As a researcher with years of experience diving deep into the intricate world of blockchain technology and stablecoins, I find this recent development between Agora’s AUSD and Injective blockchain incredibly exciting. The potential for bridging traditional finance markets with decentralized finance is not only groundbreaking but also long overdue.
On the Injective blockchain, the stablecoin known as AUSD from Agora, which is supported by VanEck and stored by State Street, is now utilized to facilitate liquidity across various markets.
As an analyst, I’m excited to announce that I’ve just noticed Injective (INJ) has expanded its capabilities to include AUSD, a U.S. dollar-backed stablecoin from Agora, a leading crypto startup. This move signifies a substantial leap in connecting the decentralized finance (DeFi) realm with traditional financial markets.
As per a statement issued on Friday and published by crypto.news, the integration of the AUSD stablecoin into Injective is expected to boost liquidity within the Injective blockchain. Eric Chen, CEO and co-founder of Injective Labs, emphasized the distinctive approach of AUSD, stating that it sets itself apart from other stablecoins by providing users with full yield.
As an analyst, I can express this statement as follows: “I find that these features, such as burn auctions and on-chain staking, significantly bolster Injective’s initiatives. This is because they prioritize the project’s user base, ensuring they reap the rewards from the ecosystem’s revenue.
Eric Chen
According to Nick van Eck, Agora’s CEO and co-founder, the reason for extending their stablecoin to the Injective network is due to the fact that Injective has been handling over $40 billion in volume of U.S. dollar-backed stablecoins since its launch, and has processed over 1 billion on-chain transactions this year alone. Furthermore, Injective boasts more than 500,000 active addresses, making it the most comprehensive ecosystem to natively offer Agora’s AUSD stablecoin.
AUSD expands in $170 billion stablecoin market
The upcoming launch is a result of Agora’s latest collaboration with multi-chain service provider, Wormhole. This partnership aims to broaden the availability of AUSD on various blockchain platforms such as Solana, Aptos, and Arbitrum.
Agora, established by Nick van Eck, Drake Evans, and Joe McGrady in 2024, is working towards creating an open and welcoming network for stablecoins. In April, the company successfully secured $12 million in funding, with Dragonfly taking the lead. This investment was aimed at supporting Agora’s launch of its stablecoin platform, emphasizing regulatory compliance. The funding round saw contributions from Wintermute Ventures, Galaxy, and Consensys as well.
Under the management of VanEck, backed by U.S. Treasury bills and cash, AUSD now enters the thriving stablecoin market, which is worth more than $170 billion. This market predominantly consists of stablecoins pegged to the U.S. dollar.
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2024-10-31 16:36