Stablecoin development company Yala announced the completion of a $8 million seed round financing.

Stablecoin development company Yala announced the completion of a $8 million seed round financing, led by Polychain Capital and Ethereal Ventures, with other participants including Galaxy Vision Hill, Anagram, ABCDE, Amber Group, HashKey Capital, and others. Yala is developing a Bitcoin-backed stablecoin called YU, which allows users to mint the stablecoin using Bitcoin through the cross-chain protocol MetaMint, without the need for intermediary wrapping steps.