PANews reported on May 27 that according to official news, Avalon Labs, a Bitcoin on-chain capital market, announced the completion of a strategic round of financing, led by YZi Labs, with participation from Mirana, CE Innovation Capital and GSR. The specific amount was not disclosed. Avalon said that this financing will support a number of initiatives including regional license applications, the launch of public funds, and the expansion of institutional lending business.

Earlier yesterday , YZi Labs announced its investment in Avalon Labs. According to it, Avalon currently serves more than 20,000 BTC, has more than 300,000 active users, and has a total locked value of more than US$500 million. Its Bitcoin stablecoin USDa has become the second largest CDP project on DeFiLlama.