- Injective introduced the launch of Agora's AUSD stablecoin on the mainnet.
- AUSD reserves are backed by VanEck and managed by State Avenue.
- AUSD Injective's first native stablecoin and shall be key to the blockchain community's DeFi ecosystem.
Injective has launched AUSD, Agora's absolutely collateralized US dollar-backed stablecoin, as its first native stablecoin.
The mixing will improve interoperability throughout Injective's decentralized finance ecosystem, in keeping with an Oct. 31 press launch.
1/ Introducing the primary native stablecoin on Injective: $AUSD
Endorsed by VanEck and managed by State Avenue, @withAUSD boosts liquidity between DeFi and TradFi markets whereas offering a seamless ramp-up for Injective dApps worldwide. pic.twitter.com/cV480alIA7
— Injective 🥷 (@injective) 31 October 2024
Among the many advantages of native assist shall be seamless on and off for Injective customers, with AUSD eradicating the necessity for bridges. This implies extra folks will have the ability to simply use the stablecoin for Injective's DeFi capabilities, together with lending and betting.
VanEck manages the AUSD stablecoin reserves whereas State Avenue is the custodian.
“The launch of AUSD on Injective underscores the dominance of USD-backed stablecoins – with 99.7% market share – as an institutional-grade asset for capital formation and motion,” mentioned Nick van Eck, CEO and co-founder of Agora. within the assertion.
AUSD joins the Injective stablecoin ecosystem, which has processed over $40 billion in USD-denominated stablecoin quantity. Presently, the stablecoin market is over $170 billion, dominated by Circle's Tether (USDT) and USDC (USDC).
USDT leads with a market cap of about $120 billion, whereas USDC is second with over $35 billion. Agora's AUSD market cap is round $70 million, with different rivals together with PayPal USD and Ripple's RLUSD.
