TechFlow News, December 23 — According to CoinDesk, Avalon Labs, the issuer of the stablecoin USDa, has raised $10 million in a Series A funding round led by Framework Ventures, with participation from UXTO Management, Presto Labs, and Kenetic Capital. The company aims to transform Bitcoin from a digital store of value into a more active financial instrument, allowing users to stake Bitcoin at a fixed borrowing rate of 8% to obtain USDa.
Avalon Labs offers not only stablecoin services but also develops Bitcoin-backed lending, yield accounts, and credit cards. The total value locked (TVL) of its stablecoin USDa reached $700 million earlier this month. The new funding will be used to expand its Bitcoin DeFi ecosystem and further drive Bitcoin’s adoption in the DeFi space.
