The native token of a decentralized fiat stablecoin-issuing platform is rallying against the dipping crypto markets.
Two days ago, the world's largest crypto exchange by trading volume, Binance, added support for Usual Protocol (USUAL).
"Binance is excited to announce that Usual (USUAL) will be added to Binance Simple Earn, Buy Crypto, Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures at the respective dates and timings listed below."
According to a post on the social media platform X from Usual in response to the Binance listing, the team says the protocol aims to usher in a "stablecoin renaissance".
"90% for the Community: Usual is built to empower, with the majority of tokens for users.
No VC (venture capital)/Team Dumps: Just 10% allocated to insiders, cliffed for one year.
100% Revenue for the DAO (decentralized autonomous organization): Every $ of revenue belongs to USUAL holders"
According to the Usual Protocol's website, USUAL acts as a governance token performing two major functions:
"1. Usual is a multi-chain infrastructure that aggregates the growing tokenized Real-World Assets (RWAs) from entities like BlackRock, Ondo, Mountain Protocol, M0 or Hashnote to transform them into a permissionless, on-chain verifiable, and composable stablecoin (USD0).
2. Usual is built around the redistribution of power and ownership to users & third parties, akin to a scenario where Tether's TVL providers would own the company and the associated revenues."
USUAL is going for $1.43 at time of writing, up 17% on the day. Meanwhile, the total crypto market cap is down 6% over the same period.