Stablecoin issuer Avalon Labs completes strategic round of financing, led by YZi Labs

Mars Finance News: Avalon Labs, a Bitcoin stablecoin issuer, recently completed a strategic round of financing, led by YZi Labs with participation from Mirana, CE Innovation Capital, and GSR. The raised funds will be used to advance the platform's compliance process, including applying for regional financial licenses and preparing public funds, with the aim of laying the foundation for building a compliant on-chain Bitcoin financial institution. Avalon Labs stated that they will further expand institutional lending business, broaden market coverage, and continue to promote the development of Bitcoin financial infrastructure. Previously, 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, with a total locked value exceeding $500 million, and its Bitcoin stablecoin USDa has become the second-largest CDP project on defillama.