The first over-collateralized stablecoin USDa backed by Bitcoin has exceeded 200 million in supply within just two weeks of its launch, becoming 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.