Injective launches Agoras AUSD as its first native stablecoin
- Injective has announced the launch of Agoras AUSD stablecoin on the mainnet.
- AUSD reserves are backed by VanEck and custodied by State Street.
- AUSD Injectives first native stablecoin and will be key to the blockchain networks DeFi ecosystem.
Injective has launched AUSD, a fully collateralized US dollar backed stablecoin Agora, as its first native stablecoin.
The integration will enhance interoperability across Injectives decentralised finance ecosystem, according to a press release on Oct. 31.
1/ Introducing the first native stablecoin on Injective: $AUSD
Backed by VanEck and custodied by State Street, @withAUSD bolsters liquidity between DeFi and TradFi markets while also providing a seamless on-ramp for Injective dApps globally. pic.twitter.com/cV480alIA7
Injective (@injective) October 31, 2024
Among benefits of native support will be seamless on and off ramping for Injective users, with AUSD removing the need for bridges. This means more people will easily be able to tap into the stablecoin for DeFi capabilities on Injective, including lending and staking.
VanEck manages the AUSD stablecoins reserves, while State Street is the custodian.
The launch of AUSD on Injective underscores the dominance of USD-backed stablecoinswith 99.7% market shareas an institutional-grade asset for capital formation and movement, Nick van Eck, chief executive officer and co-founder of Agora, said in a statement.
AUSD adds to Injectives stablecoin ecosystem, which has processed over $40 billion in USD-denominated stablecoin volume. Currently, the stablecoin market stands at over $170 billion, with Tether (USDT) and Circles USDC (USDC) dominating.
USDT leads with about $120 billion of the market cap, while USDC is second with more than $35 billion. Agoras AUSD market cap stands around $70 million, with other rivals including PayPal USD and Ripples RLUSD.
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