USDa Emerges as the Second-Largest CDP Project Globally

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According to DeFiLlama, USDa, the first Bitcoin-backed stablecoin launched by Avalon Labs, has achieved a major milestone. It has become the world’s second-largest collateralized debt position (CDP) project, trailing only MakerDAO’s DAI. USDa has surpassed $700 million in total value locked (TVL), reflecting its growing adoption in the decentralized finance (DeFi) space. USDa offers a 1:1 conversion to USDT with an attractive borrowing rate of just 8%, making it a competitive option for users. Avalon Labs, known for winning the second round of the BNB Incubation Alliance, has further cemented its position in the DeFi ecosystem with this achievement.