According to Techub News, according to The Block, stablecoin developer Bima Labs has completed a $2.25 million seed round of financing, led by Portal Ventures, with participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology, CoreDAO and Halo Capital. In addition, angel investors such as Ankr's Ryan Fang, Chorus One's Brian Crain, Sei Labs' Jeffrey Feng and Berachain's Smokey also participated in this round of financing.

Bima has developed a Bitcoin-backed stablecoin, USBD, which can be minted by providing Bitcoin liquidity staking and re-staking tokens as collateral. Bima said it will accept collateral from multiple blockchains, including Bitcoin, the Bitcoin Scaling Network, Ethereum Virtual Machine (EVM) compatible networks, and Solana.