CandleFocus

Bitcoin News: BTC-backed Stablecoin Surpasses 200M Supply in 2 Weeks

Author: Content Editor
Avalon Labs has launched USDa, a Bitcoin-backed stablecoin that has gained rapid traction in the market, accumulating over 200 million in supply within two weeks. USDa is the world's first overcollateralized stablecoin backed by Bitcoin and is positioned as the third-largest CDP stablecoin, trailing behind MakerDAO and JustStables. USDa's overcollateralization promise ensures stability and reliability by backing each token with a higher value of Bitcoin. This development aims to bridge the gap between DeFi and traditional finance by leveraging Bitcoin's market value and stability. The introduction of USDa has led to an increase in USD Support Exchange Volume across major exchanges, particularly on Kraken, Coinbase, and Crypto.com. Avalon Labs is expanding its reach on the BNB Chain with the launch of the first Lista DAO market, backed by a strategic investment of 10 million from Binance Lab. Lista DAO aims to redefine liquid staking for BNB and offers a permissionless staking solution to enhance yield opportunities. Avalon Labs has also launched a carnival-like series of Token Generation Events on the BNB Chain, collaborating with various projects. They have also rolled out a Treasury Re-balancing proposal for community voting, aiming to increase the USDa Annual Percentage Yield to 25% and adjust future protocol rewards.

Related News