PANews reported on December 23 that according to CoinDesk, Avalon Labs, the issuer of the Bitcoin-backed stablecoin USDa, has completed a $10 million Series A financing to expand its Bitcoin decentralized finance (DeFi) ecosystem. The round of financing was led by Framework Ventures, with participation from UXTO Management, Presto Labs and Kenetic Capital.

Avalon Labs is committed to transforming Bitcoin from a digital storage tool to a more active financial tool, providing users with services including stablecoin USDa, Bitcoin-backed lending, income-generating savings accounts and credit cards. Users can obtain USDa tokens by pledging BTC at a fixed lending rate of 8%. Currently, the total locked volume (TVL) of USDa has reached US$700 million.