Stablecoin Issuer Avalon Labs Completes Strategic Funding Round Led by YZi Labs
According to ChainCatcher, Bitcoin stablecoin issuer Avalon Labs recently completed a strategic round of financing, led by YZi Labs, with participation from Mirana, CE Innovation Capital, and GSR. The funds raised will be used to advance the platform's compliance process, including applying for regional financial licenses and preparing public funds, aiming to lay the foundation for building an on-chain compliant Bitcoin financial institution. Avalon Labs stated that it will further expand its institutional lending business, increase market coverage, and continue to promote the construction of Bitcoin financial infrastructure in the future.
Yesterday, YZi Labs announced its investment in Avalon Labs. According to their introduction, Avalon currently serves over 20,000 BTC, has more than 300,000 active users, and a total locked value exceeding $500 million. Its Bitcoin stablecoin USDa has become the second-largest CDP project on DeFiLlama.
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