Agora, a stablecoin startup co-founded by Nick Van Eck, unveils its fully collateralized US dollar stablecoin, AUSD, on the Injective (INJ) blockchain. The addition aims to strengthen liquidity between decentralized finance (DeFi) and traditional finance (TradFi) markets, as reported by Injective Labs.
Backed by assets like cash, US Treasury bills, and overnight reverse repurchase agreements managed by VanEck and secured by State Street, AUSD ensures the stability of the digital dollar, providing a reliable means to transact without volatile crypto asset risks. Each AUSD token is pegged to one US dollar, ensuring user peace of mind.
AUSD’s integration into Injective ensures seamless transactions, eliminating compatibility issues in cross-platform interactions. This aligns with Injective’s mission to establish a secure and inclusive financial system, enabling users to easily acquire, trade, and sell assets.
Since its inception, AUSD’s circulating supply has reached over $65 million, with daily trading volumes surpassing $15 million across Ethereum, Avalanche, Sui, and Mantle ecosystems. The addition to Injective is expected to significantly enhance the functionality of essential ecosystem applications like decentralized exchanges (DEXs), on-ramps, and staking and lending protocols.
Ranked as the third-largest sector in the cryptocurrency ecosystem with over $170 billion capitalization, USD-backed stablecoins hold a 99.7% market share. Nick Van Eck, CEO and Co-Founder of Agora, emphasized the strategic importance of AUSD’s launch on Injective, citing the robust transaction volume and active user base on the blockchain.
Incorporating a robust infrastructure with ultra-low fees and high transaction throughput, Injective is an ideal platform for complex DeFi transactions and cross-border remittances. Built specifically for finance, Injective remains committed to uniting traditional and on-chain finance, eyeing millions of new users in the crypto ecosystem.