The post Bitcoin-backed USDa Touches $200M in Collateralized BTC Assets appeared on BitcoinEthereumNews.com.

Avalon Labs’ Bitcoin-backed stablecoin USDa has already reached 100 million supply. The recently launched stablecoin protocol has a TVL above $300 million. USDa provides floating APY, ranging from 20% to 50%. Avalon Labs has launched USDa, a Bitcoin-backed overcollateralized stablecoin. The new blockchain-based digital asset reached a supply of over 100 million. Its collateralized Bitcoin assets are $200 million, according to data from the project’s website. Avalon Labs also opened a $50 million deposit quota. It gives participants an APY that ranges from 20% to 50%, plus 3x points rewards. Due to the promising returns and significant rewards, the total value locked (TVL) of the stablecoin project rose to $318 million. Avalon Labs’ USDa, the world’s first Bitcoin-backed overcollateralized stablecoin, has reached a supply of over 100 million, with collateralized Bitcoin assets totaling $200 million. Additionally, Avalon Labs has announced the opening of a $50 million deposit quota, offering… — Wu Blockchain (@WuBlockchain) November 12, 2024 Avalon Labs believes that the USDa stablecoin project has great potential. It will unlock access to the $1.3 trillion Bitcoin market, which will increase liquidity and adoption. Avalon Labs says that USDa will benefit greatly from its CeDeFi (centralized and decentralized finance) lending model. It is important to note that Avalon Labs was also the winner of the second round of the Binance BNB Incubation Alliance. This program focuses on creating new Web3 protocols. On the other hand, Bitcoin, the largest digital asset with a valuation of $1.77 trillion, printed a new all-time high, breaking $89,000 for the first time in history. At the time of writing, BTC is trading at $89,337.02, up 10.42% in the past 24 hours, with a trading volume of $137.64 billion. Read also: Global Dollar (USDG) Stablecoin Launched by Industry Giants Stablecoin Market GetsExciting The stablecoin market becomes more…

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Filed under: News - @ November 12, 2024 3:25 pm