Stablecoin developer Yala has completed an $8 million seed round financing, led jointly by Polychain Capital and Ethereal Ventures

ChainCatcher news, according to The Block, Bitcoin ecosystem stablecoin developer Yala has completed an $8 million seed round financing, led by Polychain Capital and Ethereal Ventures, with participation from Galaxy, Anagram, ABCDE, Amber Group, HashKey Capital, Satoshi Lab, and UTXO Management.

The funds from this financing will primarily be used for team expansion, product development, and security enhancements, as well as preparations for the mainnet launch. Additionally, investors have committed to collateralizing over 2,000 bitcoins to Yala.

It is reported that Yala's mission is to connect Bitcoin with major ecosystems through stablecoins as a medium, enhancing Bitcoin's liquidity. Its modular architecture allows Yala to deploy across EVM-compatible platforms (such as Ethereum) and non-EVM systems (such as Solana), thereby enhancing Bitcoin's composability and promoting the development of an open Bitcoin DeFi ecosystem. According to official sources, Yala's testnet will be launched next week.