Stablecoins supported by collateralized debt positions (CDPs) have demonstrated PMF USDS and DAI ( @SkyEcosystem) is evidence of this with a TVL of ~7.1B, it is still the 3rd largest stablecoin after USDT and USDC Leading the charge in Bitcoin-backed stablecoins is @avalonfinance_’s $USDa currently at ~481M in TVL The entire BTC-Fi industry is currently only utilizing less than 1% of the total ~1.8 trillion available As BTC-Fi rails and products improve, the appeal, demand, and efficiency of Bitcoin backed assets and CDP stablecoins will continue to rise With institutions increasingly embracing BTC, they'll seek opportunities for return and ways to hold and farm BTC and stablecoin yields Avalon is already paving the way by tapping into BlackRock's BUIDL program allowing users to directly benefit from both U.S. Treasury and Bitcoin on-chain yield by staking $USDa for $sUSDa, their yield-bearing stablecoin USDa's structure also enables a fixed 8% borrow rate which is very appealing for large institutional players for hedging future risk and volatility https://x.com/avalonfinance_/status/1905122845736481001