Avalon Labs issues USDa, a Bitcoin-backed stablecoin designed to offer liquidity, yield, and transaction functionality without requiring users to sell their BTC, with $500 million in total value locked, making it the second-largest collateralized debt position tracked by DeFiLlama

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At the core of Avalon’s ecosystem is USDa, a Bitcoin-backed stablecoin that allows users to borrow, earn yield, and transact without selling their BTC. The firm has over $500 million in total value locked (TVL). USDa is the second-largest collateralized debt position (CDP) project tracked by DeFiLlama.

Per DeFiLlama data, Avalon’s total value locked in the stablecoin USDa has surpassed $500 million to see it rank as the second largest collateralized debt position on DeFiLlama. USDa allows Bitcoin holders the opportunity to unlock more value from the BTC they hold via liquidity and yield, all without having to face the pressure of potential selling.

Avalon Labs currently manages more than 20,000 Bitcoins and has a base of 300,000 active users. Its services include BTC-collateralized loans, yield-bearing savings accounts, a credit card, and USDa — a Bitcoin-backed stablecoin. USDa has become the second-largest CDP on DeFiLlama, with over $500 million in total value locked