AUSD: A Reliable Stablecoin Backed by a Prominent Asset Management Firm
- DDDOriginal
- 2024-11-07 09:12:18887browse
The stablecoin aims to enhance the efficiency and reliability of transactions within the Injective ecosystem.
Highlighting the integration of AUSD stablecoin on the Injective chain, the latest announcement H1 2024.](https://decrypt.co/92026/stablecoin-ausd-now-available-on-injective-chain) brought attention to the efficiency and reliability enhancements within the Injective ecosystem.
As AUSD now flourishes on Injective, users can seamlessly acquire, trade, and sell the stablecoin without encountering the common bridging issues that can hinder the smooth movement of funds.
This integration enables AUSD to become widely accessible across various decentralized applications (dApps), including decentralized exchanges (DEXs), staking, and lending protocols. Notably, 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.
According to the reports, the circulating supply of AUSD 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 further reinforces the dominance of U.S. dollar-backed stablecoins, which currently hold 99.7% market share.
“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, in a recent statement.
“AUSD is backed by a diverse range of assets, and together with Injective’s low transaction fees and fast throughput, users can now execute transactions in real-time, and we expect to see AUSD become a key liquidity asset on Injective.”
Injective has achieved a milestone of over 1 billion on-chain transactions in 2023, and This index offers 24/7 exposure to tokenized assets, including U.S. treasuries, with leverage options.
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