# Usual Backers

Since its inception in June 2022, Usual has been backed by **200+ investors**. Across two funding rounds, the protocol has raised a total of **$17 million**, bringing together leading venture capital firms, crypto-native funds, and strategic industry partners.

## Funding Rounds

### Seed Round — April 2024

| Detail            | Value                                                              |
| ----------------- | ------------------------------------------------------------------ |
| **Amount Raised** | $7 million                                                         |
| **Key Investors** | IOSG Ventures, Kraken Ventures, GSR, Mantle, StarkWare, and others |

This seed round established Usual’s foundational investor base, adding partners with deep expertise across DeFi infrastructure, market making, and Layer 2 scaling.

### Series A — December 2024

| Detail             | Value                                    |
| ------------------ | ---------------------------------------- |
| **Amount Raised**  | $10 million                              |
| **Lead Investors** | Binance Labs, Kraken Ventures            |
| **Participants**   | Galaxy Digital, OKX Ventures, and others |

The Series A was led by two of the largest exchange-affiliated venture arms in the industry, reflecting strong institutional conviction in Usual’s long-term vision. The round closed shortly after the **USUAL** token launched on **Binance Launchpool** in November 2024.

## Strategic Investor Alignment

Usual’s investor base reflects the protocol’s positioning at the intersection of traditional finance and DeFi:

* **Exchange ecosystems** — Binance Labs, Kraken Ventures, and OKX Ventures support distribution, liquidity, and market access across some of the world’s largest trading platforms.
* **DeFi-native funds** — IOSG Ventures, GSR, and Galaxy Digital bring deep experience in on-chain protocols, tokenomics design, and market-making infrastructure.
* **Infrastructure partners** — Mantle and StarkWare contribute Layer 2 scaling and multi-chain deployment expertise, supporting Usual’s cross-chain ambitions across **Ethereum, Arbitrum, Base, and BNB Chain**.

## Insider Token Allocation

In line with Usual’s community-first ethos, insiders (team, investors, and advisors) were originally allocated 10% of all USUAL token emissions via the USUAL STAR ($USUAL\*) token. Following UIP-11 and UIP-13, USUAL STAR became a non-transferable (soulbound), illiquid token; in return, insiders were compensated at a conversion rate of 0.97 USUAL per $USUAL\*.

The Usual model diverges significantly from traditional stablecoin models, where 100% of revenues typically accrue to the issuing company and its shareholders.

### Vesting Structure

Insider tokens follow a structured vesting schedule designed to ensure long-term alignment:

* **Cliff period:** 1 year from the Token Generation Event (TGE) — **November 25, 2024**
* **Cliff release:** **33.33%** of the insider allocation unlocks at the end of the cliff
* **Linear vesting:** The remaining \~**67%** vests **monthly** after the cliff, continuing through **June 2028**
* **Full vesting completion:** **June 2028**, coinciding with the **bUSD0 bond** maturity

### November 2025 Restructuring

Following governance proposals in November 2025, the insider allocation model was simplified:

* The separate **USUAL\*** insider token was retired and converted into liquid **USUAL** at a **0.97:1** ratio.
* The total supply cap was reduced from **4 billion** to **3 billion USUAL**, mechanically increasing the insider share to approximately **30.25%** of the new supply (\~**910.8 million USUAL**).
* The conversion was funded entirely from the **Foundation** bucket — **no new tokens were minted**.
* Monthly vesting continues through **June 2028**.

This restructuring aligned Usual’s insider allocation with common DeFi benchmarks (\~30%) while simplifying tokenomics to a single, liquid token for all stakeholders.


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