CandleFocus VanEck-backed stablecoin AUSD debuts on Injective blockchain
2024-10-31
Author: Content Editor
Agora's AUSD, a stablecoin backed by VanEck and held by State Street, is now being used for cross-market liquidity on the Injective blockchain. Injective's support for AUSD marks a step towards bridging decentralized finance with traditional finance markets. The integration of AUSD is expected to increase liquidity on the Injective blockchain. AUSD offers users full yield, making it a valuable asset in Injective's initiatives. Agora's CEO and co-founder, Nick van Eck, stated that this expansion was made possible due to Injective's robust ecosystem. Agora recently partnered with Wormhole to expand AUSD's reach across different blockchain networks. Injective has processed over $40 billion in volume across U.S. dollar-denominated stablecoins since its launch, making it an ideal platform for AUSD. Agora aims to build an open and inclusive stablecoin network and raised $12 million in funding earlier this year. AUSD joins a stablecoin market valued at over $170 billion.
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