DeFi protocol BitVault has announced the completion of a $2 million pre-seed financing round, with investors including GSR, Gemini, Auros, and Keyrock. BitVault will launch the over-collateralized stablecoin bvUSD backed by Bitcoin derivatives and its yield-bearing variant sbvUSD. The protocol will be deployed on the new decentralized financial chain Katana incubated by Polygon Labs and GSR, leveraging Liquity V2's authorized fork to enable permissioned lending, user-set interest rates, and automatic liquidation infrastructure. BitVault plans to deploy on the Katana mainnet in June 2025 and is actively onboarding institutional borrowers.