According to Foresight News, data from DefiLlama indicates that the Bitcoin-backed stablecoin USDa, launched by Avalon Labs, has become the second-largest collateralized debt position (CDP) stablecoin project, following MakerDAO's DAI. USDa offers a 1:1 exchange rate with USDT and has a borrowing interest rate of 8%.
Avalon Labs, a financial infrastructure platform focused on Bitcoin finance (BTCFi), has achieved a total value locked (TVL) exceeding $2 billion. The project gained recognition by winning the second round of the BNB incubation program and was successfully selected for the eighth season of the MVB8 accelerator program.
