Stablecoin

Avalon

Bitcoin

Avalon Labs has launched USDa, the first Bitcoin-backed overcollateralized stablecoin. The stablecoin has achieved a supply of 100 million USDa tokens, backed by $200 million in Bitcoin.&nbsp; 
According to the project’s website, this over-collateralization ensures the stablecoin’s value is consistently supported by Bitcoin reserves. The company has also opened a $50 million deposit cap to offer participants annual percentage yields (APY) ranging from 20% to 50%, along with a 3x points rewards system. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img loading="lazy" decoding="async" width="711" height="345" src="https://www.cryptotimes.io/wp-content/uploads/2024/11/Avalon-Labs-Launches-Bitcoin-Backed-USDa-Stablecoin.png" alt="Avalon Labs Launches Bitcoin-Backed USDa Stablecoin" class="wp-image-214192" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/11/Avalon-Labs-Launches-Bitcoin-Backed-USDa-Stablecoin.png 711w, https://www.cryptotimes.io/wp-content/uploads/2024/11/Avalon-Labs-Launches-Bitcoin-Backed-USDa-Stablecoin-615x298.png 615w" sizes="(max-width: 711px) 100vw, 711px">
 <figcaption class="wp-element-caption">
 Source:&nbsp;<a href="https://x.com/WuBlockchain/status/1856179521629954410" target="_blank" rel="noreferrer noopener nofollow">X</a>
 </figcaption>
 </figure>
</div> 
Moreover, the project’s total value locked (TVL) has reached $318 million, reflecting the growing demand for the stablecoin. Avalon Labs is confident that the stablecoin will benefit from the CeDeFi model (centralized and decentralized finance), unlocking access to the $1.3 trillion Bitcoin market. The company believes USDa will increase Bitcoin’s liquidity and adoption, further establishing its value in the market. 
Avalon Labs has also been recognized for its innovation, as it was recently named the winner of the second round of the Binance BNB Incubation Alliance. 
The company’s success follows the recent all-time high of Bitcoin, which reached $89,000 for the first time in history. At the time of writing, Bitcoin is trading at $89,337.02, up 10.42% in the past 24 hours, with a trading volume of $137.64 billion based on <a href="https://coinmarketcap.com/" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>‘s data. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/11/05/paxos-launches-usdg-global-stablecoin-network/" target="_blank" rel="noreferrer noopener">Paxos Launches USDG Global Stablecoin Network</a> 
</blockquote>

Avalon Labs Launches Bitcoin-Backed USDa Stablecoin

The Crypto Times

Other articles published on Nov 12, 2024

Trump’s economic policies may launch U.S. dollar rally but rock emerging markets

Monday Recap: Coinbase Fee Controversies, Hamster Kombat’s Decline, and a $200K Bitcoin Prediction

Chinese Microchip Company Starts Accepting Bitcoin Payments

Bitcoin Hits All-Time High of $75,000 Amid U.S. Election Buzz

Ethereum Foundation Sold 100 ETH for DAI to Strengthen Reserves

Tether Treasury mints another 2 Billion USDT on the Ethereum network for issuance

Join our free newsletter for daily crypto updates!