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Injective launches first native stablecoin and strengthens the DeFi ecosystem
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Injective, a blockchain focused on the financial sector, announced the launch of its first native stablecoin: AUSD, a digital currency fully collateralized in US dollars.
AUSD is issued by Agora and seeks to offer users a high-quality institutional digital asset alternative. The reserves are managed by Van Eck and held by State Street.
This launch aims to revolutionize financial transactions by connecting the Injective network to primary markets and creating a more efficient environment for the decentralized finance (DeFi) sector.
“The AUSD stablecoin eliminates the need for bridges between different networks, promoting seamless interoperability within the Injective ecosystem. This allows users to carry out operations fluidly between Injective and centralized exchanges, promoting a more liquid and robust financial environment”, highlighted the statement sent to Todaysgist.
Additionally, AUSD offers income opportunities through staking and lending. This directly aligns with Injective’s growing economic value.
According to Eric Chen, CEO of Injective Labs, AUSD is different from conventional stablecoins. This is because it offers an institutional level and reliable neutrality. Additionally, it shares most of its revenue with business partners.
This model makes AUSD a centerpiece in Injective’s initiatives such as token burn auctions and on-chain staking. The stable coin ensures that users are the main beneficiaries of revenue.
AUSD hits the market at a time of great growth for stablecoins, which now represent the third largest sector in the crypto ecosystem, behind only Bitcoin and Ethereum.
With a total market value of over US$170 billion, the stablecoins sector moves around US$65 billion daily, matching the combined daily transaction volume of the Visa and Mastercard networks.
The presence of Van Eck and State Street as responsible for the management and custody of AUSD reserves offers confidence to the market. The stablecoin is backed by assets such as short-term US Treasury bonds, cash, as well as overnight repurchase agreements.
Injective launches first native stablecoin and strengthens the DeFi ecosystem
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Injective launches first native stablecoin and strengthens the DeFi ecosystem
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Injective launches first native stablecoin and strengthens the DeFi ecosystem
