On November 12th, Avalon Labs made headlines by launching the first Bitcoin-backed overcollateralized stablecoin, USDa. The new stablecoin has quickly amassed a supply of over 100 million tokens, backed by a collateral pool worth approximately $200 million in Bitcoin. In a strategic expansion, Avalon Labs also introduced a $50 million deposit quota, allowing participants to earn variable yields between 20% to 50%. Additionally, users can amplify their rewards with a unique offer of 3x bonus points, incentivizing greater engagement.
Avalon Labs is positioning itself as a key player in the rapidly evolving BTCFi landscape, currently managing over $1.2 billion in staking assets, which includes around 15,000 bitcoins. As a notable participant in the BNB Incubation Program’s second round, the firm successfully entered the MVB8 Accelerator in Season 8, underlining its commitment to innovation and growth in the cryptocurrency space.