COINOTAG News reported on November 26th that the recently launched Bitcoin-backed stablecoin USDa, developed by Avalon Labs, has effectively exceeded 200 million coins in circulation within a mere two weeks. This rapid growth reflects a significant seven-day growth rate of nearly 100%, positioning USDa as a formidable player in the market. Furthermore, this milestone has established USDa as the third-largest overcollateralized stablecoin (CDP) globally, trailing only behind MakerDAO’s DAI and JustStable’s USDJ. The emergence of USDa marks a noteworthy entry of Bitcoin-backed stablecoins into the highly competitive stablecoin arena.
Avalon Labs, recognized as a leading infrastructure platform within the BTCFi sector, currently manages a total value locked (TVL) exceeding 1.8 billion US dollars, which is approximately 20,000 bitcoins. Their innovative approach has garnered recognition, winning the BNB Incubation Program second-round championship and securing a spot in the MVB8 Accelerator Program during its eighth cohort.
Source: https://en.coinotag.com/breakingnews/usda-surges-past-200-million-circulation-the-rise-of-bitcoin-backed-stablecoin/