum's mainnet in the second quarter of this year, which includes financing for the testnet phase and smart contract audits. On Wednesday, Usual Labs also announced that USD0 has reached $75 million in total value locked.
