- 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 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 interesting with the upcoming launch of American fintech firm Ripple’s RLUSD. Ripple may work with the leading L1 protocol Cardano (ADA) on this project. The stablecoin aims to become more popular than Tether USD (USDT) and Circle’s USDC. Additionally, leading crypto firms Paxos, Robinhood, Bullish, and others, launched the Global Dollar (USDG) stablecoin.
Interestingly, with a market cap of $124 billion, USDT ranks first in the stablecoin sector, followed by USDC, which has a valuation of $35 billion. DAI, FUSD, and USDD follow USDT and USDC with market caps of $5 billion, $2.3 billion, and $757 million, respectively.
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