USDa Bitcoin-Backed Stablecoin Hits $700M TVL Milestone

Key Points:

• USDa Bitcoin-backed stablecoin reaches $700M TVL, becoming the second-largest CDP project.
• USDa offers 1:1 USDT conversion and a low 8% borrowing rate.

USDa Bitcoin-backed stablecoin, issued by Avalon Labs, becomes the world’s second-largest CDP project, surpassing $700M TVL with only 8% borrowing rate.

USDa Bitcoin-Backed Stablecoin Reaches $700M TVL

USDa, the Bitcoin-backed stablecoin by Avalon Labs, has achieved a significant milestone by surpassing $700 million in total value locked (TVL). This accomplishment solidifies USDa as the world’s second-largest CDP project, trailing only MakerDAO’s DAI. According to Avalon, it marks a major step forward in adopting worldwide decentralized finance (DeFi) solutions.

USDa’s design enables a 1:1 conversion to USDT, offering users a low borrowing rate of 8%, which is highly competitive in the market. The stablecoin’s success is a testament to its reliability and user-centric features, making it an attractive option for those seeking cost-effective financial tools within the crypto ecosystem.

Read more: Bitcoin Mining Hardware Canaan Inc. Launches Avalon 1266

USDa’s Success Rooted in BNB Incubation Alliance

Avalon Labs, the creator of USDa, gained industry recognition as the champion of the second round of the BNB Incubation Alliance. This achievement underscores Avalon Labs’ commitment to innovation in blockchain and decentralized finance, with USDa as a standout product driving growth in the stablecoin space.

The support from the BNB Incubation Alliance provided Avalon Labs with critical resources to develop USDa into a market-leading stablecoin. By fostering collaborations and leveraging cutting-edge blockchain technologies, Avalon Labs continues to strengthen USDa’s position in the rapidly evolving DeFi landscape.