- Injective has introduced the launch of Agora’s AUSD stablecoin on the mainnet.
- AUSD reserves are backed by VanEck and custodied by State Road.
- AUSD Injective’s first native stablecoin and will likely be key to the blockchain community’s DeFi ecosystem.
Injective has launched AUSD, a completely collateralized US greenback backed stablecoin Agora, as its first native stablecoin.
The combination will improve interoperability throughout Injective’s decentralised finance ecosystem, in accordance with a press release on Oct. 31.
1/ Introducing the primary native stablecoin on Injective: $AUSD
Backed by VanEck and custodied by State Road, @withAUSD bolsters liquidity between DeFi and TradFi markets whereas additionally offering a seamless on-ramp for Injective dApps globally. pic.twitter.com/cV480alIA7
— Injective 🥷 (@injective) October 31, 2024
Amongst advantages of native help will likely be seamless on and off ramping for Injective customers, with AUSD eradicating the necessity for bridges. This implies extra individuals will simply be capable of faucet into the stablecoin for DeFi capabilities on Injective, together with lending and staking.
VanEck manages the AUSD stablecoin’s reserves, whereas State Road 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 movement,” Nick van Eck, chief govt officer and co-founder of Agora, mentioned in a press release.
AUSD provides to Injective’s stablecoin ecosystem, which has processed over $40 billion in USD-denominated stablecoin quantity. At present, the stablecoin market stands at over $170 billion, with Tether (USDT) and Circle’s USDC (USDC) dominating.
USDT leads with about $120 billion of the market cap, whereas USDC is second with greater than $35 billion. Agora’s AUSD market cap stands round $70 million, with different rivals together with PayPal USD and Ripple’s RLUSD.