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

Usual Labs' backers include co-leads IOSG 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 growth as Ethena, but with limitless scalability and an ultra-safe real world asset architecture," Usual Labs founder and CEO Pierre Person said. 

USD0 is a …