Avalon Labs, the issuer of the Bitcoin (BTC)-based stablecoin USDa, has secured a Series A investment of $10 million (approximately 14.5 billion won).
Bitcoin (BTC)-backed stablecoin USDa issuer Avalon Labs has raised $10 million in a Series A funding round.
The new funding will be used to grow the Bitcoin-based decentralized finance (DeFi) ecosystem, CoinDesk reported on Dec.23. Avalon Labs is aiming to expand Bitcoin’s use cases beyond that of a simple virtual asset and into the realm of a financial instrument.
Avalon Labs’ USDa allows users to mint the stablecoin with Bitcoin at a fixed loan interest rate of 8%. As of early December, the total value locked (TVL) in the stablecoin stood at $700 million. In addition to stablecoins, Avalon Labs also offers Bitcoin-backed loans and credit card services.
Related: Stablecoin Issuer Tether Freezes $18 Million in USDT Tokens After Law Enforcement Request
Stablecoins are a class of digital tokens that peg their value to another currency, such as the dollar. They are designed to offer the price stability and wide acceptance of fiat currencies while combining the portability and technological advantages of cryptocurrencies.
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