Agora, co-founded by Nick Van Eck, tethers AUSD to assets backed by Van Eck and custodied by State Street; AUSD bolsters liquidity between DeFi and TradFi markets
Injective, the blockchain optimized for finance, today announced the launch of its first native stablecoin on the Injective blockchain: Agora’s fully collateralized U.S. digital dollar, AUSD. Backed by VanEck and custodied by State Street, AUSD offers users one of the industry’s foremost stable assets to facilitate efficient transactions between Injective and primary markets.
AUSD provides users with an easy way to acquire, trade, sell, and more without the need for any additional bridging or compatibility impediments. Upon integration, AUSD will be widely available across the Injective ecosystem to build towards a vision of creating a more secure= and inclusive financial system.
Background on AUSD
AUSD is Agora’s fully collateralized, institutional grade, US digital dollar that is backed by a basket of cash, US treasury bills, and overnight reverse repurchase agreements. The assets backing AUSD are fully managed by the $100B asset management firm, VanEck, and custodied by the $4.1T assets under management (AUM) firm, State Street. Each AUSD token aims to be redeemable for $1 US dollar giving users peace of mind when transacting to avoid volatility compared to other more volatile crypto assets.
AUSD is also differentiated from other stablecoins in how it is institutional-grade, credibly neutral, and aligns its economic model with businesses. This makes it a powerful vehicle in Injective’s initiatives–including burn auctions and on-chain staking–to ensure users are the core beneficiaries of ecosystem revenue.
Since launch, the AUSD stablecoin has grown from zero to a current circulating supply of over $65M with $15M+ in daily volume across ecosystems like Ethereum, Avalanche, Sui, and Mantle. Now that AUSD is expanding to Injective, key ecosystem dApps across DEXs, on-ramps, and staking and lending protocols, among others, will be able to adopt the stablecoin into their solutions seamlessly.
“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,” stated Nick van Eck, CEO and Co-Founder of Agora. “Injective’s ecosystem has processed more than $40B in volume across USD-denominated stablecoins since launch. Given their milestone of over 1 billion on-chain transactions this year and over 500K total active addresses, Injective offers the most robust ecosystem to offer AUSD natively. We’ve been thoroughly impressed with the Injective team’s ability to execute.”
Stablecoins at a Glance
The stablecoin market is the third largest sector in the crypto ecosystem, behind only Bitcoin and Ethereum, boasting a total market capitalization of over $170B. Currently, more than $65B of stablecoins are traded every 24 hours. In comparison, that is nearly identical to the daily transaction volume that is processed by Visa and Mastercard combined. Furthermore, US dollar-denominated stablecoins dominate the market with over 99.7% market share. All other non-US dollar stablecoins only account for 0.23% market share.
Expanding Utility on Injective
Injective provides the most powerful infrastructure for Agora to launch AUSD.
Injective offers ultra-low fees that make it inexpensive to carry out complex DeFi transactions or send remittances cross-border. Injective also has blazing-fast throughput, ensuring users to transact in real time, offering some of the fastest time-to-finality in the blockchain industry. As the first and only blockchain built for finance, Injective is continuing to pave the way towards a new capital-efficient world in which traditional and on-chain finance truly converge to bring in millions of new users into the crypto ecosystem.
Disclaimer: Agora’s AUSD is available to non-restricted countries only. Restricted countries include: Afghanistan, China, North Korea, Syria, Thailand, United States, Russia, Haiti, Myanmar, Libya, Kuwait, and Iraq. Nothing herein constitutes any offer to sell, or any solicitation of an offer to buy, AUSD. Acquiring AUSD involves risks. A AUSD holder may incur losses, including total loss of their purchase price. Past performance is not an indication of future results. As always, you should do your own research on how a particular product or application functions. This communication is intended for informational purposes only and is not, and should not be relied on, as financial or investment advice; an offer to buy or sell any product; or an endorsement of any product.
About Injective
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.
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About Agora
Agora is a stablecoin startup co-founded by Nick Van Eck, Drake Evans, and Joe McGrady. It offers a stablecoin for users outside of the U.S. and will be pegged to the dollar. The stablecoin, AUSD, is backed by US Treasury bills and overnight repurchase agreements. The firm emphasizes transparency and trust and will be overseen by VanEck, which will manage a fund for Agora’s reserves.
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