Bitcoin-Backed USDa Partners with Ethena Labs to Revolutionize DeFi Arbitrage Strategies
On November 14th, COINOTAG reported a significant development in the cryptocurrency landscape as Avalon Labs unveiled a partnership with Ethena Labs. This collaboration will enable Bitcoin enthusiasts to leverage arbitrage strategies through the use of USD₳, the world’s first Bitcoin-backed overcollateralized stablecoin. With a fixed borrowing rate of 8%, users can engage with various products like sUSDe, PT-USDe, and PT-sUSDe. The introduction of USD₳ marks a pivotal moment as it becomes the first on-chain fixed-rate lending solution, enriching the DeFi ecosystem and enhancing investment options. Avalon Labs has established itself as a robust financial infrastructure player within the BTCFi sector, managing collateral worth over $1.3 billion, approximately 15,000 bitcoins. They were also recently recognized as a champion in the BNB Incubation Program.