The post Agora Introduces AUSD Stablecoin on Injective (INJ)Blockchain appeared on BitcoinEthereumNews.com.

Lawrence Jengar Nov 01, 2024 02:21 Agora launches AUSD, a US dollar-backed stablecoin, on the Injective (INJ)blockchain, enhancing liquidity between DeFi and TradFi markets, and supporting seamless financial transactions. Agora, a stablecoin startup co-founded by Nick Van Eck, has announced the launch of its fully collateralized US dollar stablecoin, AUSD, on the Injective (INJ)blockchain. This significant development aims to bolster liquidity between decentralized finance (DeFi) and traditional finance (TradFi) markets, according to Injective Labs. AUSD: A Robust Financial Tool AUSD is backed by assets such as cash, US Treasury bills, and overnight reverse repurchase agreements, all managed by the asset management firm VanEck and custodied by State Street. This setup ensures the stability of the digital dollar, offering users a reliable means to transact without the volatility commonly associated with other crypto assets. Each AUSD token is pegged to one US dollar, aiming to provide peace of mind for users. Seamless Financial Integration AUSD’s integration into the Injective ecosystem facilitates frictionless transactions, eliminating compatibility issues that often arise in cross-platform interactions. This integration aligns with Injective’s mission to create a more secure and inclusive financial system, providing users with straightforward methods to acquire, trade, and sell assets. Impact on the Crypto Ecosystem Since its inception, AUSD has seen its circulating supply grow to over $65 million, with daily trading volumes surpassing $15 million across various ecosystems including Ethereum, Avalanche, Sui, and Mantle. The expansion to Injective is poised to enhance the functionality of key ecosystem applications such as decentralized exchanges (DEXs), on-ramps, and staking and lending protocols. Market Dominance and Future Prospects The stablecoin market, with a capitalization exceeding $170 billion, ranks as the third largest sector in the cryptocurrency ecosystem. USD-backed stablecoins dominate with a 99.7% market share, underscoring their significance in capital formation and movement. Nick Van Eck,…

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Filed under: News - @ November 1, 2024 5:18 am