# Update on Our Journey

By [DeFa by InvoiceMate](https://paragraph.com/@defa-by-invoicemate) · 2025-05-21

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**DeFa by InvoiceMate** has been growing at an amazing pace, from quick scaling to achieving key strategic milestones. This blog will cover the rapid progress of **DeFa** as it establishes itself as a pivotal infrastructure for AED backed-stablecoin-based lending..

One of the key milestones would include **InvoiceMate** winning the **ADIB** Ventures Digital Assets Innovation Challenge, hosted in partnership with the **DIFC Innovation Hub**. This victory is paving the way for a **Proof of Concept** (POC) with Abu Dhabi Islamic Bank (**ADIB**), which is a leading financial institution in the UAE. This collaboration will enable AED-backed stablecoin lending in a Shariah-compliant framework. This represents an important step towards institutional-grade adoption of stablecoin technology in the B2B sector, aligning with the UAE's progressive stance on digital assets.

Moving on to the Community side, the DeFa community continues to grow and show their support, with more than **300,000 users** joining and testing our two highly successful incentivised testnet campaigns. These campaigns, which also had AI Agents and RWA restaking mechanisms, have not only tested the platform's capabilities but also cultivated a substantial and engaging user base eager to participate in the future of decentralised finance.

Further boosting the growing influence, **DeFa by InvoiceMate** hosted its first Token2049 side event, **Web3 Finance Connect**, which was co-hosted by **Breach Insurance** and **ZigChain**. **Web3 Finance Connect** gained over 600+ registrations and featured participation from well-known industry players like **Blockchain Founders Fund**, **Tokentus VC**, **Edge Capital**, **Ghaf Group** _formerly_ known as (**Faculty Group)**, **Commercial Bank International**, and individuals like **Reeve Collins**, who was the former Co-Founder of **Tether**. This successful event highlighted the increasing interest within the DeFi space and the potential for the stablecoin-based credit landscape.

Moving on to the Partnerships, strategic capital partnerships are growing day by day with DeFa's real-world deployment. DeFa has partnered with  **BizFund**, a New York City-based TradFi fund, which will facilitate the deployment of **$10 million per month** in SME lending across the UAE, showcasing the immediate practical implementation of the DeFa protocol. Additionally, a partnership with **Ghaf Group,** formerly known as **Faculty Group,** aims to enable a substantial **$50 million** credit line for the upcoming mainnet launch, providing significant capital for future growth.

Embedded finance integrations also live with well-known financial institutions such as **Soneri Bank**, **Zindagi**, and **Bank Islami**. These integrations bring the benefits of stablecoin-powered credit directly to users, highlighting the practical utility and increasing mainstream acceptance of the technology.

**DeFa by InvoiceMate** is rapidly growing and establishing itself as the go-to infrastructure for stablecoin-based credit. The consistent progress, marked by significant partnerships, shows a growing community and real-world integrations, underscoring the project's strong momentum. Further updates will be shared as they become available. **What's Next?** DeFa by InvoiceMate will be launching an Invite-Only Mainnet soon…For more information, follow our socials and stay updated!

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*Originally published on [DeFa by InvoiceMate](https://paragraph.com/@defa-by-invoicemate/update-on-our-journey)*