XSY Launches Synthetic USD Stablecoin on Avalanche, Secures $5M in Pre-Series A Funding

Capital management platform XSY.fi today announced the beta release of its flagship product, Unity (UTY), on the Avalanche blockchain, alongside the close of a $5 million Pre-Series A funding round. Unity is described as a next-generation digital synthetic dollar designed to unlock liquidity and drive capital efficiency within blockchain, according to a press release viewed by The Defiant. The algorithmic stablecoin project has already attracted over $20 million in commitments prior to its beta release. By launching on Avalanche, which currently boasts a total value locked (TVL) of $1.5 billion , Unity allows AVAX holders to maintain existing AVAX exposure while accessing sustainable yield. AVAX , the native token of the Avalanche blockchain, is currently trading at $23.90, up 13% over the past week, with a market capitalization of $10 billion, making it the 16th largest crypto asset. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant