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Home Business

OKX Ventures Invests in Usual Protocol to Back Decentralized Stablecoin Innovation

25 December 2024
in Business, News
Reading Time: 3 mins read
106 3
source: dehfi.com

source: dehfi.com

OKX Ventures, the venture arm of the global cryptocurrency exchange OKX, has invested an undisclosed amount in Usual Protocol, a decentralized stablecoin issuer pioneering a unique financial model.

In its December 24 announcement, OKX Ventures stated the investment reflects its commitment to supporting projects that connect traditional finance with decentralized finance (DeFi) while championing decentralization. Dora, the founder of OKX Ventures, remarked,

“We are excited to support USUAL in becoming the ‘new infrastructure’ that drives the long-term value creation and growth of global decentralized finance.”  

Usual Protocol stands out in the stablecoin space because it integrates decentralized governance in its issuance process and real-world assets, notably U.S. Treasury Bills (T-Bills), to back its stablecoin product, USUAL. 

This approach sets it apart from traditional stablecoins like USDT and USDC. Notably, USUAL redistributes earnings from stablecoin issuance to its users, empowering them to share in the protocol’s growth and future development.

Currently, the USUAL token has a market capitalization of $635 million and recorded $964 million in trading volume over the past 24 hours. During that same period, its price has surged by 31.4%, and it is trading at $1.32, according to data from CoinMarketCap.

With a $100 million fund size, OKX Ventures has a strong portfolio that includes blockchain infrastructure and DeFi projects such as Sei Network, Arbitrum, and zkSync. The addition of Usual Protocol underscores its focus on high-impact initiatives poised to reshape the blockchain industry.

Notably, this investment move adds OKX to the list of crypto exchanges that support the protocol. On November 19, Binance hosted USUAL’s pre-market trading on its Launchpool platform, offering early access to the USUAL/USDT trading pair. The platform’s dedicated launch page went live 12 hours before the event, allowing users to engage with the stablecoin before its official spot listing.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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