Stablecoin development company Yala announced the completion of a $8 million seed round of financing, led by Polychain Capital and Ethereal Ventures, with other investors including Galaxy Vision Hill, Anagram, ABCDE, Amber Group, HashKey Capital, etc. Yala is developing a Bitcoin-backed stablecoin called YU, which users will be able to mint using Bitcoin through the cross-chain protocol MetaMint without going through the intermediate packaging step. (TheBlock)