- Injective has announced the launch of Agora’s AUSD stablecoin on its mainnet
- AUSD reserves are managed by VanEck and custodied by State Street
- AUSD, Injective’s first native stablecoin, will be central to the blockchain network’s DeFi ecosystem
Injective has launched AUSD, a fully collateralized US dollar-backed stablecoin issued by Agora, marking its first native stablecoin on the network.
The integration is intended to improve interoperability across Injective’s decentralized finance (DeFi) ecosystem, according to a press release issued 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
Native support for AUSD will simplify on- and off-ramps for Injective users by removing the need for cross-chain bridges. That streamlined access should make it easier for users to utilize the stablecoin across Injective’s DeFi offerings, including lending, staking, and other decentralized applications.
VanEck manages the reserves backing AUSD, while State Street serves as the custodian for those assets.
“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 complements Injective’s existing stablecoin infrastructure, which has processed more than $40 billion in USD-denominated stablecoin volume. The broader stablecoin market currently exceeds $170 billion in capitalization, with Tether (USDT) and Circle’s USDC leading the sector.
USDT is the largest by market capitalization at roughly $120 billion, followed by USDC with over $35 billion. Agora’s AUSD has a market capitalization of approximately $70 million and competes alongside other USD-backed offerings such as PayPal USD and Ripple’s RLUSD.