- Injective has announced the launch of Agora’s AUSD stablecoin on the mainnet
- AUSD reserves are backed by VanEck and custodied by State Street
- AUSD Injective’s first native stablecoin will be key to the blockchain network’s 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 Injective’s decentralised finance (DeFi) ecosystem, according to a press release on October 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 stablecoin’s reserves, while State Street 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,” said Nick van Eck, CEO and co-founder of Agora, in a statement.
AUSD adds to Injective’s 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 Circle’s USDC (USDC) dominating.
USDT leads with about $120 billion of the market cap, while USDC is second with more than $35 billion. Agora’s AUSD market cap stands around $70 million, with other rivals including PayPal USD and Ripple’s RLUSD.