Avalon Labs’ USDa breached the $700M mark in TVL on Ethereum, BNB Smart Chain, Bitcoin, and Mantle networks combined.
USDa becomes the second-largest CDP project after MakerDAO’s DAI stablecoin.
USDa is one of the world’s first Bitcoin-backed stablecoin in contrast to leading stablecoins such as USDT and USDC. Avalon Labs made waves in the industry when it first issued USDa. And, the stablecoin is now creating waves in the ongoing bull market with its TVL record.
As per the latest numbers from Avalon Finance, USDa breached the $700 million mark in total value locked (TVL). Combining its TVL on Ethereum, BNB Smart Chain, Bitcoin, and Mantle, USDa holds $730,200,271 worth of funds. This record made USDa the second-largest CDP project after MakerDAO’s DAI.
Bitcoin-backed Stablecoin With Only 8% Borrowing Rate
USDa stablecoin stands out from the rest with its unique features such as low borrowing rate of 8% and being backed by Bitcoin. In fact, USDa is the first-ever stablecoin to be backed by the OG crypto Bitcoin. On top of that, it functions across multiple networks such as Ethereum, BNB Smart Chain, Bitcoin, and Mantle.
Since its launch, USDa has been gaining a lot of traction and now it became the second-largest CDP project after MakerDAO. In addition, Avalon Labs gained industry-level recognition when it became the champion of the BNB Incubation Alliance. The support Avalon Labs got from this achievement is helping in developing USDa into a leading stablecoin.
Avalon Labs announced its collaboration with Core DAO to enhance the capabilities of the project with innovation developments like BTCFi solutions. Core DAO combines Bitcoin’s security with EVM-compatibility to develop innovative solutions in DeFi.
With collaborations like this, combined with the growth and development of Avalon Labs proves the relentless commitment of its team to take the entire blockchain industry forward, along with the robust crypto network like Bitcoin.
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