The first over-collateralized stablecoin USDa, backed by Bitcoin, has surpassed 200 million in supply within just two weeks of its launch, making it the third-largest collateralized debt position (CDP) stablecoin, following MakerDAO and JustStables. USDa is issued by Avalon Labs, a leader in Bitcoin on-chain financial platforms, marking an important step for Bitcoin-backed stablecoins in the stablecoin space. Avalon Labs was the champion of the second round of the BNB incubation program.