USDa, a Bitcoin-backed stablecoin from Avalon Labs, has rocketed to a market cap of $230.7 million just two weeks after going live.
The growth positions Avalon as the third-largest collateralized debt protocol with deposits equating to a total value locked (TVL) of $474 million, ranking it behind Sky (formerly MakerDAO) with $5.3 billion and JustStables with $2 billion, according to DeFi Llama.
USDa has enjoyed impressive growth since going live on Nov. 12, with users minting $100 million worth of the stablecoin against $200 million in deposits on its debut day. Users can mint USDa against deposits in the form of BTC and FBTC.
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#undefined [Source: TheDefiant]