According to Odaily Planet Daily, stablecoin developer Bima Labs raised $2.25 million in a seed round of financing, led by Portal Ventures, with participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology, CoreDAO and others.

Bima has developed USBD, a Bitcoin-backed stablecoin that 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.