- Injective has introduced the launch of Agora’s stablecoin AUSD on mainnet.
- AUSD reserves are backed by VanEck and held by State Avenue.
- AUSD Injective's first native stablecoin will probably be key to the blockchain community's DeFi ecosystem.
Injective has launched AUSD, a completely collateralized US dollar-backed Agora stablecoin, as its first native stablecoin.
The mixing will enhance interoperability inside Injective's decentralized finance ecosystem, in keeping with an October 31 press launch.
1/ Presentation of the primary native stablecoin on Injective: $AUSD
Backed by VanEck and guarded by State Avenue, @withAUSD strengthens liquidity between the DeFi and TradFi markets whereas additionally offering a seamless on-ramp for injective dApps globally. pic.twitter.com/cV480alIA7
— Injective 🥷 (@injective) October 31, 2024
Among the many advantages of native assist will probably be seamless ramping and exiting for Injective customers, with AUSD eradicating the necessity for bridges. This implies extra folks will be capable to simply mine the stablecoin for DeFi capabilities on Injective, together with lending and staking.
VanEck manages the reserves of the stablecoin AUSD, whereas State Avenue is the custodian.
“The launch of AUSD on Injective highlights the dominance of dollar-backed stablecoins – with 99.7% market share – as an institutional-grade asset for capital formation and motion,” stated Nick van Eck, CEO and co-founder of Agora. in an announcement.
AUSD provides to Injective's stablecoin ecosystem, which has processed over $40 billion in USD-denominated stablecoin quantity. Presently, the stablecoin market is value over $170 billion, dominated by Tether (USDT) and Circle's USDC (USDC).
USDT leads with round $120 billion in market capitalization, whereas USDC is second with over $35 billion. Agora's AUSD market cap is round $70 million, with different opponents similar to PayPal USD and Ripple's RLUSD.
