Avalanche gains traction with governments and institutional investors, issuing a government-backed stablecoin on the network. Traditional finance players like SkyBridge Capital pledge to tokenize $300 million on Avalanche, as DeFi becomes institutionalized. Avalanche becomes the third-largest blockchain for tokenized US Treasurys, following BNB Chain and Ethereum. AVAX token down 86% from all-time high despite growing network adoption, with over one million daily transactions on average. Avalanche trading at $19.66, down 33% in the past month, amid broader crypto market volatility.

Read more at Cointelegraph: Government Stablecoin, $300M Tokenized Institutional Funds