#BounceBit USDa, a Bitcoin-backed stablecoin from Avalon Labs, has rocketed to a market cap of $230.7 million just two weeks after going live.

The growth positions Avalon as the third-largest collateralized debt protocol with deposits equating to a total value locked (TVL) of $474 million, ranking it behind Sky (formerly MakerDAO) with $5.3 billion and JustStables with $2 billion, according to DeFi Llama.

USDa has enjoyed impressive growth since going live on Nov. 12, with users minting $100 million worth of the stablecoin against $200 million in deposits on its debut day. Users can mint USDa against deposits in the form of BTC and FBTC.

Avalon has quickly emerged as the second-largest protocol on BitLayer, a Bitcoin Layer 2 network supporting the BitVM virtual machine, amid the rise of USDa. Avalon currently makes up 46% of BitLayer’s $532.4 million TVL