• Injective introduced the launch of Agora’s AUSD stablecoin on mainnet.
• AUSD reserves are backed by VanEck and held by State Avenue.
• AUSD Injective is the primary native stablecoin and is essential to the DeFi ecosystem of blockchain networks.

Injective launched AUSD, the absolutely collateralized USD-backed stablecoin Agora, as its first native stablecoin.

In keeping with an Oct. 31 press launch, the combination will strengthen interoperability throughout Injective's decentralized finance ecosystem.

1/ Introducing the primary native stablecoin on Injective: $AUSD

Managed by State Avenue with help from VanEck; @withAUSD We’ll improve liquidity between DeFi and TradFi markets whereas offering seamless deployment to Injective dApps all over the world. pic.twitter.com/cV480alIA7

— Injective🥷 (@injective) October 31, 2024

Advantages of native assist embrace seamless on/off ramping for Injective customers, as AUSD eliminates the necessity for bridges. This implies extra folks can simply make the most of stablecoins for Injective’s DeFi options, akin to lending and staking.

VanEck manages the AUSD stablecoin reserves and State Avenue is the custodian.

“The launch of AUSD on Injective highlights the prevalence of USD-backed stablecoins, which boast a market share of 99.7%, as an asset for institutional buyers for capital formation and mobility,” Agora CEO stated. stated Nick Van Eck, director and co-founder. In a press release.

AUSD will likely be added to Injective’s stablecoin ecosystem, which has processed over $40 billion in USD-denominated stablecoin buying and selling quantity. The stablecoin market is presently over $170 billion, dominated by Tether (USDT) and Circle’s USDC (USDC).

USDT is on the prime with a market capitalization of round $120 billion, whereas USDC is in second place with over $35 billion. Agora’s AUSD market capitalization is round $70 million, and it additionally has different rivals akin to PayPal USD and Ripple’s RLUSD.