IOSG Ventures and Kraken Ventures lead $7 million funding round for stablecoin developer Usual Labs

Quick Take

  • Usual Labs raised $7 million in a funding round co-led by IOSG Ventures and Kraken Ventures.
  • GSR, Mantle, Starkware, Flowdesk, Avid3, Bing Ventures, Breed, Hypersphere and others also backed the France-based firm.

Usual Labs, a startup building out the USD0 stablecoin ecosystem, raised $7 million in funding.

Usual Labs' backers include co-leads IOSG Ventures and Kraken Ventures as well as GSR, Mantle, Starkware, Flowdesk, Avid3, Bing Ventures, Breed, Hypersphere, Kima Ventures, Psalion, Public Works, and X Ventures, among others.

The $7 million comprises Usual Labs' total funding to date. The firm's board of directors will not change after the round, as Usual Labs is totally independent and hopes to achieve decentralization, a company spokesperson told The Block.

"Usual is poised to be a Tether Killer, aiming for the same rapid success and gr