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1/ Introducing the first native stablecoin on Injective: $AUSD— Injective 🥷 (@injective) October 31, 2024
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
The stablecoin aims to enhance the efficiency and reliability of transactions within the Injective ecosystem.
“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
AUSD: A Reliable Stablecoin?
AUSD is backed by a diverse range of assets, including cash, U.S. Treasury bills, and overnight reverse repurchase agreements. The reserve management is entrusted to VanEck, a prominent asset management firm with $100 billion in assets under management (AUM), while State Street, overseeing $4.1 trillion AUM, provides custodial services.
Each AUSD token is designed to be redeemable for one U.S. dollar, providing users with a sense of stability.
Per reports, users will be able to acquire, trade, and sell AUSD without encountering bridging issues that can hinder the movement of funds. This integration allows AUSD to become widely available across various decentralized applications (dApps), including decentralized exchanges (DEXs), staking, and lending protocols.
Market Context and Growth
Since its inception, AUSD's circulating supply has surged to over $65 million, with daily trading volumes exceeding $15 million across multiple blockchains such as Ethereum, Avalanche, and Sui.
The stablecoin market has become the third largest sector in the cryptocurrency ecosystem, valued at over $170 billion. AUSD’s entry into the market reinforces the dominance of U.S. dollar-backed stablecoins, which currently hold 99.7% market share.
Advantages of Injective's Infrastructure
Injective low transaction fees and fast throughput ensures that users can execute transactions in real-time, according to the recent announcement. Worth noting, Injective has also achieved a milestone of over 1 billion on-chain transactions this year.
This index offers unprecedented 24/7 exposure to tokenized assets, including U.S. treasuries, with leverage options, according to Injective.