Stablecoin

Core

Avalon

when

<ul>
 <li>Avalon Labs’ USDa breached the $700M mark in TVL on Ethereum, BNB Smart Chain, Bitcoin, and Mantle networks combined.&nbsp;</li>
 <li>USDa becomes the second-largest CDP project after MakerDAO’s DAI stablecoin.&nbsp;</li>
</ul>
USDa is one of the world’s first Bitcoin-backed stablecoin in contrast to leading stablecoins such as <a href="https://thenewscrypto.com/stablecoin-issuer-tether-mints-2b-usdt-on-tron-and-ethereum/" target="_blank" rel="noopener noreferrer nofollow">USDT</a> 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.&nbsp;
As per the latest numbers from <a href="https://usda.avalonfinance.xyz/markets/" target="_blank" rel="noopener noreferrer nofollow">Avalon Finance</a>, 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.&nbsp;
<h3 class="wp-block-heading" id="h-bitcoin-backed-stablecoin-with-only-8-borrowing-rate">Bitcoin-backed Stablecoin With Only 8% Borrowing Rate</h3>
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.&nbsp;
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.&nbsp;
Avalon Labs <a href="https://x.com/avalonfinance_/status/1866390230351380878" target="_blank" rel="noopener noreferrer nofollow">announced</a> 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.&nbsp;
With collaborations like this, combined with the growth and development of <a href="https://thenewscrypto.com/avalon-labs-cedefi-lending-reaches-over-30m-in-bitcoin-backed-loans-in-just-2-days/" target="_blank" rel="noopener noreferrer nofollow">Avalon</a> Labs proves the relentless commitment of its team to take the entire blockchain industry forward, along with the robust crypto network like Bitcoin.&nbsp;
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/ripple-labs-secures-nydfs-approval-for-rlusd-stablecoin/" target="_blank" rel="noopener noreferrer nofollow">Ripple Labs Secures NYDFS Approval for RLUSD Stablecoin</a>

Bitcoin-Backed USDa Becomes Second-Largest CDP Project With $700M TVL

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Other articles published on Dec 11, 2024

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