According to Odaily, stablecoin developer Bima Labs has successfully raised $2.25 million in a seed funding round led by Portal Ventures. The round also saw participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology, CoreDAO, Halo Capital, Ryan Fang from Ankr, Brian Crain from Chorus One, Jeffrey Feng from Sei Labs, and Smokey from Berachain.

Bima Labs has developed USBD, a stablecoin backed by Bitcoin. The stablecoin can be minted by providing Bitcoin liquidity staking and re-staking tokens as collateral. Bima Labs has announced that it will accept collateral from multiple blockchains, including Bitcoin, Bitcoin scaling networks, Ethereum Virtual Machine (EVM) compatible networks, and Solana.